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  "s8_notes__5__5": {
   "value": "No<span class=\"_ _4\"></span>te Es<span class=\"_ _4\"></span>pl<span class=\"_ _4\"></span>ica<span class=\"_ _6\"></span>tiv<span class=\"_ _4\"></span>e a<span class=\"_ _0\"></span>l B<span class=\"_ _0\"></span>i<span class=\"_ _4\"></span>l<span class=\"_ _0\"></span>a<span class=\"_ _4\"></span>nc<span class=\"_ _4\"></span>io C<span class=\"_ _4\"></span>ons<span class=\"_ _0\"></span>ol<span class=\"_ _6\"></span>id<span class=\"_ _4\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>o 1. Infor<span class=\"_ _0\"></span>mazioni societarieSalv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 cos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a in Italia, co<span class=\"_ _1\"></span>n se<span class=\"_ _1\"></span>de le<span class=\"_ _1\"></span>gale in via T<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>rnabuoni 2 Fire<span class=\"_ _1\"></span>nze<span class=\"_ _1\"></span>, in forma di soci<span class=\"_ _1\"></span>et\u00e0 p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>zioni, re<span class=\"_ _1\"></span>golata dal dir<span class=\"_ _1\"></span>itto it<span class=\"_ _1\"></span>aliano e or<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zata s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo il mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo di amministr<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e contro<span class=\"_ _1\"></span>llo tra<span class=\"_ _1\"></span>di<span class=\"ls0 ws0\">-</span>zionale co<span class=\"_ _1\"></span>n l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea de<span class=\"_ _1\"></span>i Soci, il C<span class=\"_ _1\"></span>onsig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione e il C<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>io Sindac<span class=\"_ _1\"></span>ale. Le A<span class=\"_ _2\"></span>zioni d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 son<span class=\"_ _1\"></span>o negoziate sull<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Eurone<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>t Milan (in pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>nominato Me<span class=\"_ _1\"></span>rcato T<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>lematic<span class=\"_ _1\"></span>o A<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>onario<span class=\"_ _0\"></span>) org<span class=\"_ _1\"></span>aniz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e ges<span class=\"_ _1\"></span>tito da Bor<span class=\"_ _1\"></span>sa It<span class=\"_ _1\"></span>aliana S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 uno de<span class=\"_ _1\"></span>i principali <span class=\"ff79 ls4c wsd\">pl<span class=\"_ _1\"></span>ayer</span> d<span class=\"_ _1\"></span>el se<span class=\"_ _1\"></span>tto<span class=\"_ _1\"></span>re del lu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o le cui orig<span class=\"_ _1\"></span>ini pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no far<span class=\"_ _1\"></span>si ris<span class=\"_ _1\"></span>alire al 1<span class=\"_ _0\"></span>92<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.Il bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io chiuso al 31 dicembre 2022 \u00e8 s<span class=\"_ _1\"></span>tato ap<span class=\"_ _1\"></span>provato dal Co<span class=\"_ _1\"></span>nsiglio di A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. con delib<span class=\"_ _1\"></span>era d<span class=\"_ _1\"></span>el 2 mar<span class=\"_ _1\"></span>zo 2023.Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 atti<span class=\"_ _1\"></span>vo nella cr<span class=\"_ _1\"></span>eaz<span class=\"_ _1\"></span>ione, p<span class=\"_ _1\"></span>rodu<span class=\"_ _1\"></span>zione e ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di be<span class=\"_ _1\"></span>ni di luss<span class=\"_ _1\"></span>o, pe<span class=\"_ _1\"></span>r uomo e do<span class=\"_ _1\"></span>nna, quali: calzature, p<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>ette<span class=\"_ _1\"></span>ria, abb<span class=\"_ _1\"></span>igliamento, pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti in set<span class=\"_ _1\"></span>a, gi<span class=\"_ _1\"></span>oielli e altri a<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ori. L<span class=\"_ _1\"></span>a gamma de<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti c<span class=\"_ _1\"></span>ompre<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>de anche prof<span class=\"_ _1\"></span>umi, occhiali e orol<span class=\"_ _1\"></span>ogi, re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati su lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a da ope<span class=\"_ _1\"></span>ratori t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zi. Ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o rie<span class=\"_ _1\"></span>ntra anche la conce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sione in lic<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo del marchi<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o e la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e immobiliare<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte in oltre 9<span class=\"_ _1\"></span>0 pae<span class=\"_ _1\"></span>si n<span class=\"_ _1\"></span>el mon<span class=\"_ _1\"></span>do, diret<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nte att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate in 26 Paesi, e<span class=\"_ _1\"></span>d ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tua l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 di ven<span class=\"_ _1\"></span>dita d<span class=\"_ _1\"></span>ei pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i prev<span class=\"_ _1\"></span>alente<span class=\"_ _1\"></span>mente at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o un <span class=\"ff79 ls3a wsa\">net<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ork</span> di negozi mo<span class=\"_ _1\"></span>nomarca Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo, ges<span class=\"_ _1\"></span>titi diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente (DO<span class=\"_ _1\"></span>S) o gest<span class=\"_ _1\"></span>iti da ter<span class=\"_ _1\"></span>zi, e<span class=\"_ _1\"></span>d in manier<span class=\"_ _1\"></span>a compl<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>ntare at<span class=\"_ _1\"></span>traver<span class=\"_ _1\"></span>so una p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sen<span class=\"_ _1\"></span>za qualif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so <span class=\"ff79\">de<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>tme<span class=\"_ _1\"></span>nt store</span> e <span class=\"ff79\">sp<span class=\"_ _1\"></span>ecialt<span class=\"_ _1\"></span>y st<span class=\"_ _1\"></span>ore multibrand</span>, oltre alla pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>l canale <span class=\"ff79 ls9 ws8\">e<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>commerce</span><span class=\"ls0 ws6\">.<span class=\"_ _1\"></span> Per </span>mag<span class=\"_ _1\"></span>giori d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli sull<span class=\"_ _1\"></span>e principali at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo si r<span class=\"_ _1\"></span>imanda alla Rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e.1.1 Dir<span class=\"_ _0\"></span>ezione e c<span class=\"_ _0\"></span>oor<span class=\"_ _0\"></span>dinamentoSalv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>ta all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di dire<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione e co<span class=\"_ _1\"></span>ordiname<span class=\"_ _1\"></span>nto, ai sens<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>art 2497 e ss. de<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>dice Civil<span class=\"_ _1\"></span>e, da par<span class=\"_ _1\"></span>te di F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Finanz<span class=\"_ _1\"></span>iaria S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., il cui bilancio con<span class=\"_ _1\"></span>solidato \u00e8 di<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nibile pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o la se<span class=\"_ _1\"></span>de so<span class=\"_ _1\"></span>ciale in Fire<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>ze, Via T<span class=\"_ _6\"></span>ornabuoni<span class=\"_ _0\"></span>, 2.In otte<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a a quanto disp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019art. 2497<span class=\"_ _4\"></span>-b<span class=\"_ _1\"></span>is comma 4 c<span class=\"_ _1\"></span>.c<span class=\"_ _1\"></span>. si ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito i dati es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nziali d<span class=\"_ _1\"></span>el bilancio al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 e 2<span class=\"_ _0\"></span>020 della so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 controllante F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Finanz<span class=\"_ _1\"></span>iaria S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>..Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo Finanziaria S.p.A. <span class=\"_ _1f6\"> </span> (In Euro)<span class=\"_ _9b\"> </span>31 dicembre 2021<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 2020ST<span class=\"_ _6\"></span>AT<span class=\"_ _4\"></span>O P<span class=\"_ _0\"></span>A<span class=\"_ _4\"></span>TRIMONIALE AT<span class=\"_ _1\"></span>T<span class=\"_ _2\"></span>I<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>OB) Immobilizzazioni<span class=\"_ _215\"> </span>174.132.690<span class=\"_ _1ef\"> </span>170.394.472C) Attivo Circ<span class=\"_ _4\"></span>olante<span class=\"_ _1b9\"> </span><span class=\"ws0\">35.403.201<span class=\"_ _101\"> </span>47.129.668</span>D<span class=\"_ _1\"></span>) Ratei e Risconti<span class=\"_ _1f\"> </span>2.273<span class=\"_ _229\"> </span>20.122TO<span class=\"_ _4\"></span>TAL<span class=\"_ _4\"></span>E ATT<span class=\"_ _0\"></span>IVO<span class=\"_ _24a\"> </span><span class=\"ws0\">209.538.164 <span class=\"_ _61\"> </span>217.544.262 </span>P<span class=\"_ _4\"></span>ASSIVO E P<span class=\"_ _0\"></span>A<span class=\"_ _4\"></span>TRIMONIO NETTOA) P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto- Capitale Sociale<span class=\"_ _24b\"> </span>49.749.960<span class=\"_ _63\"> </span>49.749.960- Riserve<span class=\"_ _1f\"> </span>153.550.236<span class=\"_ _179\"> </span>165.265.596- Utile (Per<span class=\"_ _4\"></span>dita) dell'esercizio<span class=\"_ _24c\"> </span>(1.226.880)<span class=\"_ _20f\"> </span>(1.669.694)B) Fondi Rischi ed Oneri<span class=\"_ _24d\"> </span>- <span class=\"_ _171\"> </span>22.272D<span class=\"_ _1\"></span>) Debiti<span class=\"_ _24e\"> </span>7.152.175<span class=\"_ _a4\"> </span>3.787.573E) Ratei e Risconti<span class=\"_ _192\"> </span>312.673<span class=\"_ _21a\"> </span>388.555TO<span class=\"_ _4\"></span>TAL<span class=\"_ _4\"></span>E PASSI<span class=\"_ _0\"></span>VO E P<span class=\"_ _4\"></span>A<span class=\"_ _0\"></span>TRIMONIO NETT<span class=\"_ _0\"></span>O<span class=\"_ _24f\"> </span>209.538.164 <span class=\"_ _61\"> </span>217.544.262 CONT<span class=\"_ _0\"></span>O ECONOMICOA) Valor<span class=\"_ _0\"></span>e della pr<span class=\"_ _0\"></span>oduzione<span class=\"_ _132\"> </span>336.391<span class=\"_ _250\"> </span>230.277B) C<span class=\"_ _0\"></span>osti della produzione<span class=\"_ _251\"> </span>(2.933.122)<span class=\"_ _20f\"> </span>(2.866.086)D<span class=\"_ _1\"></span>ifferenza tra v<span class=\"_ _0\"></span>alore e c<span class=\"_ _4\"></span>osti della produzione<span class=\"_ _252\"> </span>(2.596.731)<span class=\"_ _bc\"> </span>(2.635.809)C) Pr<span class=\"_ _0\"></span>oventi e Oneri Finanziari<span class=\"_ _19b\"> </span>506.626<span class=\"_ _229\"> </span>12.326Risultato prima delle imposte<span class=\"_ _7b\"> </span>(2.090.105)<span class=\"_ _bc\"> </span>(2.623.483)Imposte sul reddito dell'eser<span class=\"_ _0\"></span>cizio, c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti,differite e anticipate<span class=\"_ _14f\"> </span>863.225<span class=\"_ _21a\"> </span>953.789Utile (perdita) dell'esercizio<span class=\"_ _c\"> </span>(1.226.880) <span class=\"_ _bf\"> </span>(1.669.694) 2. C<span class=\"_ _4\"></span>riteri di r<span class=\"_ _0\"></span>edazione2.1 Espr<span class=\"_ _0\"></span>essione di c<span class=\"_ _0\"></span>onfor<span class=\"_ _0\"></span>mit\u00e0 agli IFRSIl bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 s<span class=\"_ _1\"></span>tato r<span class=\"_ _1\"></span>edat<span class=\"_ _1\"></span>to in conformit<span class=\"_ _1\"></span>\u00e0 agli <span class=\"ff79\">Internat<span class=\"_ _1\"></span>ional Financial Re<span class=\"ls0 ws0\">-</span></span>por<span class=\"_ _1\"></span>ting Standards<span class=\"ff71\"> (IFRS), eme<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si dall<span class=\"_ _1\"></span>\u2019</span>Internat<span class=\"_ _1\"></span>ional Accounting Standards Bo<span class=\"_ _1\"></span>ard<span class=\"ff71 lsb ws12d\"> (\u201cIASB<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>) ed omologati dall\u2019<span class=\"_ _1\"></span>Unione<span class=\"_ _0\"></span> </span>Europea e<span class=\"_ _1\"></span>d in vigo<span class=\"_ _1\"></span>re alla data di bilancio. Le n<span class=\"_ _1\"></span>ote es<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ative al Bilancio c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidato so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate inte<span class=\"_ _1\"></span>grate con l<span class=\"_ _1\"></span>e infor<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mazio<span class=\"_ _1\"></span>ni ag<span class=\"_ _1\"></span>giuntive ric<span class=\"_ _1\"></span>hies<span class=\"_ _1\"></span>te da Con<span class=\"_ _1\"></span>sob e dai prov<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>dimenti da e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a emanati in at<span class=\"_ _1\"></span>tuazi<span class=\"_ _1\"></span>one all<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 9 del D.lg<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. 38/20<span class=\"_ _1\"></span>05 (<span class=\"_ _0\"></span>delibe<span class=\"_ _1\"></span>re 1<span class=\"_ _4\"></span>55<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9 e 1<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>20) del 27 luglio 200<span class=\"_ _1\"></span>6 e comunic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione DEM/6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>64293 del 28 luglio 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, ai sen<span class=\"_ _1\"></span>si de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019art. 78 de<span class=\"_ _1\"></span>l Regolam<span class=\"_ _1\"></span>ento e<span class=\"_ _1\"></span>mitte<span class=\"_ _1\"></span>nti, del d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>nto CE de<span class=\"_ _1\"></span>l novembre 20<span class=\"_ _1\"></span>03 e<span class=\"_ _1\"></span>, dove appli<span class=\"_ _1\"></span>cabili, de<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>dice Civ<span class=\"_ _1\"></span>ile. C<span class=\"_ _1\"></span>on \u201c<span class=\"_ _1\"></span>IFRS<span class=\"_ _1\"></span>\u201d si intendo<span class=\"_ _1\"></span>no anche gli <span class=\"ff79\">I<span class=\"_ _1\"></span>nternational Acc<span class=\"_ _1\"></span>ounting Standards</span> (\u201c<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>S\u201d<span class=\"_ _2\"></span>) tutt<span class=\"_ _1\"></span>ora in vigo<span class=\"_ _1\"></span>re, no<span class=\"_ _1\"></span>nch\u00e9 tut<span class=\"_ _1\"></span>ti i do<span class=\"_ _1\"></span>cumenti inte<span class=\"_ _1\"></span>rpre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tati<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>si dagli <span class=\"ff79\">I<span class=\"_ _1\"></span>FRS Interpret<span class=\"_ _1\"></span>ation Committ<span class=\"_ _1\"></span>ee</span><span class=\"ls8 ws135\">, prece<span class=\"_ _1\"></span>dentemente denomina<span class=\"_ _0\"></span>to <span class=\"ff79 ls4 wsba\">International Financial Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ting </span></span>Interpret<span class=\"_ _1\"></span>ations Committ<span class=\"_ _1\"></span>ee<span class=\"ff71\"> (<span class=\"_ _1\"></span>\u201cIFRI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) ed anc<span class=\"_ _1\"></span>or prima </span>Standing Inte<span class=\"_ _1\"></span>rpretation<span class=\"_ _1\"></span>s Committe<span class=\"_ _1\"></span>e<span class=\"ff71 ls0 ws2d\"> (\u201c<span class=\"_ _2\"></span>SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>\u201d<span class=\"_ _1\"></span>).</span>2.2 C<span class=\"_ _4\"></span>ontenuto e forma del bil<span class=\"_ _0\"></span>ancio c<span class=\"_ _0\"></span>onsolidatoL<span class=\"_ _6\"></span>\u2019unit\u00e0 di valut<span class=\"_ _1\"></span>a utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata \u00e8 l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro e tut<span class=\"_ _1\"></span>ti i val<span class=\"_ _1\"></span>ori so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ssi all<span class=\"_ _1\"></span>e migliaia di euro se no<span class=\"_ _1\"></span>n diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>amente indi<span class=\"_ _1\"></span>cato.Gli schemi d<span class=\"_ _0\"></span>i presentazione della situ<span class=\"_ _0\"></span>azione patrimon<span class=\"_ _0\"></span>iale e<span class=\"_ _0\"></span> finanziari<span class=\"_ _0\"></span>a consolidata presentano un<span class=\"_ _0\"></span>a distinzione tra<span class=\"_ _0\"></span> atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti e non cor<span class=\"_ _1\"></span>renti, dove:\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non co<span class=\"_ _1\"></span>rrenti c<span class=\"_ _1\"></span>ompren<span class=\"_ _1\"></span>dono i s<span class=\"_ _1\"></span>aldi at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i con ciclo di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo o<span class=\"_ _1\"></span>ltre do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si e<span class=\"_ _1\"></span>d includon<span class=\"_ _1\"></span>o le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immateriali, mater<span class=\"_ _1\"></span>iali e finan<span class=\"_ _1\"></span>ziarie e le imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite at<span class=\"_ _1\"></span>tive;\u2022 <span class=\"_ _a1\"> </span>le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nti compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o i saldi at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i con cicl<span class=\"_ _1\"></span>o di realiz<span class=\"_ _2\"></span>zo entro i do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si;\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non co<span class=\"_ _1\"></span>rrenti c<span class=\"_ _1\"></span>ompren<span class=\"_ _1\"></span>dono l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ibili oltre do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si, inclus<span class=\"_ _1\"></span>i i deb<span class=\"_ _1\"></span>iti f<span class=\"_ _1\"></span>inanziari, i fon<span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>r rischi e<span class=\"_ _1\"></span>d one<span class=\"_ _1\"></span>ri e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici a dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti e le imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sive;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 cor<span class=\"_ _1\"></span>renti comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sigibili e<span class=\"_ _1\"></span>ntro dodi<span class=\"_ _1\"></span>ci mes<span class=\"_ _1\"></span>i, compre<span class=\"_ _1\"></span>sa la qu<span class=\"_ _1\"></span>ota a br<span class=\"_ _1\"></span>eve dei f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>menti a m<span class=\"_ _1\"></span>edio<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>lungo termine<span class=\"_ _1\"></span>, dei fon<span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>r rischi e<span class=\"_ _1\"></span>d one<span class=\"_ _1\"></span>ri e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici a dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti.Il prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico con<span class=\"_ _1\"></span>solidato \u00e8 p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato, diver<span class=\"_ _1\"></span>sam<span class=\"_ _1\"></span>ente dal bilancio s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato de<span class=\"_ _1\"></span>lla socie<span class=\"_ _1\"></span>t\u00e0 C<span class=\"_ _1\"></span>apo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>grupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do una clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinaz<span class=\"_ _1\"></span>ione, fo<span class=\"_ _1\"></span>rma rite<span class=\"_ _1\"></span>nuta pi\u00f9 r<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to alla cosi<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r natura di sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>alloca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zione \u00e8 ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ttuat<span class=\"_ _1\"></span>a dal Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>zando i c<span class=\"_ _1\"></span>entri di co<span class=\"_ _1\"></span>sto ch<span class=\"_ _1\"></span>e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntan<span class=\"_ _1\"></span>o la des<span class=\"_ _1\"></span>tinaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a. La fo<span class=\"_ _1\"></span>rma sce<span class=\"_ _1\"></span>lta \u00e8<span class=\"_ _1\"></span>, infatt<span class=\"_ _1\"></span>i, conforme alle mo<span class=\"_ _1\"></span>dalit\u00e0 di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing</span> inter<span class=\"_ _1\"></span>no e di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.</span> Il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio p<span class=\"_ _1\"></span>er natura di s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sa \u00e8 fornit<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>rno de<span class=\"_ _1\"></span>lle note e<span class=\"_ _1\"></span>splic<span class=\"_ _1\"></span>ative (nota 34 Comp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er natura de<span class=\"_ _1\"></span>lle voci di c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o di conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co<span class=\"_ _0\"></span>). Il rendiconto f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario \u00e8 st<span class=\"_ _1\"></span>ato pre<span class=\"_ _1\"></span>disp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o in bas<span class=\"_ _1\"></span>e al meto<span class=\"_ _1\"></span>do indiret<span class=\"_ _1\"></span>to e v<span class=\"_ _1\"></span>iene p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato in conformit<span class=\"_ _1\"></span>\u00e0 allo IA<span class=\"_ _1\"></span>S 7<span class=\"_ _6\"></span>, c<span class=\"_ _1\"></span>lass<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ican<span class=\"_ _1\"></span>do i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziari tra at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a, di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto e di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto. Si pre<span class=\"_ _1\"></span>cisa ch<span class=\"_ _1\"></span>e con rifer<span class=\"_ _1\"></span>imento alla de<span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>ra Con<span class=\"_ _1\"></span>sob n<span class=\"_ _1\"></span>. 1<span class=\"_ _4\"></span>55<span class=\"_ _4\"></span>19 del 27 luglio 200<span class=\"_ _1\"></span>6 e alla comunic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione n. D<span class=\"_ _1\"></span>EM6<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>4293 del 28 luglio 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>gli sche<span class=\"_ _1\"></span>mi di bilancio \u00e8 dat<span class=\"_ _1\"></span>a evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>vi con p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti corre<span class=\"_ _1\"></span>late, ai f<span class=\"_ _1\"></span>ini di una migliore informati<span class=\"_ _1\"></span>va.A f<span class=\"_ _1\"></span>ini comparati<span class=\"_ _1\"></span>vi i pro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i cons<span class=\"_ _1\"></span>olidati pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntan<span class=\"_ _1\"></span>o il confronto co<span class=\"_ _1\"></span>n i dati patrimoniali co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dati del b<span class=\"_ _1\"></span>ilancio al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 e co<span class=\"_ _1\"></span>n i dati eco<span class=\"_ _1\"></span>nomici co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dati dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1.2.3 P<span class=\"_ _4\"></span>rincipi C<span class=\"_ _4\"></span>ontabili2.3.1 Note gener<span class=\"_ _4\"></span>aliIl bilancio con<span class=\"_ _1\"></span>solidato \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato redat<span class=\"_ _1\"></span>to in bas<span class=\"_ _1\"></span>e al princip<span class=\"_ _1\"></span>io del co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o stor<span class=\"_ _1\"></span>ico, tranne ch<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r gli str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari deri<span class=\"_ _1\"></span>vati e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inate alla vendit<span class=\"_ _1\"></span>a che s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>e al valore e<span class=\"_ _1\"></span>quo, non<span class=\"_ _1\"></span>ch\u00e9 sul pre<span class=\"_ _1\"></span>supp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to della continuit<span class=\"_ _1\"></span>\u00e0 azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>. I principi c<span class=\"_ _1\"></span>ontab<span class=\"_ _1\"></span>ili adot<span class=\"_ _1\"></span>tati ne<span class=\"_ _1\"></span>l Bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si di quelli adot<span class=\"_ _1\"></span>tati n<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dent<span class=\"_ _1\"></span>i con l<span class=\"_ _1\"></span>\u2019ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne dei p<span class=\"_ _1\"></span>rincipi cont<span class=\"_ _1\"></span>abili inter<span class=\"_ _1\"></span>nazionali di nu<span class=\"_ _1\"></span>ova adozio<span class=\"_ _1\"></span>ne nel 202<span class=\"_ _1\"></span>2. Per mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ui principi di nuov<span class=\"_ _1\"></span>a adozion<span class=\"_ _1\"></span>e si rimanda al s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo parag<span class=\"_ _1\"></span>rafo Variazioni di principi c<span class=\"_ _1\"></span>ontabili interna<span class=\"_ _1\"></span>zionali<span class=\"_ _1\"></span>.V<span class=\"_ _0\"></span>alutazioni discre<span class=\"_ _0\"></span>zionali<span class=\"_ _1\"></span>, stime contabili ed assunzioni significativeLa re<span class=\"_ _1\"></span>dazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato richie<span class=\"_ _1\"></span>de l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>zione di s<span class=\"_ _1\"></span>time e di a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ia nella det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione di alcune att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, sia ne<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pote<span class=\"_ _1\"></span>nziali, ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ttuate s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>elle miglio<span class=\"_ _1\"></span>ri informazio<span class=\"_ _1\"></span>ni dispo<span class=\"_ _1\"></span>nibili. Gli eve<span class=\"_ _1\"></span>nti potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ero no<span class=\"_ _1\"></span>n confermare p<span class=\"_ _1\"></span>iename<span class=\"_ _1\"></span>nte le st<span class=\"_ _1\"></span>ime.I principal<span class=\"_ _0\"></span>i dati cong<span class=\"_ _0\"></span>etturati si riferiscono a<span class=\"_ _0\"></span>:\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>fondi ob<span class=\"_ _1\"></span>sole<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>lle rimane<span class=\"_ _1\"></span>nze di mater<span class=\"_ _1\"></span>ie prime e<span class=\"_ _1\"></span>d acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>i e delle r<span class=\"_ _1\"></span>imanen<span class=\"_ _1\"></span>ze di prodot<span class=\"_ _1\"></span>ti f<span class=\"_ _1\"></span>initi; poich<span class=\"_ _1\"></span>\u00e9 il Grupp<span class=\"_ _1\"></span>o trat<span class=\"_ _1\"></span>ta p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>ti agli andam<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato, all<span class=\"_ _1\"></span>\u2019inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della mo<span class=\"_ _1\"></span>da, le riman<span class=\"_ _1\"></span>enze di p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti alla f<span class=\"_ _1\"></span>ine della s<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a ridu<span class=\"_ _1\"></span>zioni di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, il fond<span class=\"_ _1\"></span>o obs<span class=\"_ _1\"></span>ole<span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a rimanen<span class=\"_ _1\"></span>ze di prod<span class=\"_ _1\"></span>otti f<span class=\"_ _1\"></span>initi rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te la st<span class=\"_ _1\"></span>ima del <span class=\"ff79 ls47 ws9\">managem<span class=\"_ _1\"></span>ent</span> circa le p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>se sui pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lle dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e colle<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ni di st<span class=\"_ _1\"></span>agioni pas<span class=\"_ _1\"></span>sate<span class=\"_ _1\"></span>, tene<span class=\"_ _1\"></span>ndo in c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e la capa<span class=\"_ _1\"></span>cit\u00e0 di ve<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>e gli ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si canali di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>utiv<span class=\"_ _1\"></span>i in cui ope<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ra il Grupp<span class=\"_ _1\"></span>o. T<span class=\"_ _4\"></span>ale as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zione pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>clinata in mo<span class=\"_ _1\"></span>do dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o nell<span class=\"_ _1\"></span>e diver<span class=\"_ _1\"></span>se are<span class=\"_ _1\"></span>e ge<span class=\"_ _1\"></span>ograf<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e dove il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra in con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla cono<span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a delle c<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>stich<span class=\"_ _1\"></span>e del s<span class=\"_ _1\"></span>ingolo me<span class=\"_ _1\"></span>rcato in me<span class=\"_ _1\"></span>rito alla c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 loc<span class=\"_ _1\"></span>ale di ass<span class=\"_ _1\"></span>orb<span class=\"_ _1\"></span>ire la vendit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i riferit<span class=\"_ _1\"></span>i a st<span class=\"_ _1\"></span>agioni pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ate. In<span class=\"_ _1\"></span>dicati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte le as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni di s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no comunque p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali di sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e cres<span class=\"_ _1\"></span>centi c<span class=\"_ _1\"></span>on l<span class=\"_ _1\"></span>\u2019aumentare de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019anzianit\u00e0 de<span class=\"_ _1\"></span>lla colle<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in mod<span class=\"_ _1\"></span>o tal<span class=\"_ _1\"></span>e da rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere da un lato la diminuzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi di ve<span class=\"_ _1\"></span>ndita s<span class=\"_ _1\"></span>ui canali s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndari (p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte <span class=\"ff79 ls3a wsa\">outl<span class=\"_ _1\"></span>et</span>) e dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altro la di<span class=\"ls0 ws0\">-</span>minuzion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>babilit<span class=\"_ _1\"></span>\u00e0 di vendit<span class=\"_ _1\"></span>a col pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>are de<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o. Alla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>lla dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne di tal<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rcentuale c<span class=\"_ _2\"></span>\u2019\u00e8<span class=\"_ _0\"></span> sia un\u2019analisi st<span class=\"_ _1\"></span>atist<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l variare d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019anzianit\u00e0 de<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>o in giacen<span class=\"_ _1\"></span>za ch<span class=\"_ _1\"></span>e una valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di cos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o di utiliz<span class=\"_ _1\"></span>zo di p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali. Ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o si rile<span class=\"_ _1\"></span>vi una var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e nelle informa<span class=\"_ _1\"></span>zioni di<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nibili le pe<span class=\"_ _1\"></span>rcentuali vengo<span class=\"_ _1\"></span>no riana<span class=\"ls0 ws0\">-</span>liz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate ed e<span class=\"_ _1\"></span>ventualme<span class=\"_ _1\"></span>nte ade<span class=\"_ _1\"></span>guate. Il fo<span class=\"_ _1\"></span>ndo ob<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za di mater<span class=\"_ _1\"></span>ie prime r<span class=\"_ _1\"></span>ifl<span class=\"_ _1\"></span>ette la s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls47 ws9\">manageme<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span><span class=\"ff71 ls4 ws103\">circ<span class=\"_ _1\"></span>a la </span></span>diminuzion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>babilit\u00e0 di ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>lle s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se ch<span class=\"_ _1\"></span>e vie<span class=\"_ _1\"></span>ne analiz<span class=\"_ _2\"></span>zata s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>el ca<span class=\"_ _1\"></span>lcolo d<span class=\"_ _1\"></span>elle mate<span class=\"_ _1\"></span>rie prime a le<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a mov<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>one;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>fondo s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei cr<span class=\"_ _1\"></span>editi p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e vendite all<span class=\"_ _2\"></span>\u2019ingros<span class=\"_ _1\"></span>so, le<span class=\"_ _1\"></span>gato alla s<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ibilit\u00e0 de<span class=\"_ _1\"></span>lla cliente<span class=\"_ _1\"></span>la ed allo <span class=\"ff79 ls5f ws7\">s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>nding</span><span class=\"ls8 ws10e\"> degli </span>ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si, con cui v<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o per<span class=\"_ _1\"></span>altro in gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e rappo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti con<span class=\"_ _1\"></span>solidati n<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>mpo. Il Gr<span class=\"_ _1\"></span>uppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a una matrice p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>alco<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lare le ECL (<span class=\"ff79\">Ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Credit Los<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span><span class=\"ff71\">) per i cr<span class=\"_ _1\"></span>editi c<span class=\"_ _1\"></span>ommerciali. Le ali<span class=\"_ _1\"></span>quote di acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto si bas<span class=\"_ _1\"></span>ano sui gi<span class=\"_ _1\"></span>orni di </span></span>sc<span class=\"_ _1\"></span>aduto p<span class=\"_ _1\"></span>er ogni cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e di clienti r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>i vari s<span class=\"_ _1\"></span>egme<span class=\"_ _1\"></span>nti che pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o similari andame<span class=\"_ _1\"></span>nti di pe<span class=\"_ _1\"></span>rdita s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ica (<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>empio, p<span class=\"_ _1\"></span>er area ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica, t<span class=\"_ _1\"></span>ipo di pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to, tipo di clie<span class=\"_ _1\"></span>nte, <span class=\"ff79 ls5d ws9f\">rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span></span> e garan<span class=\"_ _1\"></span>zie)<span class=\"_ _0\"></span>. La matric<span class=\"_ _1\"></span>e si bas<span class=\"_ _1\"></span>a inizialme<span class=\"_ _1\"></span>nte sui ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>torici o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vati de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o calibr<span class=\"_ _1\"></span>a la matrice p<span class=\"_ _1\"></span>er af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inare il dato st<span class=\"_ _1\"></span>orico s<span class=\"_ _1\"></span>ulle pe<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>dite su cre<span class=\"_ _1\"></span>diti con e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ionali. Ad e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>mpio, se s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>conomich<span class=\"_ _1\"></span>e prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pio, il rischi<span class=\"_ _1\"></span>o pae<span class=\"_ _1\"></span>se) si deteri<span class=\"_ _1\"></span>orino l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo, ci\u00f2 pu\u00f2 p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are a un aumento d<span class=\"_ _1\"></span>el nume<span class=\"_ _1\"></span>ro di inade<span class=\"_ _1\"></span>mpien<span class=\"_ _1\"></span>ze in quel pa<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e, i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di inso<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nza s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ici vengono p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati. Ad og<span class=\"_ _1\"></span>ni data di rife<span class=\"_ _1\"></span>rimento, i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di ins<span class=\"_ _1\"></span>olve<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a sto<span class=\"_ _1\"></span>rici vengon<span class=\"_ _1\"></span>o ag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>nati e vengono anali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati i c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e su ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nti prev<span class=\"_ _1\"></span>isionali<span class=\"_ _1\"></span>. La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione della co<span class=\"_ _1\"></span>rrela<span class=\"_ _1\"></span>zione t<span class=\"_ _1\"></span>ra i t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>i di inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>tori<span class=\"_ _1\"></span>ci, le condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche pre<span class=\"_ _1\"></span>visi<span class=\"_ _1\"></span>onali e le ECL rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ano una stima s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _1\"></span>e di ECL \u00e8 sen<span class=\"_ _1\"></span>sibile ai c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti delle circo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anze e d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e. A<span class=\"_ _1\"></span>nche l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>oric<span class=\"_ _1\"></span>a sull<span class=\"_ _1\"></span>\u2019andamento dell<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite su cre<span class=\"_ _1\"></span>dito de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e la prev<span class=\"_ _1\"></span>isio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e condi<span class=\"ls0 ws0\">-</span>zioni e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>he future p<span class=\"_ _1\"></span>otreb<span class=\"_ _1\"></span>bero n<span class=\"_ _1\"></span>on es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ative de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l cliente in futuro. Pe<span class=\"_ _1\"></span>r i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>analisi de<span class=\"_ _1\"></span>i rischi di cre<span class=\"_ _1\"></span>dito s<span class=\"_ _1\"></span>i rinvia alle note 3 e 1<span class=\"_ _0\"></span>4;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _5\"></span>fondi pe<span class=\"_ _1\"></span>r rischi e o<span class=\"_ _1\"></span>neri, in par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i per l<span class=\"_ _2\"></span>\u2019impe<span class=\"_ _1\"></span>gno co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uale al ripris<span class=\"_ _1\"></span>tino f<span class=\"_ _1\"></span>uturo di loc<span class=\"_ _1\"></span>ali in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d i cos<span class=\"_ _1\"></span>ti per c<span class=\"_ _1\"></span>onten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i in cor<span class=\"_ _1\"></span>so o pre<span class=\"_ _1\"></span>vedibili;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>so in<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>duato a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>i ric<span class=\"_ _1\"></span>avi da contr<span class=\"_ _1\"></span>atti co<span class=\"_ _1\"></span>n clienti, ove pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ente ne<span class=\"_ _1\"></span>lle condi<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali o nella pr<span class=\"_ _1\"></span>atica co<span class=\"_ _1\"></span>mmerciale ab<span class=\"_ _1\"></span>ituale p<span class=\"_ _1\"></span>er la ven<span class=\"_ _1\"></span>dita di b<span class=\"_ _1\"></span>eni . Il Gr<span class=\"_ _1\"></span>uppo ha de<span class=\"_ _1\"></span>terminato ch<span class=\"_ _1\"></span>e il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so \u00e8 il meto<span class=\"_ _1\"></span>do pi\u00f9 appro<span class=\"_ _1\"></span>priato p<span class=\"_ _1\"></span>er st<span class=\"_ _1\"></span>imare l<span class=\"_ _1\"></span>\u2019entit\u00e0 de<span class=\"_ _1\"></span>l corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivo variab<span class=\"_ _1\"></span>ile sulle ven<span class=\"_ _1\"></span>dite di be<span class=\"_ _1\"></span>ni con dirit<span class=\"_ _1\"></span>ti di re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>itu<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>, dato l<span class=\"_ _1\"></span>\u2019elevato num<span class=\"_ _1\"></span>ero di contr<span class=\"_ _1\"></span>atti c<span class=\"_ _1\"></span>on car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche simili; \u2022 <span class=\"_\"> </span> <span class=\"_ _11f\"></span>vita ut<span class=\"_ _1\"></span>ile de<span class=\"_ _1\"></span>gli immobili, impianti e mac<span class=\"_ _1\"></span>chinari, delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita e d<span class=\"_ _1\"></span>egli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immobiliari non<span class=\"_ _1\"></span>ch\u00e9 alla verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to dei re<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>i di iscri<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e misura<span class=\"_ _1\"></span>zione di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali pe<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>ti di sv<span class=\"_ _1\"></span>ilupp<span class=\"_ _1\"></span>o;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, i cui valo<span class=\"_ _1\"></span>ri son<span class=\"_ _1\"></span>o dete<span class=\"_ _1\"></span>rminati in bas<span class=\"_ _1\"></span>e a stim<span class=\"_ _1\"></span>e attuariali; per l<span class=\"_ _1\"></span>e principali a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni at<span class=\"_ _1\"></span>tuariali si rinvia alla not<span class=\"_ _1\"></span>a 22;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>ferite ch<span class=\"_ _1\"></span>e sono r<span class=\"_ _1\"></span>ilevate n<span class=\"_ _1\"></span>ella misur<span class=\"_ _1\"></span>a in cui sia probab<span class=\"_ _1\"></span>ile l<span class=\"_ _1\"></span>\u2019esis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>za di a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uati utili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali fu<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>turi a fronte de<span class=\"_ _1\"></span>i quali le dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee o eve<span class=\"_ _1\"></span>ntuali pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pot<span class=\"_ _1\"></span>ranno e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate. A t<span class=\"_ _1\"></span>al riguardo, il <span class=\"_ _1\"></span><span class=\"ff79 ls47 ws9\">manageme<span class=\"_ _1\"></span>nt</span><span class=\"ls4 ws10e\"> del Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>tima la probab<span class=\"_ _1\"></span>ile manifes<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e temp<span class=\"_ _1\"></span>orale e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ammontare d<span class=\"_ _1\"></span>ei futuri ut<span class=\"_ _1\"></span>ili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>almente </span>imponib<span class=\"_ _1\"></span>ili;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>valor e<span class=\"_ _1\"></span>quo (<span class=\"ff79 ls4\">f<span class=\"_ _0\"></span>air value<span class=\"_ _4\"></span><span class=\"ff71 ls42\">) d<span class=\"_ _1\"></span>egli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari, t<span class=\"_ _1\"></span>ra cui rive<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tono par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anza g<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, di </span></span>cui il Grupp<span class=\"_ _1\"></span>o fa largo u<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>er la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio; per i d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli sulle a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni alla base d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>alcolo del <span class=\"_ _1\"></span><span class=\"ff79 ls4 ws0\">fair value</span><span class=\"ws0\"> si rinvia alle note 3 e 3<span class=\"_ _1\"></span>0;</span>\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>val<span class=\"_ _1\"></span>ore equ<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span><span class=\"ff79\">fair value<span class=\"_ _4\"></span><span class=\"ff71\">) d<span class=\"_ _1\"></span>ei piani di pagam<span class=\"_ _1\"></span>ento ba<span class=\"_ _1\"></span>sati su a<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ia regolati p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa che re<span class=\"_ _1\"></span>golati co<span class=\"_ _1\"></span>n azio<span class=\"_ _1\"></span>ni di cui </span></span>la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o fa us<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>entiv<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l <span class=\"ff79 ls47 ws9\">management</span> de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o; per i det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli sulle as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni alla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>l calcolo del <span class=\"ff79 ls4 ws0\">fair value<span class=\"ff71\"> si rinvia alla not<span class=\"_ _1\"></span>a 40<span class=\"_ _1\"></span>; </span></span>\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>risc<span class=\"_ _1\"></span>hio di soc<span class=\"_ _1\"></span>comb<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a nell<span class=\"_ _1\"></span>e controver<span class=\"_ _1\"></span>sie in cui il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o \u00e8 coinvolto; il Grupp<span class=\"_ _1\"></span>o acce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 a front<span class=\"_ _1\"></span>e di conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i e cau<span class=\"_ _1\"></span>se le<span class=\"_ _1\"></span>gali in cor<span class=\"_ _1\"></span>so quand<span class=\"_ _1\"></span>o ritie<span class=\"_ _1\"></span>ne probab<span class=\"_ _1\"></span>ile che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>r\u00e0 un e<span class=\"_ _1\"></span>sbo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>inanziario e quand<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019am<span class=\"ls0 ws0\">-</span>montar<span class=\"_ _1\"></span>e delle p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e che ne de<span class=\"_ _1\"></span>rive<span class=\"_ _1\"></span>ranno pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re ragio<span class=\"_ _1\"></span>nevolme<span class=\"_ _1\"></span>nte st<span class=\"_ _1\"></span>imato. Stante le inc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze in<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nti l<span class=\"_ _1\"></span>\u2019esito di tali pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dimenti, \u00e8 dif<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icile p<span class=\"_ _1\"></span>redire c<span class=\"_ _1\"></span>on cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>za l<span class=\"_ _1\"></span>\u2019esb<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>so che d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ver\u00e0 da t<span class=\"_ _1\"></span>ali controve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ie ed \u00e8 quindi p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile che il valo<span class=\"_ _1\"></span>re dei fon<span class=\"_ _1\"></span>di per p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti leg<span class=\"_ _1\"></span>ali pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a variare a se<span class=\"_ _1\"></span>guito di f<span class=\"_ _1\"></span>uturi s<span class=\"_ _1\"></span>viluppi n<span class=\"_ _1\"></span>ei pro<span class=\"_ _1\"></span>cedim<span class=\"_ _1\"></span>enti in cor<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o monito<span class=\"_ _1\"></span>ra lo <span class=\"ff79 lsc ws5\">st<span class=\"_ _1\"></span>atus</span> de<span class=\"_ _1\"></span>lle c<span class=\"_ _1\"></span>ause e pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dimenti in c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o e si con<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span>a con i prop<span class=\"_ _1\"></span>ri cons<span class=\"_ _1\"></span>ulenti l<span class=\"_ _1\"></span>egali e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti in materia le<span class=\"_ _1\"></span>gale<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a inolt<span class=\"_ _1\"></span>re le po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ni f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e e se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ario rile<span class=\"_ _1\"></span>va una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0.Con rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S1<span class=\"_ _4\"></span>6, s<span class=\"_ _1\"></span>ono st<span class=\"_ _1\"></span>ate ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate le s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uenti s<span class=\"_ _1\"></span>time co<span class=\"_ _1\"></span>ntabili sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>ve, com<span class=\"_ _1\"></span>e Grupp<span class=\"_ _1\"></span>o nella qualit<span class=\"_ _1\"></span>\u00e0 di locatario:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls4b wsd1\">Lea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span><span class=\"ff71 ls4 ws75\">: l<span class=\"_ _1\"></span>\u2019id<span class=\"_ _1\"></span>entif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla durata de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o \u00e8 una tematic<span class=\"_ _1\"></span>a molto r<span class=\"_ _1\"></span>ilevante dal m<span class=\"_ _1\"></span>oment<span class=\"_ _1\"></span>o che la </span></span>forma, la le<span class=\"_ _1\"></span>gisla<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e le pra<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali sui contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o immobiliare var<span class=\"_ _1\"></span>iano signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativam<span class=\"_ _1\"></span>ente da una giuris<span class=\"_ _1\"></span>dizion<span class=\"_ _1\"></span>e ad un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra e la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lle opzioni di rinnovo al t<span class=\"_ _1\"></span>ermine de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do non c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llabile sulla stima di <span class=\"ff79 ls3a ws18\">l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm</span> comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo di as<span class=\"_ _1\"></span>sunz<span class=\"_ _1\"></span>ioni. l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"ff79\">Interpret<span class=\"_ _1\"></span>ation Committ<span class=\"_ _1\"></span>ee</span> ha chiarito ch<span class=\"_ _1\"></span>e ai f<span class=\"_ _1\"></span>ini della identif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do di es<span class=\"_ _1\"></span>igibilit<span class=\"_ _1\"></span>\u00e0 un loc<span class=\"_ _1\"></span>atario d<span class=\"_ _1\"></span>eve con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare il mom<span class=\"_ _1\"></span>ento co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e nel quale e<span class=\"_ _1\"></span>ntramb<span class=\"_ _1\"></span>e le par<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>involte po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sercit<span class=\"_ _1\"></span>are il loro dir<span class=\"_ _1\"></span>itto di re<span class=\"_ _1\"></span>scin<span class=\"_ _1\"></span>dere il co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>nza in<span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>re in pe<span class=\"_ _1\"></span>nali che non s<span class=\"_ _1\"></span>ono irrilev<span class=\"_ _1\"></span>anti; il concet<span class=\"_ _1\"></span>to di pe<span class=\"_ _1\"></span>nale non de<span class=\"_ _1\"></span>ve avere un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>acce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne mer<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuale ma va v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o tutti gli aspetti economici<span class=\"_ _0\"></span> del contratto. I<span class=\"_ _0\"></span>l Gruppo ha<span class=\"_ _0\"></span> considerato tali conc<span class=\"_ _0\"></span>lusioni nel<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>\u2019identificazione della dura<span class=\"_ _0\"></span>ta dei co<span class=\"_ _1\"></span>ntratti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to. Il Gr<span class=\"_ _1\"></span>uppo infat<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r la def<span class=\"_ _1\"></span>iniz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla durata d<span class=\"_ _1\"></span>el <span class=\"ff79 ls38 ws8b\">leas<span class=\"_ _1\"></span>e</span> ha consid<span class=\"_ _1\"></span>erato la p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di opzio<span class=\"_ _1\"></span>ni di rinnovo e canc<span class=\"_ _1\"></span>ellaz<span class=\"_ _1\"></span>ione ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte in cap<span class=\"_ _1\"></span>o al loc<span class=\"_ _1\"></span>atari<span class=\"_ _1\"></span>o, al loc<span class=\"_ _1\"></span>atore o a entr<span class=\"_ _1\"></span>ambi. In pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di opzioni di rinnovo es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abili da entr<span class=\"_ _1\"></span>ambe le p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti contr<span class=\"_ _1\"></span>attuali ha con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nza o m<span class=\"_ _1\"></span>eno di s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vi dis<span class=\"_ _1\"></span>incenti<span class=\"_ _1\"></span>vi eco<span class=\"_ _1\"></span>nomici ne<span class=\"_ _1\"></span>l rif<span class=\"_ _1\"></span>iutare la r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di rinnovo come r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>to dal par<span class=\"_ _1\"></span>agrafo B34 de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16. In pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di opzioni es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abili sol<span class=\"_ _1\"></span>o da una delle due p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti ha con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato il parag<span class=\"_ _1\"></span>rafo B35 dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16.L<span class=\"_ _6\"></span>\u2019applicazi<span class=\"_ _1\"></span>one di quanto so<span class=\"_ _1\"></span>pra, te<span class=\"_ _1\"></span>nuto conto d<span class=\"_ _1\"></span>egli s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici fatt<span class=\"_ _1\"></span>i e circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze nonch\u00e9 d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tima sull<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>sere r<span class=\"_ _1\"></span>agio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nevolm<span class=\"_ _1\"></span>ente ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione, ha co<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato che:-  <span class=\"_ _49\"></span>pe<span class=\"_ _1\"></span>r i contr<span class=\"_ _1\"></span>atti di durat<span class=\"_ _1\"></span>a annuale rinnov<span class=\"_ _1\"></span>abili automatic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte sal<span class=\"_ _1\"></span>vo disde<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a si \u00e8 co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a una durata me<span class=\"_ _1\"></span>dia di cinque anni, bas<span class=\"_ _1\"></span>ando t<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a sull<span class=\"_ _1\"></span>\u2019evid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>oric<span class=\"_ _1\"></span>a;-  <span class=\"_ _49\"></span>negli alt<span class=\"_ _1\"></span>ri ca<span class=\"_ _1\"></span>si se \u00e8 s<span class=\"_ _1\"></span>olo il Gr<span class=\"_ _1\"></span>uppo a p<span class=\"_ _1\"></span>oter e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcitare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opzione si \u00e8 c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a una durat<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>ino al se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o rinnovo prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o dal contrat<span class=\"_ _1\"></span>to, bas<span class=\"_ _1\"></span>ando<span class=\"_ _1\"></span>si sull<span class=\"_ _1\"></span>\u2019evide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>oric<span class=\"_ _1\"></span>a e sul fatt<span class=\"_ _1\"></span>o di non pot<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare rag<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>volmente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to il rinnovo oltre il s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do.Dop<span class=\"_ _1\"></span>o la data di de<span class=\"_ _1\"></span>corr<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a del c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o rive<span class=\"_ _1\"></span>de la durat<span class=\"_ _1\"></span>a dell<span class=\"_ _1\"></span>o ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so se s<span class=\"_ _1\"></span>i verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a un eve<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>vo o un signif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>lle circos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anze che<span class=\"_ _1\"></span>, dipen<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>do dalla volont<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, abbia un\u2019<span class=\"_ _1\"></span>incide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a sulla ragion<span class=\"_ _1\"></span>evole c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l loc<span class=\"_ _1\"></span>atario di e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are un\u2019opzione non pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte inclus<span class=\"_ _1\"></span>a nella sua d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>mi<span class=\"ls0 ws0\">-</span>nazio<span class=\"_ _1\"></span>ne della dur<span class=\"_ _1\"></span>ata de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> o di no<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are un\u2019opzione pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>mente in<span class=\"_ _1\"></span>clusa n<span class=\"_ _1\"></span>ella sua de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione della durat<span class=\"_ _1\"></span>a del <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ls0\">.</span>\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>D<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inizio<span class=\"_ _1\"></span>ne del t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto: poich<span class=\"_ _1\"></span>\u00e9 nella mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ior par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ei contr<span class=\"_ _1\"></span>atti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to st<span class=\"_ _1\"></span>ipulati dal Grup<span class=\"_ _1\"></span>po, non \u00e8 pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sente un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e implicito, il Grup<span class=\"_ _1\"></span>po ha ca<span class=\"_ _1\"></span>lcolato un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ale di ind<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto (<span class=\"ff79 ws3c\">Incremental </span>Borro<span class=\"_ _1\"></span>wing Rat<span class=\"_ _1\"></span>e-<span class=\"_ _2\"></span>IBR<span class=\"ff71 ls4 ws2d\">). Al f<span class=\"_ _1\"></span>ine di det<span class=\"_ _1\"></span>erminare l<span class=\"_ _2\"></span>\u2019IBR da ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>ttuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei pag<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i futuri de<span class=\"_ _1\"></span>i canoni </span>di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to, il Grup<span class=\"_ _1\"></span>po ha ide<span class=\"_ _1\"></span>ntif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o ogni Pae<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>me un por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio di c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti con c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tiche s<span class=\"_ _1\"></span>imili e ha dete<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>minato il relativo IBR c<span class=\"_ _1\"></span>ome il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pri<span class=\"_ _1\"></span>vo di rischio d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo Paes<span class=\"_ _1\"></span>e in cui il contr<span class=\"_ _1\"></span>atto \u00e8 s<span class=\"_ _1\"></span>tato stip<span class=\"_ _1\"></span>ulato, basato s<span class=\"_ _1\"></span>ulle diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e sca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ze contr<span class=\"_ _1\"></span>attuali, mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rato de<span class=\"_ _1\"></span>l <span class=\"ff79\">Credit spread</span><span class=\"ls5 wsc\"> di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.</span>Le stim<span class=\"_ _1\"></span>e e le as<span class=\"_ _1\"></span>sunzi<span class=\"_ _1\"></span>oni son<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uate dagli amminist<span class=\"_ _1\"></span>ratori co<span class=\"_ _1\"></span>n il suppo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle funzi<span class=\"_ _1\"></span>oni azie<span class=\"_ _1\"></span>ndali e, quan<span class=\"_ _1\"></span>do ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>propriato, di sp<span class=\"_ _1\"></span>eciali<span class=\"_ _1\"></span>sti in<span class=\"_ _1\"></span>dipen<span class=\"_ _1\"></span>denti e s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, iscri<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>do a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, ove richie<span class=\"_ _1\"></span>sto, gli ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i di ciascuna v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo in cui t<span class=\"_ _1\"></span>ali s<span class=\"_ _1\"></span>time e<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sunzi<span class=\"_ _1\"></span>oni dove<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ero dif<span class=\"_ _1\"></span>ferire dall<span class=\"_ _1\"></span>e circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>.Riduzione durev<span class=\"_ _0\"></span>ole /Ripristini di valor<span class=\"_ _0\"></span>e di Immobili impianti e macchinari, In<span class=\"_ _4\"></span>vestimenti immobiliari, Atti<span class=\"_ _0\"></span>vit\u00e0 immateriali a vita utile definita, A<span class=\"_ _4\"></span>ttivit\u00e0 per Diritto d\u2019uso e AvviamentoIl valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e di Immobili impianti e mac<span class=\"_ _1\"></span>chinari, Inves<span class=\"_ _1\"></span>timenti imm<span class=\"_ _1\"></span>obiliari, Att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a e Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Us<span class=\"_ _1\"></span>o vengon<span class=\"_ _1\"></span>o sot<span class=\"_ _1\"></span>topo<span class=\"_ _1\"></span>sti a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent </span>nei c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>i in cui vi siano in<span class=\"_ _1\"></span>dicator<span class=\"_ _1\"></span>i di <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> </span>(<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>venti o c<span class=\"_ _1\"></span>ambiamenti di s<span class=\"_ _1\"></span>ituazi<span class=\"_ _1\"></span>one che in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di cari<span class=\"_ _1\"></span>co non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato) che richiedano un\u2019<span class=\"_ _1\"></span>immediat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di eve<span class=\"_ _1\"></span>ntuali perdit<span class=\"_ _1\"></span>e di valore<span class=\"_ _1\"></span>, o che si s<span class=\"_ _1\"></span>iano verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati fat<span class=\"_ _1\"></span>ti che comun<span class=\"_ _1\"></span>que richie<span class=\"_ _1\"></span>dono la ripet<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura. Una ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te quando il v<span class=\"_ _1\"></span>alore cont<span class=\"_ _1\"></span>abile di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di un<span class=\"_ _1\"></span>\u2019un<span class=\"_ _0\"></span>it\u00e0 gene<span class=\"_ _1\"></span>ratrice di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de il pro<span class=\"_ _1\"></span>prio val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile, ch<span class=\"_ _1\"></span>e \u00e8 il mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>e tra il suo <span class=\"ff79\">fair value</span> de<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i i cos<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dita e il su<span class=\"_ _1\"></span>o valore d<span class=\"_ _2\"></span>\u2019uso. Il calco<span class=\"_ _1\"></span>lo de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dedot<span class=\"_ _1\"></span>ti i cos<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita \u00e8 ba<span class=\"_ _1\"></span>sato s<span class=\"_ _1\"></span>ui dati dispo<span class=\"_ _1\"></span>nibili da ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni di vendit<span class=\"_ _1\"></span>a tra p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti libe<span class=\"_ _1\"></span>re e autono<span class=\"_ _1\"></span>me, di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>imili o prez<span class=\"_ _2\"></span>zi di me<span class=\"_ _1\"></span>rcato os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili, ded<span class=\"_ _1\"></span>otti i mag<span class=\"_ _2\"></span>giori co<span class=\"_ _1\"></span>sti r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>i alla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso \u00e8 c<span class=\"_ _1\"></span>alcolato tr<span class=\"_ _1\"></span>amite mo<span class=\"_ _1\"></span>delli di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o un ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sconto ante imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima cor<span class=\"_ _1\"></span>rente de<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato rifer<span class=\"_ _1\"></span>ito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al te<span class=\"_ _1\"></span>mpo e ai rischi s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Il <span class=\"ff79 lsd ws75\">test</span><span class=\"ws12c\"> di<span class=\"ff79 ls5f wsb0\"> impairme<span class=\"_ _1\"></span>nt</span><span class=\"ls4 wse2\"> vie<span class=\"_ _1\"></span>ne con<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ando quali unit<span class=\"_ _1\"></span>\u00e0 gene<span class=\"_ _1\"></span>ratrici di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa (<span class=\"_ _1\"></span>\u201c<span class=\"ff79\">Cash Generating Unit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>\u201d o \u201c<span class=\"_ _1\"></span>CGU<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) le </span></span>singole are<span class=\"_ _1\"></span>e geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche in cui il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra, di no<span class=\"_ _1\"></span>rma coincid<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e singole e<span class=\"_ _1\"></span>ntit\u00e0 l<span class=\"_ _1\"></span>egali d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, fat<span class=\"_ _1\"></span>ti sal<span class=\"_ _1\"></span>vi i cas<span class=\"_ _1\"></span>i in cui pi\u00f9 entit<span class=\"_ _1\"></span>\u00e0 le<span class=\"_ _1\"></span>gali del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>rino ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>imo Pae<span class=\"_ _1\"></span>se o in te<span class=\"_ _1\"></span>rritor<span class=\"_ _1\"></span>i e merc<span class=\"_ _1\"></span>ati limitrof<span class=\"_ _1\"></span>i car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati da cliente<span class=\"_ _1\"></span>la comune e<span class=\"_ _1\"></span>d omoge<span class=\"_ _1\"></span>nea<span class=\"_ _1\"></span>.I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>cavati dalle s<span class=\"_ _1\"></span>time e<span class=\"_ _1\"></span>labor<span class=\"_ _1\"></span>ate dal <span class=\"ff79 ls47 ws9\">management</span> a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale, che r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntano la miglio<span class=\"_ _1\"></span>r stima ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uabile dalla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sulle con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ni econ<span class=\"_ _1\"></span>omiche pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do di piano. Le proie<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>oni del p<span class=\"_ _1\"></span>iano copron<span class=\"_ _1\"></span>o un arco temp<span class=\"_ _1\"></span>orale di t<span class=\"_ _1\"></span>re es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i ed il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a a lungo te<span class=\"_ _1\"></span>rmine (<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span>) utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato al f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>lla st<span class=\"_ _1\"></span>ima del val<span class=\"_ _1\"></span>ore terminale d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato as<span class=\"_ _1\"></span>sunto pari all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>sa n<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>dio \u2013 lungo pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do dei p<span class=\"_ _1\"></span>rincipali me<span class=\"_ _1\"></span>rcati in cui il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra. I f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa no<span class=\"_ _1\"></span>n includo<span class=\"_ _1\"></span>no le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 di ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per cui la S<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0 no<span class=\"_ _1\"></span>n abbia gi\u00e0 un<span class=\"_ _1\"></span>\u2019ob<span class=\"ls0 ws0\">-</span>bliga<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente, n<span class=\"_ _1\"></span>\u00e9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i inves<span class=\"_ _1\"></span>timenti f<span class=\"_ _1\"></span>uturi che incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>eranno il re<span class=\"_ _1\"></span>ndime<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 compo<span class=\"_ _1\"></span>nenti l<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratric<span class=\"_ _1\"></span>e di flu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsibilme<span class=\"_ _1\"></span>nte dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sconto ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato nel m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zati cos<span class=\"_ _1\"></span>\u00ec come dai f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa in e<span class=\"_ _1\"></span>ntrata at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si in futuro e dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cres<span class=\"_ _1\"></span>cita ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato ai f<span class=\"_ _1\"></span>ini dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>trap<span class=\"_ _1\"></span>olazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di pe<span class=\"_ _1\"></span>rdita di v<span class=\"_ _1\"></span>alore alme<span class=\"_ _1\"></span>no una volt<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019anno (<span class=\"_ _4\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto al 3<span class=\"_ _0\"></span>1 dicembre) o con mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ore fre<span class=\"_ _1\"></span>quen<span class=\"_ _1\"></span>za, quand<span class=\"_ _1\"></span>o le circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze faccian<span class=\"_ _1\"></span>o riten<span class=\"_ _1\"></span>ere che il v<span class=\"_ _1\"></span>alore di is<span class=\"_ _1\"></span>crizi<span class=\"_ _1\"></span>one pot<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to a per<span class=\"_ _1\"></span>dita di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>.La p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di valore d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019A<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento \u00e8 de<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>ando il v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ice di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari (o gruppo di unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari) cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 ricon<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove il valo<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>bile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari fos<span class=\"_ _1\"></span>se mino<span class=\"_ _1\"></span>re del v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019unit\u00e0 ge<span class=\"_ _1\"></span>neratr<span class=\"_ _1\"></span>ice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato allo<span class=\"_ _1\"></span>cato, vie<span class=\"_ _1\"></span>ne rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a una perdit<span class=\"_ _1\"></span>a di val<span class=\"_ _1\"></span>ore. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>abbat<span class=\"_ _1\"></span>timento d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto non pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span> ripris<span class=\"_ _1\"></span>tinato in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rciz<span class=\"_ _1\"></span>i futuri.V<span class=\"_ _4\"></span>alutazione degli impatti del cambiamento climaticoCoe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente alle p<span class=\"_ _1\"></span>riorit<span class=\"_ _1\"></span>\u00e0 def<span class=\"_ _1\"></span>inite dall<span class=\"_ _2\"></span>\u2019<span class=\"ff79 ls80 ws119\">Europ<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>an</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span></span><span class=\"ff79\">Se<span class=\"_ _1\"></span>curities and M<span class=\"_ _1\"></span>arket Authority</span> (E<span class=\"_ _1\"></span>SMA) de<span class=\"_ _1\"></span>l 28 otto<span class=\"_ _1\"></span>bre 2022 p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>\u2019anno di rendicont<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne 2022, co<span class=\"_ _1\"></span>me indic<span class=\"_ _1\"></span>ato nel p<span class=\"_ _1\"></span>aragrafo \u201c<span class=\"_ _1\"></span>Principali ri<span class=\"_ _1\"></span>schi e<span class=\"_ _1\"></span>d incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>ze<span class=\"_ _1\"></span>\u201d della Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla G<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>stio<span class=\"_ _1\"></span>ne, il G<span class=\"_ _1\"></span>ruppo ha r<span class=\"_ _1\"></span>ilevato e i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato, in mod<span class=\"_ _1\"></span>o tras<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ale alle v<span class=\"_ _1\"></span>arie tipo<span class=\"_ _1\"></span>logie di r<span class=\"_ _1\"></span>ischio, eve<span class=\"_ _1\"></span>ntuali fatt<span class=\"_ _1\"></span>ori di ris<span class=\"_ _1\"></span>chio di natura ambient<span class=\"_ _1\"></span>ale e mo<span class=\"_ _1\"></span>nitora la co<span class=\"_ _1\"></span>ntinua evoluz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l quadro normati<span class=\"_ _1\"></span>vo, nazio<span class=\"_ _1\"></span>nale ed inte<span class=\"_ _1\"></span>rnaz<span class=\"_ _1\"></span>ionale<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, il camb<span class=\"_ _1\"></span>iamento climatico e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atte<span class=\"_ _1\"></span>nzion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opinione p<span class=\"_ _1\"></span>ubblic<span class=\"_ _1\"></span>a sul tema p<span class=\"_ _1\"></span>otreb<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ro avere impat<span class=\"_ _1\"></span>ti sulle prefer<span class=\"_ _1\"></span>enze d<span class=\"_ _1\"></span>ella cliente<span class=\"_ _1\"></span>la, det<span class=\"_ _1\"></span>erminand<span class=\"_ _1\"></span>o eventuali var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di alcune par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olari c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e di prod<span class=\"_ _1\"></span>otto, marginali ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> di Gr<span class=\"_ _1\"></span>uppo, e ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eventuale approv<span class=\"_ _2\"></span>vigio<span class=\"_ _1\"></span>namento di t<span class=\"_ _1\"></span>alune mate<span class=\"_ _1\"></span>rie prime<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a che al mome<span class=\"_ _1\"></span>nto si po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a ipoti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una riduz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla qualit\u00e0 de<span class=\"_ _1\"></span>lle st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>sidia, p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, i ris<span class=\"_ _1\"></span>chi leg<span class=\"_ _1\"></span>ati al cambiame<span class=\"_ _1\"></span>nto climatico al f<span class=\"_ _1\"></span>ine di ri<span class=\"_ _1\"></span>durre le eve<span class=\"_ _1\"></span>ntuali ripe<span class=\"_ _1\"></span>rcus<span class=\"_ _1\"></span>sioni sull<span class=\"_ _1\"></span>e proprie at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Inoltr<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po se<span class=\"_ _1\"></span>gue la c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>tinua evolu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el quadro nor<span class=\"_ _1\"></span>mativo, nazi<span class=\"_ _1\"></span>onale e<span class=\"_ _1\"></span>d interna<span class=\"_ _1\"></span>zionale<span class=\"_ _1\"></span>, e la pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e introdu<span class=\"_ _1\"></span>zione di ulte<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>i normati<span class=\"_ _1\"></span>ve leg<span class=\"_ _1\"></span>ate alla riduzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>gli impatt<span class=\"_ _1\"></span>i ambient<span class=\"_ _1\"></span>ali del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span><span class=\"ls0\">. </span>Attualme<span class=\"_ _1\"></span>nte l<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>atto de<span class=\"_ _1\"></span>lle que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ioni leg<span class=\"_ _1\"></span>ate al clima non \u00e8 ril<span class=\"_ _1\"></span>evante sul b<span class=\"_ _1\"></span>ilancio del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o e non ha comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni signif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve sulle s<span class=\"_ _1\"></span>time di bilanci<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o continue<span class=\"_ _1\"></span>r\u00e0 a monit<span class=\"_ _1\"></span>orare t<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one valut<span class=\"_ _1\"></span>and<span class=\"_ _1\"></span>o nello spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico l<span class=\"_ _2\"></span>\u2019impatto s<span class=\"_ _1\"></span>ui cos<span class=\"_ _1\"></span>ti di pro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne le<span class=\"_ _1\"></span>gati all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>introduz<span class=\"_ _1\"></span>ione di no<span class=\"_ _1\"></span>rmative sulla ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e emis<span class=\"_ _1\"></span>sioni e<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o di impatto s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo, il Grupp<span class=\"_ _1\"></span>o include<span class=\"_ _1\"></span>r\u00e0 t<span class=\"_ _1\"></span>ali ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni nelle p<span class=\"_ _1\"></span>roprie s<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>. Per acce<span class=\"_ _1\"></span>ler<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019adozione di fonti en<span class=\"_ _1\"></span>erge<span class=\"_ _1\"></span>tiche rinnov<span class=\"_ _1\"></span>abili, nel 202<span class=\"_ _1\"></span>2 il Grupp<span class=\"_ _1\"></span>o, insie<span class=\"_ _1\"></span>me al <span class=\"ff79 ls4b wsd3\">Fashion Pact<span class=\"_ _1\"></span></span>, ha par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipato con altri 1<span class=\"_ _4\"></span>1 <span class=\"ff79 ws0\">brand <span class=\"_ _1\"></span></span>al proget<span class=\"_ _1\"></span>to di lancio di un <span class=\"ff79\">Colle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ive Vir<span class=\"_ _1\"></span>tual Power Purchase A<span class=\"_ _1\"></span>gree<span class=\"_ _1\"></span>ment</span> (CVPP<span class=\"_ _0\"></span>A) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea europ<span class=\"_ _1\"></span>ea, che pre<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>\u00e0 av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>io so<span class=\"_ _1\"></span>ltanto ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei pros<span class=\"_ _1\"></span>simi anni. Si s<span class=\"_ _1\"></span>tima che il re<span class=\"_ _1\"></span>lativo impat<span class=\"_ _1\"></span>to in bilanci<span class=\"_ _1\"></span>o non sar<span class=\"_ _1\"></span>\u00e0 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo.Informativ<span class=\"_ _4\"></span>a sulle riduzioni durevoli di valor<span class=\"_ _4\"></span>eSulla base di quanto p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di<span class=\"ff79\"> Impairme<span class=\"_ _1\"></span>nt test</span> ap<span class=\"_ _1\"></span>provat<span class=\"_ _1\"></span>a dal Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po ha svo<span class=\"_ _1\"></span>lto l<span class=\"_ _1\"></span>\u2019analisi finali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a ad in<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>duare la pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di e<span class=\"_ _1\"></span>ventuali indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o per<span class=\"_ _1\"></span>dite durevoli di va<span class=\"_ _1\"></span>lore sugli att<span class=\"_ _1\"></span>ivi ov<span class=\"_ _2\"></span>vero l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eventuale ve<span class=\"_ _1\"></span>nir men<span class=\"_ _1\"></span>o dei mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e avevano ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato la s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne durante i pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, il Gr<span class=\"_ _1\"></span>uppo ha e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziato una bu<span class=\"_ _1\"></span>ona <span class=\"ff79 ls2c ws9d\">pe<span class=\"_ _1\"></span>rformance</span> sia nei ri<span class=\"_ _1\"></span>cavi ch<span class=\"_ _1\"></span>e nei mar<span class=\"_ _1\"></span>gini, anche s<span class=\"_ _1\"></span>e alcune are<span class=\"_ _1\"></span>e hanno mos<span class=\"_ _1\"></span>trato un r<span class=\"_ _1\"></span>allent<span class=\"_ _1\"></span>amento d<span class=\"_ _1\"></span>ella cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019ultima parte de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019anno.Nel 202<span class=\"_ _1\"></span>2 lo sce<span class=\"_ _1\"></span>nario macro<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nomico ha m<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>rato se<span class=\"_ _1\"></span>gni di ripre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al biennio p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte (2020 \u2013 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), quando er<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>gativ<span class=\"_ _1\"></span>amente inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nzato dag<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i della pan<span class=\"_ _1\"></span>demia da Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9, ma \u00e8 rima<span class=\"_ _1\"></span>sto inc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ia a caus<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>nflit<span class=\"_ _1\"></span>to ru<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o ucraino, sia p<span class=\"_ _1\"></span>er la for<span class=\"_ _1\"></span>te s<span class=\"_ _1\"></span>pinta inf<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>ica n<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>incipali ec<span class=\"_ _1\"></span>onomie mo<span class=\"_ _1\"></span>ndiali, sia dal rialzo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e con una cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>rope<span class=\"_ _1\"></span>nsio<span class=\"_ _1\"></span>ne e del p<span class=\"_ _1\"></span>oter<span class=\"_ _1\"></span>e di spe<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei con<span class=\"_ _1\"></span>sumatori, no<span class=\"_ _1\"></span>nch\u00e9, nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea cine<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, dalla recru<span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za d<span class=\"_ _1\"></span>ella pand<span class=\"_ _1\"></span>emia e dalla polit<span class=\"_ _1\"></span>ica ze<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Covi<span class=\"_ _1\"></span>d che ha dete<span class=\"_ _1\"></span>rminato nuove limit<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni alle pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>one e al co<span class=\"_ _1\"></span>mmercio. D<span class=\"_ _1\"></span>i cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a, le s<span class=\"_ _1\"></span>time di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>che rilas<span class=\"_ _1\"></span>ciate dal Fondo M<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ario Inte<span class=\"_ _1\"></span>rna<span class=\"ls0 ws0\">-</span>zionale<span class=\"_ _1\"></span>, pur se<span class=\"_ _1\"></span>mpre po<span class=\"_ _1\"></span>siti<span class=\"_ _1\"></span>ve, so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te al riba<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o durante l<span class=\"_ _1\"></span>\u2019anno. Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 che al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2020 erano s<span class=\"_ _1\"></span>tate o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di <span class=\"ff79 ls5f ws135\">impairm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t</span> e p<span class=\"_ _1\"></span>er le quali e<span class=\"_ _1\"></span>ra st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a rilev<span class=\"_ _1\"></span>ata una pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a di valore<span class=\"_ _1\"></span>, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 si \u00e8 v<span class=\"_ _1\"></span>alutato di no<span class=\"_ _1\"></span>n proce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re ad un eve<span class=\"_ _1\"></span>ntuale ripr<span class=\"_ _1\"></span>istin<span class=\"_ _1\"></span>o di valore<span class=\"_ _1\"></span>, in cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>llo sce<span class=\"_ _1\"></span>nario macro<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o ancor<span class=\"_ _1\"></span>a incer<span class=\"_ _1\"></span>to, co<span class=\"_ _1\"></span>me so<span class=\"_ _1\"></span>pra de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itto, in par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea europ<span class=\"_ _1\"></span>ea e no<span class=\"_ _1\"></span>rd-ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ana.Con rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _1\"></span>e altre CGU, l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>analisi s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a non ha indi<span class=\"_ _1\"></span>viduato in<span class=\"_ _1\"></span>dicato<span class=\"_ _1\"></span>ri di pos<span class=\"_ _1\"></span>sibili p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e di valore al 31 dicembre 2022 (<span class=\"_ _0\"></span>c.d<span class=\"_ _1\"></span>. <span class=\"ff79 ls2e ws156\">tri<span class=\"_ _0\"></span>g<span class=\"_ _1\"></span>ger ev<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws12c\">), in quanto si ritiene ch<span class=\"_ _1\"></span>e le incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze, che l<span class=\"_ _1\"></span>e hanno car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>iano st<span class=\"_ _1\"></span>ate dete<span class=\"_ _1\"></span>rminate da </span></span>situaz<span class=\"_ _1\"></span>ioni continge<span class=\"_ _1\"></span>nti, come que<span class=\"_ _1\"></span>lle de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019area cinese<span class=\"_ _1\"></span>, e quindi non dure<span class=\"_ _1\"></span>voli.2.3.2 Immobili, Impianti e macc<span class=\"_ _0\"></span>hinariLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate al co<span class=\"_ _1\"></span>sto s<span class=\"_ _1\"></span>tori<span class=\"_ _1\"></span>co, compre<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>vo dei co<span class=\"_ _1\"></span>sti ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ori diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente imput<span class=\"_ _1\"></span>abili e ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ari alla mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a in funzio<span class=\"_ _1\"></span>ne del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019uso pe<span class=\"_ _1\"></span>r cui \u00e8 st<span class=\"_ _1\"></span>ato ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ato. T<span class=\"_ _4\"></span>ale cos<span class=\"_ _1\"></span>to inclu<span class=\"_ _1\"></span>de i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er la so<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>e di par<span class=\"_ _1\"></span>te di macchinari e imp<span class=\"_ _1\"></span>ianti nel mo<span class=\"_ _1\"></span>mento in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuti s<span class=\"_ _1\"></span>e conformi ai crite<span class=\"_ _1\"></span>ri di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. Il valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to (il cos<span class=\"_ _1\"></span>to men<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto accumulato e le p<span class=\"_ _1\"></span>erdite p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re accumulate) delle par<span class=\"_ _1\"></span>ti di mac<span class=\"_ _1\"></span>chinari e impianti sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>i \u00e8 rilev<span class=\"_ _1\"></span>ato a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto della lo<span class=\"_ _1\"></span>ro sos<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. Le spe<span class=\"_ _1\"></span>se di manut<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ione e ripar<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one, ch<span class=\"_ _1\"></span>e non siano s<span class=\"_ _1\"></span>usce<span class=\"_ _1\"></span>ttib<span class=\"_ _1\"></span>ili di valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o prolungare la v<span class=\"_ _1\"></span>ita re<span class=\"_ _1\"></span>sidua d<span class=\"_ _1\"></span>ei beni, s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sate ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enute<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o contr<span class=\"_ _1\"></span>ario vengon<span class=\"_ _1\"></span>o capit<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>ste al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o dei re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amenti a<span class=\"_ _1\"></span>ccumulati e di eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore ac<span class=\"_ _1\"></span>cu<span class=\"ls0 ws0\">-</span>mulate dete<span class=\"_ _1\"></span>rminate se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o le mo<span class=\"_ _1\"></span>dalit\u00e0 de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itte n<span class=\"_ _1\"></span>el se<span class=\"_ _1\"></span>guito. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e alla vit<span class=\"_ _1\"></span>a utile st<span class=\"_ _1\"></span>imata de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impres<span class=\"_ _1\"></span>a. Le v<span class=\"_ _1\"></span>ite utili de<span class=\"_ _1\"></span>lle principali cla<span class=\"_ _1\"></span>ssi di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 materiali so<span class=\"_ _1\"></span>no le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniImpianti e Macchinari<span class=\"_ _256\"> </span>5-6 anniAttrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _257\"> </span>4-7 anniAltri beni:- Mobili Ar<span class=\"_ _0\"></span>redi Uffici<span class=\"_ _258\"> </span>5-8 anni- Macchine Elettr<span class=\"_ _0\"></span>oniche<span class=\"_ _259\"> </span>3-5 anni- C<span class=\"_ _0\"></span>ollezione Storica<span class=\"_ _25a\"> </span>5 anni- Automezzi<span class=\"_ _25b\"> </span><span class=\"ws0\">3-4 anni</span>Migliorie su beni di terzi<span class=\"_ _11d\"> </span>In base alla dur<span class=\"_ _4\"></span>ata residua del contratto di affitto del beneIl valore re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>duo del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e, la vit<span class=\"_ _1\"></span>a utile e i m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>di di ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amento ap<span class=\"_ _1\"></span>plicati s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ti alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio e ade<span class=\"_ _1\"></span>guati, se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ario, in mo<span class=\"_ _1\"></span>do pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>ttic<span class=\"_ _1\"></span>o.Qualor<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>ti signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative di t<span class=\"_ _1\"></span>ali att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 mate<span class=\"_ _1\"></span>riali abbiano dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nti vite ut<span class=\"_ _1\"></span>ili, tali co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. I terre<span class=\"_ _1\"></span>ni, sia libe<span class=\"_ _1\"></span>ri da cos<span class=\"_ _1\"></span>tru<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ia annes<span class=\"_ _1\"></span>si a f<span class=\"_ _1\"></span>abbric<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>paratam<span class=\"_ _1\"></span>ente e no<span class=\"_ _1\"></span>n sono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati in quanto e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e illimitata<span class=\"_ _1\"></span>.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli imm<span class=\"_ _1\"></span>obili, impianti e macchinari \u00e8 s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>sto a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>r rilev<span class=\"_ _1\"></span>arne eve<span class=\"_ _1\"></span>ntuali per<span class=\"_ _1\"></span>dite di valo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re, qualor<span class=\"_ _1\"></span>a eventi o c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di situaz<span class=\"_ _1\"></span>ione indic<span class=\"_ _1\"></span>hino che il valo<span class=\"_ _1\"></span>re di caric<span class=\"_ _1\"></span>o non po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato. S<span class=\"_ _1\"></span>e esi<span class=\"_ _1\"></span>ste un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valo<span class=\"_ _1\"></span>re di pres<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono sv<span class=\"_ _1\"></span>alutate f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>o a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>egli immo<span class=\"_ _1\"></span>bili, impianti e macchinari \u00e8 rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ato dal mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>re tra il pre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zo nett<span class=\"_ _1\"></span>o di vendit<span class=\"_ _1\"></span>a e il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso.Nel d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto ante imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te la st<span class=\"_ _1\"></span>ima corre<span class=\"_ _1\"></span>nte del m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato riferito al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to del d<span class=\"_ _1\"></span>enaro rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al temp<span class=\"_ _1\"></span>o e ai ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>. Per un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 ch<span class=\"_ _1\"></span>e non gen<span class=\"_ _1\"></span>era f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ampiame<span class=\"_ _1\"></span>nte indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, il valore di r<span class=\"_ _1\"></span>ealiz<span class=\"_ _2\"></span>zo \u00e8 determinato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tale at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le perdit<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore s<span class=\"_ _1\"></span>ono ripr<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>inate nel c<span class=\"_ _1\"></span>aso in cui vengano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e di un ele<span class=\"_ _1\"></span>mento di immo<span class=\"_ _1\"></span>bili, impianti e macchinari e<span class=\"_ _1\"></span>d ogni co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo iniz<span class=\"_ _1\"></span>ialmente rilev<span class=\"_ _1\"></span>ato \u00e8 eliminato al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>ci<span class=\"_ _1\"></span>o\u00e8 alla data in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>cquirente n<span class=\"_ _1\"></span>e ottie<span class=\"_ _1\"></span>ne il contro<span class=\"_ _1\"></span>llo<span class=\"_ _0\"></span>) o quando non ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de alcun be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>o eco<span class=\"_ _1\"></span>nomico fut<span class=\"_ _1\"></span>uro dal suo utiliz<span class=\"_ _2\"></span>zo o dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>utile<span class=\"_ _1\"></span>/perdit<span class=\"_ _1\"></span>a che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge al mo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eliminazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>calco<span class=\"_ _1\"></span>lato come dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za tr<span class=\"_ _1\"></span>a il valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>d il corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>) \u00e8 r<span class=\"_ _1\"></span>ilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019elem<span class=\"_ _1\"></span>ento \u00e8 eliminato co<span class=\"_ _1\"></span>ntabilme<span class=\"_ _1\"></span>nte.2.3.3 In<span class=\"_ _0\"></span>vestimenti ImmobiliariLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali de<span class=\"_ _1\"></span>tenute a f<span class=\"_ _1\"></span>ini di re<span class=\"_ _1\"></span>ddito e n<span class=\"_ _1\"></span>on a us<span class=\"_ _1\"></span>o str<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in un<span class=\"_ _1\"></span>\u2019apposit<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>nomi<span class=\"ls0 ws0\">-</span>nata \u201c<span class=\"_ _1\"></span>Inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari<span class=\"_ _2\"></span>\u201d<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>econ<span class=\"_ _1\"></span>do lo IA<span class=\"_ _1\"></span>S 4<span class=\"_ _1\"></span>0, e s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate al co<span class=\"_ _1\"></span>sto. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 r<span class=\"_ _1\"></span>ientranti in t<span class=\"_ _1\"></span>ali fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cie cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ono in ter<span class=\"_ _1\"></span>reni e<span class=\"_ _1\"></span>/o fabbricati (o parti di fab<span class=\"_ _1\"></span>bric<span class=\"_ _1\"></span>ati) detenut<span class=\"_ _1\"></span>i dal propri<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>io o dal loc<span class=\"_ _1\"></span>atario n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di un contrat<span class=\"_ _1\"></span>to di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>va al f<span class=\"_ _1\"></span>ine di con<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>erli in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e.T<span class=\"_ _6\"></span>ali t<span class=\"_ _1\"></span>ipolo<span class=\"_ _1\"></span>gie di immob<span class=\"_ _1\"></span>ili sono cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icate s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atame<span class=\"_ _1\"></span>nte dagli altri b<span class=\"_ _1\"></span>eni immob<span class=\"_ _1\"></span>ili pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>duti. G<span class=\"_ _1\"></span>li inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>biliari son<span class=\"_ _1\"></span>o esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>enti accumulati e di e<span class=\"_ _1\"></span>ventuali pe<span class=\"_ _1\"></span>rdite di val<span class=\"_ _1\"></span>ore. L<span class=\"_ _1\"></span>a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>egli inves<span class=\"_ _1\"></span>timenti imm<span class=\"_ _1\"></span>obiliari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 di 33 anni.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti imm<span class=\"_ _1\"></span>obiliari \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qualora eve<span class=\"_ _1\"></span>nti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazion<span class=\"_ _1\"></span>e indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato. Le per<span class=\"_ _1\"></span>dite di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>o econ<span class=\"_ _1\"></span>omico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Gli inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>liminati dal bilancio quando s<span class=\"_ _1\"></span>ono ce<span class=\"_ _1\"></span>duti (cio\u00e8 alla data in cui l<span class=\"_ _1\"></span>\u2019acquirente ne ott<span class=\"_ _1\"></span>iene il controllo) o quando l<span class=\"_ _1\"></span>\u2019inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto \u00e8 durevolm<span class=\"_ _1\"></span>ente inutiliz<span class=\"_ _2\"></span>zabile e n<span class=\"_ _1\"></span>on son<span class=\"_ _1\"></span>o atte<span class=\"_ _1\"></span>si b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci eco<span class=\"_ _1\"></span>nomici futur<span class=\"_ _1\"></span>i dalla sua ce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019ammontare del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo da c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derare p<span class=\"_ _1\"></span>er la d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile o de<span class=\"_ _1\"></span>lla pe<span class=\"_ _1\"></span>rdita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla cance<span class=\"_ _1\"></span>llazio<span class=\"_ _1\"></span>ne di un inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto immobiliare \u00e8 de<span class=\"_ _1\"></span>terminato in co<span class=\"_ _1\"></span>nformit\u00e0 ai re<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>i per la d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del prez<span class=\"_ _1\"></span>zo dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>operazione nell<span class=\"_ _1\"></span>\u2019IFRS 1<span class=\"_ _4\"></span>5.2.3.4 <span class=\"ff77\">L<span class=\"_ _4\"></span>easing</span>Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a all<span class=\"_ _1\"></span>\u2019ini<span class=\"_ _1\"></span>zio del c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to se il co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o \u00e8, o contie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>, un <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing</span>. Il contrat<span class=\"_ _1\"></span>to \u00e8, o co<span class=\"_ _1\"></span>ntiene<span class=\"_ _1\"></span>, un <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls0 ws0\"> </span>se, in c<span class=\"_ _1\"></span>ambio di un co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo, confe<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e il diritto di c<span class=\"_ _1\"></span>ontrollare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er un p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di tempo. Il Grupp<span class=\"_ _1\"></span>o si av<span class=\"_ _2\"></span>vale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019esen<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6 p<span class=\"_ _1\"></span>er le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali. Il Gruppo in veste di locatarioIl Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un singolo mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo cont<span class=\"_ _1\"></span>abile p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>ti i contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in cui \u00e8 loc<span class=\"_ _1\"></span>atario, e<span class=\"_ _1\"></span>ccet<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er cont<span class=\"_ _1\"></span>ratti di breve durat<span class=\"_ _1\"></span>a e contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione di b<span class=\"_ _1\"></span>eni di v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>siguo. Il G<span class=\"_ _1\"></span>ruppo r<span class=\"_ _1\"></span>ileva una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria per<span class=\"ff79 ls5f ws0\"> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ls0 ws106\"> e </span>un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso.Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Di<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019us<span class=\"_ _1\"></span>o: Il Grupp<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019uso alla data di de<span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>vale a dire alla dat<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante \u00e8 a dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l loc<span class=\"_ _1\"></span>atario). Le a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to, al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amenti a<span class=\"_ _1\"></span>ccumulati e di eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore ac<span class=\"_ _1\"></span>cumulate dete<span class=\"_ _1\"></span>rminate se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o le mo<span class=\"_ _1\"></span>dalit\u00e0 de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itte n<span class=\"_ _1\"></span>el seg<span class=\"_ _1\"></span>uito, e ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>icate p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>r conto di eve<span class=\"_ _1\"></span>ntuali ridet<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>el <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span>. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Us<span class=\"_ _1\"></span>o include il v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per<span class=\"ff79 ls5f wsf1\"> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing </span>rile<span class=\"_ _1\"></span>vata<span class=\"_ _1\"></span>, i cos<span class=\"_ _1\"></span>ti iniziali diret<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuti, i pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>ovuti p<span class=\"_ _1\"></span>er il <span class=\"_ _1\"></span><span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls4 wsa6\"> e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuat<span class=\"_ _1\"></span>i alla data o prima de<span class=\"_ _1\"></span>lla data di de<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>renz<span class=\"_ _1\"></span>a al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>gli ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>i al <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> ri<span class=\"_ _1\"></span>cevut<span class=\"_ _1\"></span>i, e la stima d<span class=\"_ _1\"></span>ei </span>cos<span class=\"_ _1\"></span>ti che il Gr<span class=\"_ _1\"></span>uppo dov<span class=\"_ _1\"></span>r\u00e0 so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il ripris<span class=\"_ _1\"></span>tino de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante nell<span class=\"_ _1\"></span>e condiz<span class=\"_ _1\"></span>ioni orig<span class=\"_ _1\"></span>inali, qualora pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dal contratt<span class=\"_ _1\"></span>o.A meno ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o non sia r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>volmente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>are il b<span class=\"_ _1\"></span>ene lo<span class=\"_ _1\"></span>cato alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne, l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e al minore tra la dur<span class=\"_ _1\"></span>ata de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto e la v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e stimat<span class=\"_ _1\"></span>a del bene, come segue:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniAttrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _25c\"> </span>3-5 anniAutomezzi<span class=\"_ _25d\"> </span>3-4 anniIl valore d<span class=\"_ _1\"></span>elle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019U<span class=\"_ _1\"></span>so \u00e8 s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to a ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica, p<span class=\"_ _1\"></span>er ril<span class=\"_ _1\"></span>evarn<span class=\"_ _1\"></span>e eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>venti o cambiame<span class=\"_ _1\"></span>nti di situa<span class=\"_ _1\"></span>zione in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di car<span class=\"_ _1\"></span>ico non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato. S<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valore di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>no s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ate f<span class=\"_ _1\"></span>ino a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dal mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iore tra il p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to di ven<span class=\"_ _1\"></span>dita e il valore d<span class=\"_ _2\"></span>\u2019uso. Nel de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si son<span class=\"_ _1\"></span>o attualiz<span class=\"_ _2\"></span>zati utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>do un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto ante impos<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima co<span class=\"_ _1\"></span>rrente de<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>rcato rife<span class=\"_ _1\"></span>rito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato al t<span class=\"_ _1\"></span>empo e ai r<span class=\"_ _1\"></span>ischi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0. Per un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 che no<span class=\"_ _1\"></span>n gene<span class=\"_ _1\"></span>ra f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari amp<span class=\"_ _1\"></span>iamente in<span class=\"_ _1\"></span>dipen<span class=\"_ _1\"></span>denti, il v<span class=\"_ _1\"></span>alore di reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 dete<span class=\"_ _1\"></span>rminato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico f<span class=\"_ _1\"></span>ra i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nti e s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni. T<span class=\"_ _4\"></span>ali per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate nel c<span class=\"_ _1\"></span>aso in cui ve<span class=\"_ _1\"></span>ngano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e le hanno ge<span class=\"_ _1\"></span>nerat<span class=\"_ _1\"></span>e.Passivit\u00e0 per<span class=\"_ _0\"></span><span class=\"ff78 ls45 wse0\"> leasin<span class=\"_ _0\"></span>g<span class=\"ff76 ls0 ws0\">: </span></span>Alla data di d<span class=\"_ _1\"></span>ecor<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>a una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls2e wsb2\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> c<span class=\"_ _1\"></span>alcolat<span class=\"_ _1\"></span>a come il v<span class=\"_ _1\"></span>alore att<span class=\"_ _1\"></span>uale dei pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>uturi re<span class=\"_ _1\"></span>sidui f<span class=\"_ _1\"></span>ino alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto. I pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>uturi includ<span class=\"_ _1\"></span>ono i pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>si, al n<span class=\"_ _1\"></span>etto di eventuali ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>i al <span class=\"ff79 ls2e wsb2\">le<span class=\"_ _1\"></span>asing</span> da ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, i pagam<span class=\"_ _1\"></span>enti var<span class=\"_ _1\"></span>iabili che dipe<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o da un indice o un ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o e gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti che si pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o dovr<span class=\"_ _1\"></span>\u00e0 pagare a tit<span class=\"_ _1\"></span>olo di gar<span class=\"_ _1\"></span>anzie d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>siduo. I pag<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i futuri includ<span class=\"_ _1\"></span>ono anche il pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione di acquis<span class=\"_ _1\"></span>to, se il Gr<span class=\"_ _1\"></span>uppo ha la r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>vole ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a di es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019opzione, e i pagame<span class=\"_ _1\"></span>nti di pe<span class=\"_ _1\"></span>nalit\u00e0 di ri<span class=\"_ _1\"></span>solu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el <span class=\"ff79 ls2e wsb2\">le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span></span>, se il Gr<span class=\"_ _1\"></span>uppo ha la rag<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>vole ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za di e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcit<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019opzione di riso<span class=\"_ _1\"></span>luzion<span class=\"_ _1\"></span>e. I pag<span class=\"_ _1\"></span>amenti v<span class=\"_ _1\"></span>ariabili, che no<span class=\"_ _1\"></span>n dipen<span class=\"_ _1\"></span>dono da un in<span class=\"_ _1\"></span>dice o ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o, ma che pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o dipe<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o prin<span class=\"ls0 ws0\">-</span>cipalmente dal vo<span class=\"_ _1\"></span>lume dell<span class=\"_ _1\"></span>e vendite<span class=\"_ _1\"></span>, continuano a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati com<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>ti ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, tra i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>zi. Per c<span class=\"_ _1\"></span>alcolare il v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>i pagame<span class=\"_ _1\"></span>nti futuri, il G<span class=\"_ _1\"></span>ruppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"ff79\">Increm<span class=\"_ _1\"></span>ental B<span class=\"_ _1\"></span>orrowing </span>Rate<span class=\"ff71 ls46 wsca\"> (IBR) alla data di inizi<span class=\"_ _1\"></span>o del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o. Succe<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>, la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er </span><span class=\"ls2e wsb2\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls46 wsca\"> \u00e8 incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er gli inte<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>res<span class=\"_ _1\"></span>si e de<span class=\"_ _1\"></span>crem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er i pag<span class=\"_ _1\"></span>amenti ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati. In<span class=\"_ _1\"></span>oltre, la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er<span class=\"ff79 ls2e wsca\"> le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>nto di modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che ai te<span class=\"_ _1\"></span>rmini de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto.Cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di br<span class=\"_ _1\"></span>eve durat<span class=\"_ _1\"></span>a e co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>i di valo<span class=\"_ _1\"></span>re e<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>uo: Il Grupp<span class=\"_ _1\"></span>o si av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>nzion<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019applicazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16 per i contrat<span class=\"_ _1\"></span>ti di bre<span class=\"_ _1\"></span>ve durata (inferi<span class=\"_ _1\"></span>ore a 1<span class=\"_ _4\"></span>2 me<span class=\"_ _1\"></span>si) e per i c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti in cui il singolo b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e loc<span class=\"_ _1\"></span>ato \u00e8 di valor<span class=\"_ _1\"></span>e esig<span class=\"_ _1\"></span>uo (inferiore a Euro 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0). I pagamenti d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>anoni di t<span class=\"_ _1\"></span>ali contrat<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati linear<span class=\"_ _1\"></span>mente c<span class=\"_ _1\"></span>ome co<span class=\"_ _1\"></span>sti a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>i termini e d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni del contratto.Il Gruppo in veste di locatoreI contrat<span class=\"_ _1\"></span>ti di <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> c<span class=\"_ _1\"></span>he so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialme<span class=\"_ _1\"></span>nte las<span class=\"_ _1\"></span>ciano in cap<span class=\"_ _1\"></span>o al Grupp<span class=\"_ _1\"></span>o tutt<span class=\"_ _1\"></span>i i ris<span class=\"_ _1\"></span>chi e ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>lla proprie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne sono cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icati co<span class=\"_ _1\"></span>me <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"lsb wsa\"> op<span class=\"_ _1\"></span>erativi. </span>I canoni di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati in quote co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti lungo la durata d<span class=\"_ _1\"></span>ei contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re alla data di bilanci<span class=\"_ _1\"></span>o e, se d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti da inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>lla voce Loc<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni Immob<span class=\"_ _1\"></span>iliari. I cos<span class=\"_ _1\"></span>ti diret<span class=\"_ _1\"></span>ti iniziali s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ste<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ottenime<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span></span>o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativo s<span class=\"_ _1\"></span>ono c<span class=\"_ _1\"></span>apitali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati e rilev<span class=\"_ _1\"></span>ati come amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento lungo la durat<span class=\"_ _1\"></span>a del lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws0\"> co<span class=\"_ _1\"></span>n lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so crit<span class=\"_ _1\"></span>erio di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prove<span class=\"_ _1\"></span>nti del </span>l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls0 ws0\">.</span>2.3.5 Aggr<span class=\"_ _4\"></span>egazioni <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>ed AvviamentoLe aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _1\"></span>zando il metodo dell\u2019acqu<span class=\"_ _0\"></span>isto. Il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to \u00e8 valut<span class=\"_ _1\"></span>ato co<span class=\"_ _1\"></span>me somma d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito mis<span class=\"_ _1\"></span>urato al <span class=\"ff79\">fair value</span> (<span class=\"_ _0\"></span>valore e<span class=\"_ _1\"></span>quo<span class=\"_ _0\"></span>) alla data di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di qualsiasi p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. Per ogni ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019acquirente deve v<span class=\"_ _1\"></span>alutare quals<span class=\"_ _1\"></span>iasi par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>zione di min<span class=\"_ _1\"></span>oranz<span class=\"_ _1\"></span>a ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita al <span class=\"ff79\">fair value</span><span class=\"lsb wsd9\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) oppure i<span class=\"_ _0\"></span>n </span>propo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>ione alla quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. I cos<span class=\"_ _1\"></span>ti di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sati e cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cati tr<span class=\"_ _1\"></span>a le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e amminist<span class=\"_ _1\"></span>rative<span class=\"_ _1\"></span>.Il Grupp<span class=\"_ _1\"></span>o dete<span class=\"_ _1\"></span>rmina di aver ac<span class=\"_ _1\"></span>quisito un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 azi<span class=\"_ _1\"></span>endale quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e integr<span class=\"_ _1\"></span>ato di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e be<span class=\"_ _1\"></span>ni include alme<span class=\"_ _1\"></span>no un fatto<span class=\"_ _1\"></span>re della p<span class=\"_ _1\"></span>roduz<span class=\"_ _1\"></span>ione e<span class=\"_ _1\"></span>d un proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale che ins<span class=\"_ _1\"></span>ieme c<span class=\"_ _1\"></span>ontribuis<span class=\"_ _1\"></span>cono in m<span class=\"_ _1\"></span>odo s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo alla capa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cit\u00e0 di ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>are un <span class=\"ff79 ls3a wsa\">output<span class=\"_ _1\"></span></span>. Il pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so a<span class=\"_ _1\"></span>cquisito \u00e8 c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale s<span class=\"_ _1\"></span>e \u00e8 cruciale p<span class=\"_ _1\"></span>er la cap<span class=\"_ _1\"></span>acit<span class=\"_ _1\"></span>\u00e0 di continuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e i fat<span class=\"_ _1\"></span>tori di pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one ac<span class=\"_ _1\"></span>quisiti comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono una for<span class=\"_ _1\"></span>za lavoro o<span class=\"_ _1\"></span>rgani<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a che dis<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>e delle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e compe<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ze, con<span class=\"_ _1\"></span>osc<span class=\"_ _1\"></span>enze o e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>erie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>eguire t<span class=\"_ _1\"></span>ale p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o o contr<span class=\"_ _1\"></span>ibuisc<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivame<span class=\"_ _1\"></span>nte alla capa<span class=\"_ _1\"></span>cit\u00e0 di co<span class=\"_ _1\"></span>ntinuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e<span class=\"_ _1\"></span>d \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato unico o sc<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>o o non p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituito se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a cos<span class=\"_ _1\"></span>ti, sfor<span class=\"_ _1\"></span>zi o rit<span class=\"_ _1\"></span>ardi signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r le c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di continuare a gen<span class=\"_ _1\"></span>erare un <span class=\"ff79 ls3a wsa\">o<span class=\"_ _1\"></span>utput<span class=\"_ _1\"></span></span><span class=\"ls0\">.</span>Ogni cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziale deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019acquirente al <span class=\"ff79\">fair value</span> alla data di acquisi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. La v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne del <span class=\"ff79 wse\">fair value<span class=\"ff71\"> del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pote<span class=\"_ _1\"></span>nziale cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cato com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9, sar\u00e0 </span></span>rilev<span class=\"_ _1\"></span>ata se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico o ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle altre comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di conto economico complessivo. Se il<span class=\"_ _0\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _0\"></span>lassific<span class=\"_ _1\"></span>ato come<span class=\"_ _0\"></span> strumento di<span class=\"_ _0\"></span> patrimon<span class=\"_ _0\"></span>io netto, i<span class=\"_ _0\"></span>l suo valore<span class=\"_ _0\"></span> non deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rimisurato e la s<span class=\"_ _1\"></span>ua es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ar\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zata a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto. N<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>asi in cui il cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo pote<span class=\"_ _1\"></span>nziale n<span class=\"_ _1\"></span>on ric<span class=\"_ _1\"></span>ade ne<span class=\"_ _1\"></span>llo sco<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comunqu<span class=\"_ _1\"></span>e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> e le variazioni d<span class=\"_ _1\"></span>evono e<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sere rilevate nel conto economico.L<span class=\"_ _6\"></span>\u2019avv<span class=\"_ _1\"></span>iamento a<span class=\"_ _1\"></span>cquisito in un<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale \u00e8 inizialme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge come e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019insie<span class=\"_ _1\"></span>me dei c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e dell<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er le inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enze di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al val<span class=\"_ _1\"></span>ore equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili ac<span class=\"_ _1\"></span>quisite e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 as<span class=\"_ _1\"></span>sunte dal Grup<span class=\"_ _1\"></span>po. Que<span class=\"_ _1\"></span>sto r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>e la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne a valo<span class=\"_ _1\"></span>re equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili (inclus<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te non ric<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>ciute) e delle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ident<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cabili (inclus<span class=\"_ _1\"></span>e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali ed e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e le ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zioni fu<span class=\"_ _1\"></span>ture)<span class=\"_ _0\"></span> dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>azienda acquistata.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore accumulate<span class=\"_ _1\"></span>. Al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e della ve<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto acquis<span class=\"_ _1\"></span>ito in un\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 allo<span class=\"_ _1\"></span>cato, alla dat<span class=\"_ _1\"></span>a di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, alle singole unit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ici di flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo, o ai gr<span class=\"_ _1\"></span>uppi di unit\u00e0 ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ratrici di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si che d<span class=\"_ _1\"></span>ovre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciare dalle sine<span class=\"_ _1\"></span>rgie de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, indip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente dal fat<span class=\"_ _1\"></span>to che altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>iano as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nate a tali unit<span class=\"_ _1\"></span>\u00e0 o rag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>uppame<span class=\"_ _1\"></span>nti di unit\u00e0<span class=\"_ _1\"></span>.Quando il G<span class=\"_ _1\"></span>ruppo a<span class=\"_ _1\"></span>cquisis<span class=\"_ _1\"></span>ce un <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span>, d<span class=\"_ _1\"></span>eve clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are o de<span class=\"_ _1\"></span>signare le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie ac<span class=\"_ _1\"></span>quisite o le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ass<span class=\"_ _1\"></span>unte in accor<span class=\"_ _1\"></span>do con i te<span class=\"_ _1\"></span>rmini contr<span class=\"_ _1\"></span>attuali, le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche e l<span class=\"_ _1\"></span>e altre con<span class=\"_ _1\"></span>dizioni p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inenti in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne. C<span class=\"_ _1\"></span>i\u00f2 include la ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>tab<span class=\"_ _1\"></span>ilire se un de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato incorp<span class=\"_ _1\"></span>orato de<span class=\"_ _1\"></span>bba e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sere s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato dal con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>o primario. Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ag<span class=\"_ _2\"></span>grega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata in p<span class=\"_ _1\"></span>i\u00f9 fasi, la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ric<span class=\"_ _1\"></span>alcola il <span class=\"ff79\">fair value</span><span class=\"ls8 wsfd\"> della partecipazione prece<span class=\"_ _1\"></span>dente<span class=\"ls0 ws0\">-</span></span>mente de<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>a e rile<span class=\"_ _1\"></span>va ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019eventuale utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>ultante<span class=\"_ _1\"></span>.Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>av<span class=\"_ _2\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato alloc<span class=\"_ _1\"></span>ato a un<span class=\"_ _1\"></span>\u2019unit\u00e0 gener<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari e l<span class=\"_ _1\"></span>\u2019entit\u00e0 dis<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>te par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di t<span class=\"_ _1\"></span>ale uni<span class=\"_ _1\"></span><span class=\"ws0\">-</span>t\u00e0, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>viam<span class=\"_ _1\"></span>ento as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato all<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 dism<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere inclu<span class=\"_ _1\"></span>so ne<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 quando si de<span class=\"_ _1\"></span>termina l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato con l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 dis<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato sulla bas<span class=\"_ _1\"></span>e dei val<span class=\"_ _1\"></span>ori re<span class=\"_ _1\"></span>lativi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 di<span class=\"_ _1\"></span>sme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e della p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te mantenut<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari.Le <span class=\"ff79 ls2c ws3c\">busines<span class=\"_ _1\"></span>s combination</span><span class=\"ls4 wsa\"> effet<span class=\"_ _1\"></span>tuate tra e<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to comune c<span class=\"_ _1\"></span>ontrollo no<span class=\"_ _1\"></span>n rientr<span class=\"_ _1\"></span>ano nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>I<span class=\"ls0 ws0\">-</span></span>FRS 3. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui la <span class=\"ff79 ls2c ws113\">busines<span class=\"_ _1\"></span>s combination</span> tra entit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to co<span class=\"_ _1\"></span>mune contro<span class=\"_ _1\"></span>llo non abbia s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>za e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mica e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nti una mer<span class=\"_ _1\"></span>a rior<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>dale la so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>a il meto<span class=\"_ _1\"></span>do di cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla <span class=\"ff79 ls9 ws99\">busines<span class=\"_ _1\"></span>s com<span class=\"ls0 ws0\">-</span></span>bination <span class=\"ff71 lsb wse0\">cosiddetti </span><span class=\"ls4 ws0\">po<span class=\"_ _1\"></span>oling of interes<span class=\"_ _1\"></span>t meth<span class=\"_ _1\"></span>od<span class=\"ff71\">, ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>gando l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 linea p<span class=\"_ _1\"></span>er line<span class=\"_ _1\"></span>a ai valor<span class=\"_ _1\"></span>i di libro.</span></span>2.3.6 Atti<span class=\"_ _0\"></span>vit\u00e0 ImmaterialiLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>e nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo al cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to quando \u00e8 p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>r\u00e0 ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomici f<span class=\"_ _1\"></span>uturi e quando il co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>u\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere det<span class=\"_ _1\"></span>erminato in mo<span class=\"_ _1\"></span>do at<span class=\"_ _1\"></span>tendib<span class=\"_ _1\"></span>ile. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 imma<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>teriali ac<span class=\"_ _1\"></span>quisite at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni di ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione di imp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>te al v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo def<span class=\"_ _1\"></span>inito alla dat<span class=\"_ _1\"></span>a di ac<span class=\"ls0 ws0\">-</span>quisizi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>e tal<span class=\"_ _1\"></span>e valor<span class=\"_ _1\"></span>e pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere de<span class=\"_ _1\"></span>terminato in mo<span class=\"_ _1\"></span>do at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibile. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita s<span class=\"_ _1\"></span>ono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate a qu<span class=\"_ _1\"></span>ote cos<span class=\"_ _1\"></span>tanti lungo la lo<span class=\"_ _1\"></span>ro vit<span class=\"_ _1\"></span>a utile s<span class=\"_ _1\"></span>timata; la vit<span class=\"_ _1\"></span>a utile v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminata co<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>riodicit<span class=\"_ _1\"></span>\u00e0 annuale ed e<span class=\"_ _1\"></span>ventuali camb<span class=\"_ _1\"></span>iamenti, lad<span class=\"_ _1\"></span>dove ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ari, son<span class=\"_ _1\"></span>o appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati co<span class=\"_ _1\"></span>n applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>a.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali s<span class=\"_ _1\"></span>ono es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ste al n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>lativi amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>enti ac<span class=\"_ _1\"></span>cumulati e di eventuali p<span class=\"_ _1\"></span>erdite di va<span class=\"_ _1\"></span>lore accumulati det<span class=\"_ _1\"></span>erminate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le mo<span class=\"_ _1\"></span>dalit<span class=\"_ _1\"></span>\u00e0 des<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>te nel s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito. Le vite utili d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>incipali clas<span class=\"_ _1\"></span>si di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti:Vita UtileDiritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _22a\"> </span>2-5 anniC<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _25e\"> </span>10 anniKey money<span class=\"_ _25f\"> </span>In base alla durat<span class=\"_ _0\"></span>a residua del c<span class=\"_ _0\"></span>ontratto di affitto del beneKnow-how<span class=\"_ _260\"> </span><span class=\"ff74\">8 anni</span>Un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riale vie<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>liminata al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ia, alla data in cui l<span class=\"_ _1\"></span>\u2019acquirente ne ot<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne il controllo) o quando non ci si att<span class=\"_ _1\"></span>endo<span class=\"_ _1\"></span>no be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici futuri dal su<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>zo o dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>. Quals<span class=\"_ _1\"></span>iasi util<span class=\"_ _1\"></span>e o per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019eliminazione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 (calcolat<span class=\"_ _1\"></span>a come dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra il c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o della dis<span class=\"_ _1\"></span>miss<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e il valo<span class=\"_ _1\"></span>re contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0<span class=\"_ _0\"></span>) \u00e8 inclusa n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qua<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lora e<span class=\"_ _1\"></span>venti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>o. Le perdit<span class=\"_ _1\"></span>e di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.C<span class=\"_ _4\"></span>osti di sviluppoI cos<span class=\"_ _1\"></span>ti di rice<span class=\"_ _1\"></span>rca s<span class=\"_ _1\"></span>ono imput<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui son<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i. I cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nuti in rela<span class=\"_ _1\"></span>zione a un d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato proget<span class=\"_ _1\"></span>to so<span class=\"_ _1\"></span>no cap<span class=\"_ _1\"></span>italiz<span class=\"_ _2\"></span>zati s<span class=\"_ _1\"></span>olo quando il G<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>u\u00f2 dimos<span class=\"_ _1\"></span>trare la p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit\u00e0 t<span class=\"_ _1\"></span>ecnic<span class=\"_ _1\"></span>a di compl<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immaterial<span class=\"_ _1\"></span>e in modo da r<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>rla disp<span class=\"_ _1\"></span>onibile p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso o p<span class=\"_ _1\"></span>er la vendit<span class=\"_ _1\"></span>a, la prop<span class=\"_ _1\"></span>ria inten<span class=\"_ _1\"></span>zione di co<span class=\"_ _1\"></span>mplet<span class=\"_ _1\"></span>are det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>arla o vend<span class=\"_ _1\"></span>erla, l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 in cui es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rer\u00e0 probabili b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici eco<span class=\"_ _1\"></span>nomici fut<span class=\"_ _1\"></span>uri, la disp<span class=\"_ _1\"></span>onibilit\u00e0 di ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>ecnich<span class=\"_ _1\"></span>e, f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e o di altro tipo p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>omplet<span class=\"_ _1\"></span>are lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o e la sua capa<span class=\"_ _1\"></span>cit\u00e0 di v<span class=\"_ _1\"></span>alutare in m<span class=\"_ _1\"></span>odo at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibile il cos<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 dur<span class=\"_ _1\"></span>ante il suo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o.Durante il p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o, l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 \u00e8 rie<span class=\"_ _1\"></span>saminat<span class=\"_ _1\"></span>a annualmente ai f<span class=\"_ _1\"></span>ini de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di eve<span class=\"_ _1\"></span>ntuali perdit<span class=\"_ _1\"></span>e di valore<span class=\"_ _1\"></span>. Succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente alla r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale<span class=\"_ _1\"></span>, i cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o sono v<span class=\"_ _1\"></span>alutati al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>ntato di og<span class=\"_ _1\"></span>ni eventuale amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a accumulat<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 inizia ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui lo s<span class=\"_ _1\"></span>vilup<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>po si \u00e8 co<span class=\"_ _1\"></span>mplet<span class=\"_ _1\"></span>ato e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 dis<span class=\"_ _1\"></span>ponibil<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto al per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o in cui si preve<span class=\"_ _1\"></span>de che il proget<span class=\"_ _1\"></span>to coll<span class=\"_ _1\"></span>egato ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rer\u00e0 ri<span class=\"_ _1\"></span>cavi p<span class=\"_ _1\"></span>er il G<span class=\"_ _1\"></span>ruppo. Diritti di br<span class=\"_ _0\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _0\"></span>e d\u2019ingegno I diritti di b<span class=\"_ _1\"></span>revet<span class=\"_ _1\"></span>ti e di utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>re di ingegno s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>o ai cost<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r licen<span class=\"_ _1\"></span>ze d<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>i <span class=\"ff79 ws19\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span><span class=\"ls0 ws141\"> e<span class=\"_ _1\"></span>d </span>alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r il dep<span class=\"_ _1\"></span>osito e la re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione marchi e d<span class=\"_ _1\"></span>ei bre<span class=\"_ _1\"></span>vett<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ai pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo<span class=\"_ _1\"></span>.C<span class=\"_ _4\"></span>oncessioni, diritti lic<span class=\"_ _0\"></span>enze e mar<span class=\"_ _0\"></span>chi similar<span class=\"_ _0\"></span>i La voc<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>ame si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ce alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>o e regis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e del marchio S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o. I cos<span class=\"_ _1\"></span>ti di acqui<span class=\"ls0 ws0\">-</span>sto s<span class=\"_ _1\"></span>ono ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zati in un arco te<span class=\"_ _1\"></span>mporal<span class=\"_ _1\"></span>e pari alla vit<span class=\"_ _1\"></span>a util<span class=\"_ _1\"></span>e del dirit<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>quisito.Altre attivit\u00e0 immater<span class=\"_ _0\"></span>iali a vita utile definitaLa voc<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>a princip<span class=\"_ _1\"></span>almente imput<span class=\"_ _1\"></span>abile all<span class=\"_ _1\"></span>e somme p<span class=\"_ _1\"></span>agate p<span class=\"_ _1\"></span>er ot<span class=\"_ _1\"></span>tene<span class=\"_ _1\"></span>re la disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di immobili in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione sube<span class=\"_ _1\"></span>ntrand<span class=\"_ _1\"></span>o a contrat<span class=\"_ _1\"></span>ti es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti o<span class=\"_ _1\"></span>d otte<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do il re<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei con<span class=\"_ _1\"></span>dutto<span class=\"_ _1\"></span>ri in mo<span class=\"_ _1\"></span>do da pote<span class=\"_ _1\"></span>r ott<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re nuovi co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con i lo<span class=\"_ _1\"></span>cator<span class=\"_ _1\"></span>i (<span class=\"ff79 ls43 ws0\">k<span class=\"_ _0\"></span>ey money<span class=\"ff71 ls42 ws11f\">). T<span class=\"_ _6\"></span>ali oner<span class=\"_ _1\"></span>i vengono amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zati lungo un ori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zonte te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ale pari alla durat<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>tratt<span class=\"_ _1\"></span>o di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to.La voc<span class=\"_ _1\"></span>e include<span class=\"_ _1\"></span>, a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2020, anch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls38 ws119\">know how</span> acquisit<span class=\"_ _1\"></span>o attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale di A<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. e Aura 1 S<span class=\"_ _1\"></span>.r<span class=\"_ _0\"></span>.l., is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to al suo v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo alla data di ac<span class=\"_ _1\"></span>quisiz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>le one<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato lungo un oriz<span class=\"ls0 ws0\">-</span>zonte temp<span class=\"_ _1\"></span>oral<span class=\"_ _1\"></span>e di 8 anni.2.3.7 Strumenti finanziari Uno st<span class=\"_ _1\"></span>rumento f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario \u00e8 qualsia<span class=\"_ _1\"></span>si contr<span class=\"_ _1\"></span>atto che d\u00e0 o<span class=\"_ _1\"></span>rigine a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria p<span class=\"_ _1\"></span>er un<span class=\"_ _1\"></span>\u2019entit\u00e0 e ad una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria o ad uno s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ativo di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale pe<span class=\"_ _1\"></span>r un\u2019altra entit<span class=\"_ _1\"></span>\u00e0. Nell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 il principio ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rale \u00e8 che un<span class=\"_ _1\"></span>\u2019entit\u00e0 de<span class=\"_ _1\"></span>ve rilev<span class=\"_ _1\"></span>are nella pro<span class=\"_ _1\"></span>pria situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria un\u2019atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria quando e s<span class=\"_ _1\"></span>olo quando di<span class=\"_ _1\"></span>vie<span class=\"_ _1\"></span>ne par<span class=\"_ _1\"></span>te n<span class=\"_ _1\"></span>elle clau<span class=\"_ _1\"></span>sole c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali dello s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento. Attivit\u00e0 finanziarieAl mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in f<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ssi di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie e d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s</span> ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>a per la l<span class=\"_ _1\"></span>oro ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne. L<span class=\"_ _1\"></span>a va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>luta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attuali \u00e8 indi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a come <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st<span class=\"ff71 wscb\"> SPPI<span class=\"_ _0\"></span> (<span class=\"_ _4\"></span>cos<span class=\"_ _1\"></span>iddetto \u201c<span class=\"ff79 ls44 wsa0\">solely paymen<span class=\"_ _0\"></span>ts </span></span></span>of principal and intere<span class=\"_ _1\"></span>st-SPPI<span class=\"ff71\">) e v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>a a live<span class=\"_ _1\"></span>llo di st<span class=\"_ _1\"></span>rumento. T<span class=\"_ _4\"></span>ut<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>avia, st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari id<span class=\"_ _1\"></span>entici p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono </span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re analiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in grup<span class=\"_ _1\"></span>po dal mom<span class=\"_ _1\"></span>ento che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esit<span class=\"_ _1\"></span>o del <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st</span> non s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nte risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al ca<span class=\"_ _1\"></span>so in cui fos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ro st<span class=\"_ _1\"></span>ati valut<span class=\"_ _1\"></span>ati indi<span class=\"_ _1\"></span>vidualm<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. Il mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce al mo<span class=\"_ _1\"></span>do in cui ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce le p<span class=\"_ _1\"></span>roprie atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e di gene<span class=\"_ _1\"></span>rare f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i. Il mod<span class=\"_ _1\"></span>ello a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale dete<span class=\"_ _1\"></span>rmina se i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>iver<span class=\"_ _1\"></span>anno dalla racco<span class=\"_ _1\"></span>lta di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali, dalla vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie o da entramb<span class=\"_ _1\"></span>i. In bas<span class=\"_ _1\"></span>e a tali c<span class=\"_ _1\"></span>arat<span class=\"ls0 ws0\">-</span>teri<span class=\"_ _1\"></span>stich<span class=\"_ _1\"></span>e le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie son<span class=\"_ _1\"></span>o clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in quat<span class=\"_ _1\"></span>tro cate<span class=\"_ _1\"></span>gorie:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmor<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (strume<span class=\"_ _1\"></span>nti di deb<span class=\"_ _1\"></span>ito<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span> rilev<span class=\"_ _1\"></span>ato nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo con r<span class=\"_ _1\"></span>iclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a degli ut<span class=\"_ _1\"></span>ili e perdit<span class=\"_ _1\"></span>e cumu<span class=\"ls0 ws0\">-</span>late (<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti di de<span class=\"_ _1\"></span>bito);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al <span class=\"ff79\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rigiro d<span class=\"_ _1\"></span>egli utili e p<span class=\"_ _1\"></span>erdite c<span class=\"_ _1\"></span>umulate nel momento dell\u2019eli<span class=\"_ _0\"></span>minazione<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>strumenti rappresentativi di capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span><span class=\"lsd wse\"> rilevato a conto economico.</span>In se<span class=\"_ _1\"></span>de di rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one inizial<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po valut<span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria al su<span class=\"_ _1\"></span>o <span class=\"ff79\">fair value </span>pi\u00f9, nel ca<span class=\"_ _1\"></span>so di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziaria non al fair v<span class=\"_ _1\"></span>alue rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, i cost<span class=\"_ _1\"></span>i di trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, che non cont<span class=\"_ _1\"></span>engono una compo<span class=\"_ _1\"></span>nente di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va o p<span class=\"_ _1\"></span>er i quali il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ente prat<span class=\"_ _1\"></span>ico, sono v<span class=\"_ _1\"></span>alutati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dete<span class=\"_ _1\"></span>rminato se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>5.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, al<span class=\"ff79\"> fair value</span><span class=\"lsb ws134\"> rileva<span class=\"_ _0\"></span>to nel </span>conto economic<span class=\"_ _0\"></span>o complessivo e al<span class=\"ff79 ls4 ws0\"> f<span class=\"_ _0\"></span>air value<span class=\"ff71 lsd wse\"> rilevato nel conto economico.<span class=\"_ _0\"></span> </span></span>Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato se e<span class=\"_ _1\"></span>ntrambi i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti re<span class=\"_ _1\"></span>quisiti s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>oddi<span class=\"_ _1\"></span>sfat<span class=\"_ _1\"></span>ti:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia \u00e8 pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>dut<span class=\"_ _1\"></span>a nel quadro di un mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span> il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 il p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zato alla racc<span class=\"_ _1\"></span>olta d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali;\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>i te<span class=\"_ _1\"></span>rmini contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no a dete<span class=\"_ _1\"></span>rminate date f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati unic<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apita<span class=\"_ _1\"></span>le e dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se sull<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>stituire<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente valut<span class=\"_ _1\"></span>ate utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il criter<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo e so<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad <span class=\"ff79 ls8 ws6e\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>a o ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>ra le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o inclusi i cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali e i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato nel conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _4\"></span>omplessivo (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o al<span class=\"ff79\"> fair value</span><span class=\"ls45 ws10c\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo se entram<span class=\"ls0 ws0\">-</span></span>be le seguenti condizioni<span class=\"_ _0\"></span> sono soddisfatte: \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria \u00e8 po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>duta ne<span class=\"_ _1\"></span>l quadro di un mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls8 ws6e\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> il cui o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ia mediante l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali che me<span class=\"_ _1\"></span>diante la vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e; e\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>i termini co<span class=\"_ _1\"></span>ntrattuali d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o a dete<span class=\"_ _1\"></span>rminate date flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati unica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apital<span class=\"_ _1\"></span>e ed inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minati sull<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tituire.Per le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls45 ws105\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo gli u<span class=\"_ _0\"></span>tili e<span class=\"_ _0\"></span> le </span>per<span class=\"_ _1\"></span>dite son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sivo a<span class=\"_ _1\"></span>d ecc<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle var<span class=\"_ _1\"></span>iazioni p<span class=\"_ _1\"></span>er dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze c<span class=\"_ _1\"></span>ambio e de<span class=\"_ _1\"></span>lle per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e, insie<span class=\"_ _1\"></span>me alle rip<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e, che s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eliminazi<span class=\"_ _1\"></span>one, la v<span class=\"_ _1\"></span>aria<span class=\"ls0 ws0\">-</span>zione cumulati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span><span class=\"ls45 wsb2\"> rileva<span class=\"_ _0\"></span>ta nel conto economico<span class=\"_ _0\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _0\"></span>;<span class=\"_ _0\"></span> </span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciuti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si che s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>ero s<span class=\"_ _1\"></span>tati r<span class=\"_ _1\"></span>ilevati s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>ria foss<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a da semp<span class=\"_ _1\"></span>re valut<span class=\"_ _1\"></span>ata al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto il Grupp<span class=\"_ _1\"></span>o non ha que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cie.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al<span class=\"ff77\"> fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _0\"></span>onomicoIn gene<span class=\"_ _1\"></span>rale l<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 def<span class=\"_ _1\"></span>inis<span class=\"_ _1\"></span>ce la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span> rilevato a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico com<span class=\"_ _1\"></span>e una cate<span class=\"_ _1\"></span>goria re<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>duale da applic<span class=\"_ _1\"></span>are a tut<span class=\"_ _1\"></span>te quelle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, in vir<span class=\"_ _1\"></span>t\u00f9 d<span class=\"_ _1\"></span>elle lo<span class=\"_ _1\"></span>ro carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche contr<span class=\"_ _1\"></span>attuali, non s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato o al <span class=\"ff79\">fair value</span><span class=\"ls45 ws113\"> rileva<span class=\"_ _0\"></span>to a con<span class=\"_ _0\"></span>to economico com<span class=\"_ _0\"></span>plessi<span class=\"_ _1\"></span>vo. T<span class=\"_ _6\"></span>uttavia, il Gru<span class=\"_ _0\"></span>ppo pu\u00f2<span class=\"_ _0\"></span> </span>deci<span class=\"_ _1\"></span>dere<span class=\"_ _1\"></span>, in se<span class=\"_ _1\"></span>de di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale, di de<span class=\"_ _1\"></span>signare irr<span class=\"_ _1\"></span>evoc<span class=\"_ _1\"></span>abilmente un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria come mis<span class=\"_ _1\"></span>urata al <span class=\"ff79 ls0 ws0\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r </span>value <span class=\"_ _1\"></span><span class=\"ff71 ws81\">ril<span class=\"_ _1\"></span>evato a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico s<span class=\"_ _1\"></span>e ci\u00f2 comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eliminazione o la r<span class=\"_ _1\"></span>iduzio<span class=\"_ _1\"></span>ne signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a di un disalline<span class=\"_ _1\"></span>amento </span>contab<span class=\"_ _1\"></span>ile (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>inito com<span class=\"_ _1\"></span>e un \u201c<span class=\"_ _0\"></span><span class=\"ff79\">accounting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che invece e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgere<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e se le p<span class=\"_ _1\"></span>erdite o i p<span class=\"_ _1\"></span>rof<span class=\"_ _1\"></span>itti s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 </span></span>foss<span class=\"_ _1\"></span>ero ril<span class=\"_ _1\"></span>evati s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo un dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ente crite<span class=\"_ _1\"></span>rio. S<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ene que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere in qualche m<span class=\"_ _1\"></span>odo a<span class=\"_ _1\"></span>ssimilat<span class=\"_ _1\"></span>a ad un<span class=\"ff79 ls42 wsad\"> accounting polic<span class=\"_ _1\"></span>y choice<span class=\"ff71\">, t<span class=\"_ _1\"></span>utt<span class=\"_ _1\"></span>avia va n<span class=\"_ _1\"></span>otato che il p<span class=\"_ _1\"></span>rincipio no<span class=\"_ _1\"></span>n richie<span class=\"_ _1\"></span>de che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia appli<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a in modo c<span class=\"_ _1\"></span>oer<span class=\"_ _1\"></span>ente </span></span>a tutt<span class=\"_ _1\"></span>e le trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni similari.Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i finan<span class=\"_ _1\"></span>ziari al <span class=\"ff79\">fair value</span> con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situazione pa<span class=\"_ _0\"></span>trimoni<span class=\"_ _0\"></span>ale-finanziaria<span class=\"_ _0\"></span> al <span class=\"ff79 ls42 ws13f\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\"> e le varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>el </span>fair value<span class=\"ff71 ls45 wsbc\"> rilevate<span class=\"_ _0\"></span> nel prospetto dell<span class=\"_ _1\"></span>\u2019u<span class=\"_ _0\"></span>tile/</span></span>(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. In ques<span class=\"_ _1\"></span>ta c<span class=\"_ _1\"></span>atego<span class=\"_ _1\"></span>ria rientr<span class=\"_ _1\"></span>ano gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati. I d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i dete<span class=\"_ _1\"></span>nuti per la n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>alvo ch<span class=\"_ _1\"></span>e non siano de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icac<span class=\"_ _1\"></span>e. Il deri<span class=\"_ _1\"></span>vato inco<span class=\"_ _1\"></span>rpor<span class=\"_ _1\"></span>ato conte<span class=\"_ _1\"></span>nuto in un contrat<span class=\"_ _1\"></span>to ibri<span class=\"_ _1\"></span>do non de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, in una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o in un contrat<span class=\"ls0 ws0\">-</span>to non f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iario princip<span class=\"_ _1\"></span>ale, \u00e8 s<span class=\"_ _1\"></span>eparato dal c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to princip<span class=\"_ _1\"></span>ale e cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato com<span class=\"_ _1\"></span>e deri<span class=\"_ _1\"></span>vato s<span class=\"_ _1\"></span>eparato, s<span class=\"_ _1\"></span>e: le sue c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omiche e<span class=\"_ _1\"></span>d i ris<span class=\"_ _1\"></span>chi ad es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ass<span class=\"_ _1\"></span>ociati no<span class=\"_ _1\"></span>n son<span class=\"_ _1\"></span>o stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>lati a quelli de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to principale<span class=\"_ _0\"></span>; uno strumento<span class=\"_ _0\"></span> separato con gli stessi termini del derivato inc<span class=\"_ _0\"></span>orporato soddisferebb<span class=\"_ _1\"></span>e la definizione di<span class=\"_ _4\"></span> deri<span class=\"_ _1\"></span>vato; e il contrat<span class=\"_ _1\"></span>to ibrid<span class=\"_ _1\"></span>o non \u00e8 valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span><span class=\"ls46 wscd\"> rilevato nel conto economico. I derivati incorporati sono<span class=\"_ _0\"></span> </span>valutati al<span class=\"ff79 ls42 ws0\"> fair value<span class=\"ff71\">, con le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni di </span>fair value</span><span class=\"ls46 wse\"> rilevate nel con<span class=\"_ _0\"></span>to economico. </span>Riclassificazione Una riclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e solo n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso in cui inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nga un camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>i termini d<span class=\"_ _1\"></span>el contrat<span class=\"_ _1\"></span>to che mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a altrime<span class=\"_ _1\"></span>nti att<span class=\"_ _1\"></span>esi o quan<span class=\"_ _1\"></span>do il Grupp<span class=\"_ _1\"></span>o mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica il su<span class=\"_ _1\"></span>o <span class=\"ff79 ls0 ws0\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </span>model<span class=\"ff71 ls4 wsfd\"> pe<span class=\"_ _1\"></span>r ges<span class=\"_ _1\"></span>tire le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. La ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere app<span class=\"_ _1\"></span>licat<span class=\"_ _1\"></span>a prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente dalla dat<span class=\"_ _1\"></span>a di ri<span class=\"ls0 ws0\">-</span></span>clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di ride<span class=\"_ _1\"></span>terminare prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti, p<span class=\"_ _1\"></span>erdite e inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi g<span class=\"_ _1\"></span>i\u00e0 prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente rile<span class=\"_ _1\"></span>vati.Canc<span class=\"_ _4\"></span>ellazioneUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria (<span class=\"_ _0\"></span>o, ove applicabil<span class=\"_ _1\"></span>e, par<span class=\"_ _1\"></span>te di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria o par<span class=\"_ _1\"></span>te di un grupp<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie simi<span class=\"ls0 ws0\">-</span>li) \u00e8 cance<span class=\"_ _1\"></span>llata in primo lu<span class=\"_ _1\"></span>ogo (<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>. rimo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dal pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo) q<span class=\"_ _0\"></span>uando:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>i dir<span class=\"_ _1\"></span>itti a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inti; o\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>il Gruppo ha t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferito a<span class=\"_ _1\"></span>d una ter<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>te il dirit<span class=\"_ _1\"></span>to a rice<span class=\"_ _1\"></span>vere f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o ha as<span class=\"_ _1\"></span>sunto l<span class=\"_ _1\"></span>\u2019obbligo con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>uale di corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rli interam<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rit<span class=\"_ _1\"></span>ardi e (<span class=\"_ _4\"></span>a) ha tras<span class=\"_ _1\"></span>ferito s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente tut<span class=\"_ _1\"></span>ti i ri<span class=\"_ _1\"></span>schi e b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci della propri<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, oppur<span class=\"_ _1\"></span>e (b) non ha trasfe<span class=\"_ _1\"></span>rito n\u00e9 t<span class=\"_ _1\"></span>ratte<span class=\"_ _1\"></span>nuto s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0, ma ha tras<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ito il controllo d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Nei c<span class=\"_ _1\"></span>asi in cui il G<span class=\"_ _1\"></span>ruppo ab<span class=\"_ _1\"></span>bia tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o i diritt<span class=\"_ _1\"></span>i a riceve<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari da un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o abbia s<span class=\"_ _1\"></span>iglato un accor<span class=\"_ _1\"></span>do in base a<span class=\"_ _1\"></span>l quale mantiene i dirit<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali a riceve<span class=\"_ _1\"></span>re i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, ma as<span class=\"_ _1\"></span>sume un<span class=\"_ _1\"></span>\u2019obbli<span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e a pagare i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari a uno o pi\u00f9 be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari (<span class=\"_ _2\"></span><span class=\"ff79 ls0 ws0\">p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hrou<span class=\"_ _1\"></span>gh</span>)<span class=\"_ _0\"></span>, es<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>aluta s<span class=\"_ _1\"></span>e e in che misur<span class=\"_ _1\"></span>a abbia trat<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>o i rischi e i b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici iner<span class=\"_ _1\"></span>enti al po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o. Se tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ine<span class=\"_ _1\"></span>renti al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziaria s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>riti, il Grup<span class=\"_ _1\"></span>po elimina dal pro<span class=\"_ _1\"></span>prio bilanci<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia ed is<span class=\"_ _1\"></span>crive s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 qualsiasi dirit<span class=\"_ _1\"></span>to e o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zione cr<span class=\"_ _1\"></span>eati o mantenut<span class=\"_ _1\"></span>i; in caso co<span class=\"_ _1\"></span>ntrario l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0\">-</span>ziaria continua ad e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e mantenut<span class=\"_ _1\"></span>a in bilancio. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui non ab<span class=\"_ _1\"></span>bia n\u00e9 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rito n\u00e9 tr<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nuto so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tutt<span class=\"_ _1\"></span>i i rischi e b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici o non abb<span class=\"_ _1\"></span>ia per<span class=\"_ _1\"></span>so il c<span class=\"_ _1\"></span>ontrollo sulla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ntinua ad e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a nel bilan<span class=\"_ _1\"></span>cio del Grupp<span class=\"_ _1\"></span>o nella mis<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l suo coinvolg<span class=\"_ _1\"></span>imento re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa; qualora il contro<span class=\"_ _1\"></span>llo sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria non foss<span class=\"_ _1\"></span>e mantenuto, il G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>limina dal propri<span class=\"_ _1\"></span>o bilancio l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria ed i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 qual<span class=\"_ _1\"></span>siasi dirit<span class=\"_ _1\"></span>to e ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>ati o mantenut<span class=\"_ _1\"></span>i. L<span class=\"_ _6\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rita e la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociata s<span class=\"_ _1\"></span>ono v<span class=\"_ _1\"></span>alutate in mod<span class=\"_ _1\"></span>o da rifl<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ere i dirit<span class=\"_ _1\"></span>ti e le ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni che r<span class=\"_ _1\"></span>imangono di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tine<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo.Quando il co<span class=\"_ _1\"></span>involgimento r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>duo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 \u00e8 una garan<span class=\"_ _1\"></span>zia sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>a, il coinvolgim<span class=\"_ _1\"></span>ento \u00e8 misur<span class=\"_ _1\"></span>ato sulla bas<span class=\"_ _1\"></span>e del mino<span class=\"_ _1\"></span>re tra l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o mas<span class=\"_ _1\"></span>simo de<span class=\"_ _1\"></span>l corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo ricev<span class=\"_ _1\"></span>uto che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e dover rip<span class=\"_ _1\"></span>agare<span class=\"_ _1\"></span>.P<span class=\"_ _4\"></span>erdita di valor<span class=\"_ _4\"></span>e di attivit\u00e0 finanziarieIl Grupp<span class=\"_ _1\"></span>o iscr<span class=\"_ _1\"></span>ive una s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span><span class=\"ff79\">ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d credit lo<span class=\"_ _1\"></span>ss<span class=\"ff71\"> \u201c<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie rap<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate da st<span class=\"_ _1\"></span>rumenti di d<span class=\"_ _1\"></span>ebito n<span class=\"_ _1\"></span>on dete<span class=\"_ _1\"></span>nuti al <span class=\"ff79\">fair value</span> rilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. Nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico le dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni di <span class=\"_ _0\"></span><span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls4 ws104\"> si ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ano a tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e al <span class=\"ff79\">fair value</span><span class=\"lsb wsa4\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> </span></span></span>eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, mentr<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>se le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"ff79\">fair value</span><span class=\"lsd ws106\"> rilevato a conto economico.<span class=\"_ _0\"></span> </span>Inoltre<span class=\"_ _1\"></span>, rientr<span class=\"_ _1\"></span>ano nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>imetro di app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione an<span class=\"_ _1\"></span>che le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti tip<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws0\">Loan Commitment<span class=\"ff71\"> non valut<span class=\"_ _1\"></span>ati a F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL;</span></span>\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>G<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie f<span class=\"_ _1\"></span>inanziarie n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne IFRS 9;\u2022 <span class=\"_ _14\"> </span> Credit<span class=\"_ _1\"></span>i <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff79 ls4b wsc\">Lea<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g</span><span class=\"ws0\"> rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6;</span>\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls48 ws106\">Contrac<span class=\"_ _1\"></span>t A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et <span class=\"ff71 ls4 ws0\">rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5.</span></span>Le ECL si bas<span class=\"_ _1\"></span>ano sulla dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari contr<span class=\"_ _1\"></span>attuali dov<span class=\"_ _1\"></span>uti in confor<span class=\"_ _1\"></span>mit\u00e0 al co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e tutti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nanziari che il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o si asp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ta di ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, sc<span class=\"_ _1\"></span>ontati a<span class=\"_ _1\"></span>d un\u2019appross<span class=\"_ _1\"></span>imazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo or<span class=\"_ _1\"></span>iginario. I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ta di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re dipe<span class=\"_ _1\"></span>ndono dalla p<span class=\"_ _1\"></span>robabilit<span class=\"_ _1\"></span>\u00e0 che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi un evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult</span><span class=\"ls0 ws0\"> </span>della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te e quanto, in ta<span class=\"_ _1\"></span>le ca<span class=\"_ _1\"></span>so, ci si att<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e di riuscire a r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erare; i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>i include<span class=\"_ _1\"></span>ranno quindi anche i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>cuss<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle gar<span class=\"_ _1\"></span>anzie re<span class=\"_ _1\"></span>ali dete<span class=\"_ _1\"></span>nute o di altre g<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie sul cre<span class=\"_ _1\"></span>dito che s<span class=\"_ _1\"></span>ono parte integrante delle cond<span class=\"_ _0\"></span>izioni contra<span class=\"_ _0\"></span>ttuali.Se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019approccio gen<span class=\"_ _1\"></span>erale p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>isto dal Prin<span class=\"_ _1\"></span>cipio, la modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls5f ws7\">impairme<span class=\"_ _1\"></span>nt <span class=\"_ _2\"></span></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziarie \u00e8 in fun<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esito d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>nitorag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>io del m<span class=\"_ _1\"></span>erito cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>lle contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ti. Re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alle e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ni credit<span class=\"_ _1\"></span>izie p<span class=\"_ _1\"></span>er le quali no<span class=\"_ _1\"></span>n vi \u00e8 st<span class=\"_ _1\"></span>ato un aume<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, biso<span class=\"_ _1\"></span>gna rile<span class=\"_ _1\"></span>vare le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u credit<span class=\"_ _1\"></span>i che der<span class=\"_ _1\"></span>ivan<span class=\"_ _1\"></span>o dalla stima di eve<span class=\"_ _1\"></span>nti di <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>faul<span class=\"_ _1\"></span>t</span> che s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili entro i su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi 12<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> (12<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span><span class=\"ff79 ls48 wsd1\">mont<span class=\"_ _1\"></span>hs</span><span class=\"ls4 ws134\"> EC<span class=\"_ _1\"></span>L). P<span class=\"_ _0\"></span>er le e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ioni cre<span class=\"_ _1\"></span>ditizie p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali vi \u00e8 st<span class=\"_ _1\"></span>ato un signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo aume<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di </span>credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, b<span class=\"_ _1\"></span>iso<span class=\"_ _1\"></span>gna rilev<span class=\"_ _1\"></span>are integ<span class=\"_ _1\"></span>ralmente l<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono alla re<span class=\"_ _1\"></span>sidua durat<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, a pre<span class=\"_ _1\"></span>scind<span class=\"_ _1\"></span>ere dal mo<span class=\"_ _1\"></span>mento in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efau<span class=\"_ _1\"></span>lt</span> si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi (\u201c<span class=\"ff79 ls5f ws7\">Lif<span class=\"_ _1\"></span>etim<span class=\"_ _1\"></span>e </span><span class=\"ls0\">EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>). </span>Per i credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>rivanti da c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un appro<span class=\"_ _1\"></span>ccio se<span class=\"_ _1\"></span>mplif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o nel c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o delle per<span class=\"_ _1\"></span>dite atte<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, il Grupp<span class=\"_ _1\"></span>o non monit<span class=\"_ _1\"></span>ora le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito, ma rile<span class=\"_ _1\"></span>va integ<span class=\"_ _1\"></span>ralmente la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa a o<span class=\"_ _1\"></span>gni data di rife<span class=\"_ _1\"></span>rimento (<span class=\"_ _1\"></span>\u201c<span class=\"ff79 ls53 wseb\">Lifet<span class=\"_ _1\"></span>ime</span> ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>). Pi\u00f9 nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico, il Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r le su<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>te att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019espe<span class=\"_ _1\"></span>die<span class=\"_ _1\"></span>nte pratico d<span class=\"_ _1\"></span>ella <span class=\"ff79 ls4c ws8b\">provi<span class=\"_ _1\"></span>sion matri<span class=\"_ _1\"></span>x</span> pe<span class=\"_ _1\"></span>r il calco<span class=\"_ _1\"></span>lo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls0 ws6e\">, ov<span class=\"_ _2\"></span>vero ha def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o un sis<span class=\"_ _1\"></span>tema matric<span class=\"_ _1\"></span>iale bas<span class=\"_ _1\"></span>ato </span></span>sulle informaz<span class=\"_ _1\"></span>ioni st<span class=\"_ _1\"></span>oriche di in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>so, ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>tici c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>iche tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>gie di deb<span class=\"_ _1\"></span>itori e de<span class=\"_ _1\"></span>l loro amb<span class=\"_ _1\"></span>iente e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e.P<span class=\"_ _4\"></span>assivit\u00e0 finanziarieLe pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate e valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il tas<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo ad ecce<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione di que<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, non ri<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo ai re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>oter e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutate al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ammor<span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate al <span class=\"ff79\">fair value</span> rile<span class=\"_ _1\"></span>vato a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Ri<span class=\"_ _1\"></span>entrano in qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo ca<span class=\"_ _1\"></span>so le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ziarie det<span class=\"_ _1\"></span>enute a s<span class=\"_ _1\"></span>copo di n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o inoltre p<span class=\"_ _1\"></span>u\u00f2 sce<span class=\"_ _1\"></span>glie<span class=\"_ _1\"></span>re, in se<span class=\"_ _1\"></span>de di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale, di de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nare irrevoc<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsb wse0\">con<span class=\"_ _0\"></span> imputazione a con<span class=\"_ _0\"></span>to economico q<span class=\"_ _0\"></span>uando q<span class=\"_ _0\"></span>uesto consente di </span>fornire un<span class=\"_ _1\"></span>\u2019informativ<span class=\"_ _1\"></span>a pi\u00f9 rilev<span class=\"_ _1\"></span>ante, in quanto:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>elimina o riduce s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte un<span class=\"_ _1\"></span>\u2019inco<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>ella misur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne o rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a anche com<span class=\"_ _1\"></span>e \u201c<span class=\"ff79\">an accoun<span class=\"ls0 ws0\">-</span></span>ting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che eme<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e dalla misura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o delle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o dalla rile<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o </span>dell<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite su di una b<span class=\"_ _1\"></span>ase dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rente;\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>un gruppo di at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie \u00e8 ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ito e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> in applica<span class=\"_ _1\"></span>zione di una p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls0 ws0\">ris<span class=\"_ _1\"></span>k </span>management<span class=\"ff71 ls4 ws127\"> o sulla ba<span class=\"_ _1\"></span>se di una st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ia di invest<span class=\"_ _1\"></span>imento e l<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a su det<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>uppo \u00e8 fornit<span class=\"_ _1\"></span>a inter<span class=\"_ _1\"></span>namente ai </span>dirigenti chiave su t<span class=\"_ _1\"></span>ale ba<span class=\"_ _1\"></span>se.Anche i d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati con<span class=\"ff79\"> fair value</span> neg<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati e valut<span class=\"_ _1\"></span>ati al<span class=\"ff79\"> fair value</span><span class=\"lsd ws6e\"> rilevato a con<span class=\"_ _0\"></span>to economico ad eccez<span class=\"_ _1\"></span>io<span class=\"ls0 ws0\">-</span></span>ne di quelli de<span class=\"_ _1\"></span>tenuti c<span class=\"_ _1\"></span>ome ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>aci s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vate inizialme<span class=\"_ _1\"></span>nte al fair value<span class=\"ff71\"> cui si agg<span class=\"_ _1\"></span>iungono, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti e deb<span class=\"_ _1\"></span>iti, i cos<span class=\"_ _1\"></span>ti di tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>si diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuibili. </span>Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali e altri de<span class=\"_ _1\"></span>biti, f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti, inc<span class=\"_ _1\"></span>lusi sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di conto cor<span class=\"_ _1\"></span>rente e s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e dipen<span class=\"_ _1\"></span>de dalla loro cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, come pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al <span class=\"ff79\">fair value</span><span class=\"ls0 wsc8\"> a </span>conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti).P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al <span class=\"ff79\">fair value</span> rilevat<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evate ini<span class=\"_ _1\"></span>zialmente al <span class=\"ff79\">fair value</span> con var<span class=\"_ _1\"></span>iazioni r<span class=\"_ _1\"></span>ilevate a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. Le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ono tut<span class=\"_ _1\"></span>te que<span class=\"_ _1\"></span>lle as<span class=\"_ _1\"></span>sunte con l<span class=\"_ _2\"></span>\u2019intento di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguerl<span class=\"_ _1\"></span>e o tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>irle ne<span class=\"_ _1\"></span>l breve te<span class=\"_ _1\"></span>rmine<span class=\"_ _1\"></span>. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cate<span class=\"_ _1\"></span>goria inclu<span class=\"_ _1\"></span>de inoltre g<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>oscr<span class=\"_ _1\"></span>itti dal G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o che non s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>signati c<span class=\"_ _1\"></span>ome str<span class=\"_ _1\"></span>umenti di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ura in una rela<span class=\"_ _1\"></span>zione di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dallo IA<span class=\"_ _1\"></span>S 39. I de<span class=\"_ _1\"></span>rivat<span class=\"_ _1\"></span>i incorp<span class=\"_ _1\"></span>orati, s<span class=\"_ _1\"></span>corp<span class=\"_ _1\"></span>orati dal co<span class=\"_ _1\"></span>ntrat<span class=\"ls0 ws0\">-</span>to princip<span class=\"_ _1\"></span>ale, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dete<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>alvo che n<span class=\"_ _1\"></span>on siano de<span class=\"_ _1\"></span>signati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci<span class=\"_ _1\"></span>. Gli utili o le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>ulle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a) d\u2019ese<span class=\"_ _1\"></span>rcizio. Le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no de<span class=\"_ _1\"></span>signate al <span class=\"ff79\">fair value </span>con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o dalla data di prima is<span class=\"_ _1\"></span>criz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, solo s<span class=\"_ _1\"></span>e i crite<span class=\"_ _1\"></span>ri de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fat<span class=\"_ _1\"></span>ti. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione ini<span class=\"_ _1\"></span>ziale, il G<span class=\"_ _1\"></span>ruppo n<span class=\"_ _1\"></span>on ha de<span class=\"_ _1\"></span>signato pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsd wse\">con vari<span class=\"_ _0\"></span>azioni rilevate a conto<span class=\"_ _0\"></span> economico.</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al costo ammortizzato (prestiti e finanziamenti)Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ati con il crit<span class=\"_ _1\"></span>erio de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato us<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>o del ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 es<span class=\"_ _1\"></span>tint<span class=\"_ _1\"></span>a, oltre che at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento. Il cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato \u00e8 cal<span class=\"_ _1\"></span>colato rile<span class=\"_ _1\"></span>vand<span class=\"_ _1\"></span>o lo sco<span class=\"_ _1\"></span>nto o il premio sull<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne e gli ono<span class=\"_ _1\"></span>rari o co<span class=\"_ _1\"></span>sti ch<span class=\"_ _1\"></span>e fanno par<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>grante d<span class=\"_ _1\"></span>el t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>mpre<span class=\"_ _1\"></span>so tra g<span class=\"_ _1\"></span>li oner<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdita).<span class=\"_ _0\"></span> Non \u00e8 p<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span>ibile ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie. Canc<span class=\"_ _4\"></span>ellazioneUna pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>ancellat<span class=\"_ _1\"></span>a quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante la p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 \u00e8 e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inta, annullata ov<span class=\"_ _2\"></span>vero a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>piuta<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tente fo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a da un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra de<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tator<span class=\"_ _1\"></span>e, a con<span class=\"_ _1\"></span>dizioni s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zialmente di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, oppure le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte venis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ero so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate<span class=\"_ _1\"></span>, tal<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>ambio o modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne tr<span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ato come una c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>riginale, a<span class=\"_ _1\"></span>ccompag<span class=\"_ _1\"></span>nata dalla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione di una nuova pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, co<span class=\"_ _1\"></span>n iscri<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio di eve<span class=\"_ _1\"></span>ntuali diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze tra i val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili.C<span class=\"_ _0\"></span>ompensazione di strumenti finanziariUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ate e il sal<span class=\"_ _1\"></span>do net<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o nel pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria, se e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te un dirit<span class=\"_ _1\"></span>to leg<span class=\"_ _1\"></span>ale att<span class=\"_ _1\"></span>uale a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti rile<span class=\"_ _1\"></span>vati cont<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte e vi sia l<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one di e<span class=\"_ _1\"></span>stingu<span class=\"_ _1\"></span>ere il re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to, o realiz<span class=\"_ _2\"></span>zare l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e co<span class=\"_ _1\"></span>ntemp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>amente e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tingue<span class=\"_ _1\"></span>re la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0.Strumenti finanziari der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati e hedge ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ountingRilevazione iniziale e v<span class=\"_ _0\"></span>alutazione succ<span class=\"_ _4\"></span>essivaIl Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati tra i quali: contratt<span class=\"_ _1\"></span>i a termin<span class=\"_ _1\"></span>e in valuta<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r coprire i r<span class=\"_ _1\"></span>ischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari relati<span class=\"_ _1\"></span>vi alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di cambi<span class=\"_ _1\"></span>o sulle tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>mmerciali in valut<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no inizialm<span class=\"_ _1\"></span>ente r<span class=\"_ _1\"></span>ilev<span class=\"_ _1\"></span>ati al <span class=\"ff79 ls4 ws12a\">fair value<span class=\"ff71\"> alla data in cui il contrat<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato \u00e8 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e, suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ati </span></span>nuovame<span class=\"_ _1\"></span>nte al <span class=\"ff79\">fair value</span>. I deriv<span class=\"_ _1\"></span>ati son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati come at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie quand<span class=\"_ _1\"></span>o il <span class=\"ff79\">fair value</span> \u00e8 positi<span class=\"_ _1\"></span>vo e come pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie quando il <span class=\"ff79\">fair value</span> \u00e8 neg<span class=\"_ _1\"></span>ativo. Co<span class=\"_ _1\"></span>me con<span class=\"_ _1\"></span>sentit<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 par<span class=\"_ _1\"></span>agrafo 7<span class=\"_ _4\"></span>.2<span class=\"_ _1\"></span>.21<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _1\"></span>o ha opt<span class=\"_ _1\"></span>ato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>S 39 in merito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Coe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente co<span class=\"_ _1\"></span>n quanto st<span class=\"_ _1\"></span>abilito dallo IA<span class=\"_ _1\"></span>S 39.<span class=\"_ _1\"></span>88 e r<span class=\"_ _1\"></span>ipres<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9.6.4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 st<span class=\"_ _1\"></span>abilite p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls22 wse4\"> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o:</span></span>\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la de<span class=\"_ _1\"></span>signa<span class=\"_ _1\"></span>zione for<span class=\"_ _1\"></span>male e la doc<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa, degli o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 nella ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio e della s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tuare la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>ar\u00e0 alt<span class=\"_ _1\"></span>amente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>per l<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ture di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i, l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rogrammat<span class=\"_ _1\"></span>a che \u00e8 og<span class=\"_ _2\"></span>getto di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re altam<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span><span class=\"ws0\">-</span>babile e de<span class=\"_ _1\"></span>ve pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>are un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e alle valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ch<span class=\"_ _1\"></span>e potre<span class=\"_ _1\"></span>bbe in<span class=\"_ _1\"></span>cider<span class=\"_ _1\"></span>e sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>cia pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibilmente mis<span class=\"_ _1\"></span>urata; e \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a \u00e8 altam<span class=\"_ _1\"></span>ente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace durante i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r i quali \u00e8 desig<span class=\"_ _1\"></span>nata. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span>. Quando gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati hann<span class=\"_ _1\"></span>o le car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche per e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"_ _1\"></span></span><span class=\"lsb wsa\">, si appl<span class=\"_ _0\"></span>icano i seguenti trattamenti con<span class=\"_ _0\"></span>tabili<span class=\"_ _4\"></span>:</span>\u2022  <span class=\"_ _1af\"></span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _1\"></span>e<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato co<span class=\"_ _1\"></span>me cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione all<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni </span>del v<span class=\"_ _1\"></span>alore cor<span class=\"_ _1\"></span>rente di una att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 o di una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di bilancio o di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile ch<span class=\"_ _1\"></span>e pu\u00f2 det<span class=\"_ _1\"></span>erminare ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> del der<span class=\"_ _1\"></span>ivato di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura \u00e8 rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dello st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile al r<span class=\"_ _1\"></span>ischio co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to \u00e8 rilev<span class=\"_ _1\"></span>ato come p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l valore di c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span><span class=\"ws0\">-</span>rico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eleme<span class=\"_ _1\"></span>nto cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d \u00e8 inolt<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. N<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile<span class=\"_ _1\"></span>, il <span class=\"ff79\">fair value</span> della co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte relati<span class=\"_ _1\"></span>va al ri<span class=\"_ _1\"></span>schio cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o \u00e8 iscrit<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>llo s<span class=\"_ _1\"></span>tato patr<span class=\"_ _1\"></span>imoniale com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, andand<span class=\"_ _1\"></span>o a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icare la vo<span class=\"_ _1\"></span>ce di st<span class=\"_ _1\"></span>ato patrim<span class=\"_ _1\"></span>oniale che s<span class=\"_ _1\"></span>ar\u00e0 intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto del su<span class=\"_ _1\"></span>o realiz<span class=\"_ _2\"></span>zo.\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 wse3\">Cash f<span class=\"_ _1\"></span>low he<span class=\"_ _1\"></span>dge<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o deri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato c<span class=\"_ _1\"></span>ome cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e alla variabi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>lit\u00e0 de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a di una atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 di b<span class=\"_ _1\"></span>ilancio o di un\u2019oper<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta alt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte probab<span class=\"_ _1\"></span>ile o di un impeg<span class=\"_ _1\"></span>no irrevo<span class=\"_ _1\"></span>cabil<span class=\"_ _1\"></span>e e che potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e avere ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico, la p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace d<span class=\"_ _1\"></span>egli ut<span class=\"_ _1\"></span>ili o delle per<span class=\"_ _1\"></span>dite sullo s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario \u00e8 ril<span class=\"_ _1\"></span>evat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo; l<span class=\"_ _1\"></span>\u2019utile o la pe<span class=\"_ _1\"></span>rdita cumulati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tornati dal p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o nel<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura; l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciati a una cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, o a quella par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ella cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a divent<span class=\"_ _1\"></span>ata in<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>ce, s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia \u00e8 rilev<span class=\"_ _1\"></span>ata.Qualora non<span class=\"_ _0\"></span> ricorrano le<span class=\"_ _0\"></span> condizioni per l\u2019a<span class=\"_ _0\"></span>pplicazione dell\u2019<span class=\"ff79 ls9 wsfe\">hedge accounting</span><span class=\"ls4 wsa0\">, gli e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione al </span>\u201c<span class=\"ff79 ls4\">fair value<span class=\"_ _1\"></span><span class=\"ff71\">\u201d de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato son<span class=\"_ _1\"></span>o imputat<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co.</span></span>2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _1\"></span>ivalentiLe dispo<span class=\"_ _1\"></span>nibilit\u00e0 liqui<span class=\"_ _1\"></span>de e i dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i a breve te<span class=\"_ _1\"></span>rmine co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono il de<span class=\"_ _1\"></span>naro in ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e i dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i a vis<span class=\"_ _1\"></span>ta e a b<span class=\"_ _1\"></span>reve te<span class=\"_ _1\"></span>rmi<span class=\"ls0 ws0\">-</span>ne, in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ultimo ca<span class=\"_ _1\"></span>so co<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nza o<span class=\"_ _1\"></span>riginaria pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta n<span class=\"_ _1\"></span>on oltre i t<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>si.2.3.9 Azioni <span class=\"_ _1\"></span>proprieLe azio<span class=\"_ _1\"></span>ni proprie a<span class=\"_ _1\"></span>cquist<span class=\"_ _1\"></span>ate s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate al co<span class=\"_ _1\"></span>sto e p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate in diminuzione d<span class=\"_ _1\"></span>el patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o, la vendit<span class=\"_ _1\"></span>a o la cance<span class=\"_ _1\"></span>llazi<span class=\"_ _1\"></span>one di az<span class=\"_ _1\"></span>ioni prop<span class=\"_ _1\"></span>rie non danno o<span class=\"_ _1\"></span>rigine a ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sun prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to o pe<span class=\"_ _1\"></span>rdita n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico. L<span class=\"_ _1\"></span>a diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za tra il val<span class=\"_ _1\"></span>ore di acquis<span class=\"_ _1\"></span>to e il co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo, in c<span class=\"_ _1\"></span>aso di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a e/o ass<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, vie<span class=\"_ _1\"></span>ne rile<span class=\"_ _1\"></span>vata in una ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>va de<span class=\"_ _1\"></span>l Patri<span class=\"ls0 ws0\">-</span>monio Netto.2.3.10 RimanenzeLe rimanen<span class=\"_ _1\"></span>ze di magaz<span class=\"_ _2\"></span>zino so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore tr<span class=\"_ _1\"></span>a il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>/o di produzio<span class=\"_ _1\"></span>ne, det<span class=\"_ _1\"></span>erminato s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>dio po<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>ato, e il valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di realiz<span class=\"_ _2\"></span>zo. Il cost<span class=\"_ _1\"></span>o di acquis<span class=\"_ _1\"></span>to \u00e8 inclus<span class=\"_ _1\"></span>ivo de<span class=\"_ _1\"></span>gli one<span class=\"_ _1\"></span>ri acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sori; il cos<span class=\"_ _1\"></span>to di pro<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e compre<span class=\"_ _1\"></span>nde i co<span class=\"_ _1\"></span>sti di dire<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a imput<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e una quot<span class=\"_ _1\"></span>a dei co<span class=\"_ _1\"></span>sti in<span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>i, ragion<span class=\"_ _1\"></span>evolme<span class=\"_ _1\"></span>nte im<span class=\"ls0 ws0\">-</span>putab<span class=\"_ _1\"></span>ili ai prod<span class=\"_ _1\"></span>otti. Il v<span class=\"_ _1\"></span>alore ne<span class=\"_ _1\"></span>tto di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 cos<span class=\"_ _1\"></span>tituito dal n<span class=\"_ _1\"></span>ormale p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zo stimato di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a ded<span class=\"_ _1\"></span>otti i cos<span class=\"_ _1\"></span>ti st<span class=\"_ _1\"></span>imati di comple<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento e i cos<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>timati p<span class=\"_ _1\"></span>er reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are la vendit<span class=\"_ _1\"></span>a.2.3.11 <span class=\"_ _0\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 possedute per la vendit<span class=\"_ _0\"></span>a T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e voce inclu<span class=\"_ _1\"></span>de le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti, il cui valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e sar\u00e0 re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte attr<span class=\"_ _1\"></span>avers<span class=\"_ _1\"></span>o la ven<span class=\"_ _1\"></span>dita piutto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o che attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>ontinuativo. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 de<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinate alla vendit<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore t<span class=\"_ _1\"></span>ra il loro valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile e il <span class=\"ff79\">fair value</span> al netto d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti di ve<span class=\"_ _1\"></span>ndita<span class=\"_ _1\"></span>.2.3.12 Fondi rischi ed oneri Gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti a fondi p<span class=\"_ _1\"></span>er ris<span class=\"_ _1\"></span>chi e one<span class=\"_ _1\"></span>ri son<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati quando il Grup<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ve far fronte a un<span class=\"_ _1\"></span>\u2019obbligazi<span class=\"_ _1\"></span>one att<span class=\"_ _1\"></span>ua<span class=\"ls0 ws0\">-</span>le (l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e o implicit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) risult<span class=\"_ _1\"></span>ante da un evento pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato, \u00e8 probab<span class=\"_ _1\"></span>ile un\u2019uscit<span class=\"_ _1\"></span>a di ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>er far fro<span class=\"_ _1\"></span>nte a tal<span class=\"_ _1\"></span>e obbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ed \u00e8 p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare una s<span class=\"_ _1\"></span>tima af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>idabile de<span class=\"_ _1\"></span>l suo amm<span class=\"_ _1\"></span>ontare<span class=\"_ _1\"></span>. Quando il G<span class=\"_ _1\"></span>ruppo r<span class=\"_ _1\"></span>itien<span class=\"_ _1\"></span>e che un acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto al fondo ri<span class=\"_ _1\"></span>schi e one<span class=\"_ _1\"></span>ri s<span class=\"_ _1\"></span>ar\u00e0 in par<span class=\"_ _1\"></span>te o de<span class=\"_ _1\"></span>l tut<span class=\"_ _1\"></span>to rimbo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ato, per es<span class=\"_ _1\"></span>empio n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di ri<span class=\"_ _1\"></span>schi cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i da poliz<span class=\"_ _2\"></span>ze ass<span class=\"_ _1\"></span>icurati<span class=\"_ _1\"></span>ve, l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo \u00e8 rile<span class=\"_ _1\"></span>vato in mo<span class=\"_ _1\"></span>do dis<span class=\"_ _1\"></span>tinto e se<span class=\"_ _1\"></span>parato n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tivo s<span class=\"_ _1\"></span>e, e so<span class=\"_ _1\"></span>lo se<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>so r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>a pratic<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to. In t<span class=\"_ _1\"></span>al ca<span class=\"_ _1\"></span>so, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o il cos<span class=\"_ _1\"></span>to dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eventual<span class=\"_ _1\"></span>e accanto<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>namento \u00e8 pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entato a<span class=\"_ _1\"></span>l nett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ammontare ril<span class=\"_ _1\"></span>evato p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo. Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>effe<span class=\"_ _1\"></span>tto di at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e del de<span class=\"_ _1\"></span>naro \u00e8 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo, gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i utiliz<span class=\"ls0 ws0\">-</span>zand<span class=\"_ _1\"></span>o un tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di sconto ante imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, ove ade<span class=\"_ _1\"></span>guato, i ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Quand<span class=\"_ _1\"></span>o vie<span class=\"_ _1\"></span>ne ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uata l<span class=\"_ _1\"></span>\u2019attualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione, l<span class=\"_ _2\"></span>\u2019incre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019accantoname<span class=\"_ _1\"></span>nto dov<span class=\"_ _1\"></span>uto al tra<span class=\"_ _1\"></span>scor<span class=\"_ _1\"></span>rere de<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o \u00e8 rile<span class=\"_ _1\"></span>vato com<span class=\"_ _1\"></span>e onere f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario.2.3.13 Fondi P<span class=\"_ _6\"></span>ensione e alt<span class=\"_ _1\"></span>ri benefici a lungo termine per i dipendenti<span class=\"_ _4\"></span> Il Grupp<span class=\"_ _1\"></span>o ha, in Italia, un \u201c<span class=\"_ _1\"></span>Piano a b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci def<span class=\"_ _1\"></span>initi<span class=\"_ _1\"></span>\u201d c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle quot<span class=\"_ _1\"></span>e TFR, r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>amente alla S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. p<span class=\"_ _1\"></span>er le s<span class=\"_ _1\"></span>ole quot<span class=\"_ _1\"></span>e iscrit<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ino al 31 dicembre 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6. Ino<span class=\"_ _1\"></span>ltre, ha \u201c<span class=\"_ _1\"></span>Piani a contrib<span class=\"_ _1\"></span>uzioni d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inite<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>er le quote TFR maturate suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte a tale dat<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ale dis<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>zione \u00e8 c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a alla Leg<span class=\"_ _1\"></span>ge Finan<span class=\"_ _1\"></span>ziaria 20<span class=\"_ _1\"></span>07 ed i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>creti at<span class=\"_ _1\"></span>tuativ<span class=\"_ _1\"></span>i, dalla quale deri<span class=\"_ _1\"></span>va la de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inazio<span class=\"_ _1\"></span>ne obb<span class=\"_ _1\"></span>ligatoria de<span class=\"_ _1\"></span>l TFR alle forme p<span class=\"_ _1\"></span>ensi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>iche comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ment<span class=\"_ _1\"></span>ari o al Fon<span class=\"_ _1\"></span>do di T<span class=\"_ _4\"></span>es<span class=\"_ _1\"></span>orer<span class=\"_ _1\"></span>ia ges<span class=\"_ _1\"></span>tito dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>INP<span class=\"_ _1\"></span>S.Il Grupp<span class=\"_ _1\"></span>o ha inoltre in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e altri \u201c<span class=\"_ _1\"></span>Piani a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>initi<span class=\"_ _2\"></span>\u201d negli St<span class=\"_ _1\"></span>ati Uniti, Me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sico, T<span class=\"_ _4\"></span>ailandia, Francia, Be<span class=\"_ _1\"></span>lgio, Principato di M<span class=\"_ _1\"></span>onaco, T<span class=\"_ _4\"></span>aiw<span class=\"_ _1\"></span>an, Giapp<span class=\"_ _1\"></span>one e Svi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze<span class=\"_ _1\"></span>ra.Il Grupp<span class=\"_ _1\"></span>o ha inoltre al<span class=\"_ _1\"></span>cuni piani a contribu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita p<span class=\"_ _1\"></span>er i pro<span class=\"_ _1\"></span>pri dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti. L<span class=\"_ _6\"></span>\u2019obbligazi<span class=\"_ _1\"></span>one net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vante da piani a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>alcolat<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>paratam<span class=\"_ _1\"></span>ente p<span class=\"_ _1\"></span>er cias<span class=\"_ _1\"></span>cun piano st<span class=\"_ _1\"></span>imando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icio futuro che i dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti hanno maturat<span class=\"_ _1\"></span>o in cambio d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nte e nei pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi; tal<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>icio v<span class=\"_ _1\"></span>iene at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r cal<span class=\"_ _1\"></span>colare il val<span class=\"_ _1\"></span>ore attual<span class=\"_ _1\"></span>e. Il cos<span class=\"_ _1\"></span>to dei b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>l piano a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi \u00e8 det<span class=\"_ _1\"></span>erminato us<span class=\"_ _1\"></span>ando il m<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>o attuariale d<span class=\"_ _1\"></span>ella proie<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e unitaria de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Gli utili e le p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e attuariali s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, cos\u00ec c<span class=\"_ _1\"></span>ome pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dallo IA<span class=\"_ _1\"></span>S 19. Gli interes<span class=\"_ _1\"></span>si net<span class=\"_ _1\"></span>ti sulla p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi devon<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re dete<span class=\"_ _1\"></span>rminati moltip<span class=\"_ _1\"></span>licand<span class=\"_ _1\"></span>o la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>er il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto. La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione at<span class=\"_ _1\"></span>tuariale de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>idat<span class=\"_ _1\"></span>a ad attuar<span class=\"_ _1\"></span>i indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti. 2.3.14 <span class=\"ff77 ws0\">Fair v<span class=\"_ _0\"></span>alue</span>L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>3 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un<span class=\"_ _1\"></span>\u2019unica fonte di riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al <span class=\"ff79\">fair value</span> e per la re<span class=\"_ _1\"></span>lativa infor<span class=\"_ _1\"></span>mativa, quando t<span class=\"_ _1\"></span>ale valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one \u00e8 richie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a o con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntita<span class=\"_ _1\"></span>. Il<span class=\"ff79\"> fair value</span> \u00e8 il prez<span class=\"_ _1\"></span>zo ch<span class=\"_ _1\"></span>e si pe<span class=\"_ _1\"></span>rcepire<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la vendit<span class=\"_ _1\"></span>a di un\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0 o ch<span class=\"_ _1\"></span>e si paghe<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>be p<span class=\"_ _1\"></span>er il tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rimento di una p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una re<span class=\"_ _1\"></span>golare op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e tra op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>atori di me<span class=\"_ _1\"></span>rcato alla data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. Il<span class=\"ff79\"> fair value</span> di un\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 v<span class=\"_ _1\"></span>alutato a<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>tand<span class=\"_ _1\"></span>o le as<span class=\"_ _1\"></span>sunz<span class=\"_ _1\"></span>ioni che gli o<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>atori di merc<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zerebb<span class=\"_ _1\"></span>ero n<span class=\"_ _1\"></span>ella det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 o pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, pr<span class=\"_ _1\"></span>esum<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o che gli st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si agi<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>no pe<span class=\"_ _1\"></span>r so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fare ne<span class=\"_ _1\"></span>l mod<span class=\"_ _1\"></span>o migliore il pro<span class=\"_ _1\"></span>prio inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Una valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del <span class=\"ff79\">fair value</span> di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on f<span class=\"_ _1\"></span>inanziaria co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>era la c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di un ope<span class=\"_ _1\"></span>rator<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato di gene<span class=\"_ _1\"></span>rare b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omici impie<span class=\"_ _1\"></span>gando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 nel s<span class=\"_ _1\"></span>uo mas<span class=\"_ _1\"></span>simo e miglio<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>zo o ve<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>la a un altro ope<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ratore di me<span class=\"_ _1\"></span>rcato ch<span class=\"_ _1\"></span>e la impieg<span class=\"_ _1\"></span>here<span class=\"_ _1\"></span>bbe n<span class=\"_ _1\"></span>el su<span class=\"_ _1\"></span>o mass<span class=\"_ _1\"></span>imo e miglior ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo.Il Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za te<span class=\"_ _1\"></span>cniche di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione che s<span class=\"_ _1\"></span>ono a<span class=\"_ _1\"></span>datte alle circo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anze e p<span class=\"_ _1\"></span>er le quali v<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icienti dati disp<span class=\"_ _1\"></span>onibili p<span class=\"_ _1\"></span>er v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>are il <span class=\"ff79 ls42 ws3e\">fair value<span class=\"ff71\">, mas<span class=\"_ _1\"></span>simiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo di </span><span class=\"ls8 ws6e\">input</span></span><span class=\"ls44 ws6b\"> os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili rile<span class=\"_ _1\"></span>vanti e minimi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019uso di </span>input<span class=\"ff71 ls6 wsd\"> no<span class=\"_ _1\"></span>n os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili. </span>T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali il <span class=\"ff79\">fair val<span class=\"_ _0\"></span>ue<span class=\"ff71\"> vie<span class=\"_ _1\"></span>ne valut<span class=\"_ _1\"></span>ato o e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto in b<span class=\"_ _1\"></span>ilancio so<span class=\"_ _1\"></span>no cate<span class=\"_ _1\"></span>goriz<span class=\"_ _2\"></span>zate in ba<span class=\"_ _1\"></span>se alla </span></span>gerarchia del <span class=\"ff79 ls4 ws0\">fair value<span class=\"ff71\">, come di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>ta: </span></span>\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Live<span class=\"_ _1\"></span>llo 1 - i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi quot<span class=\"_ _1\"></span>ati (non rettif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati) in merc<span class=\"_ _1\"></span>ati atti<span class=\"_ _1\"></span>vi p<span class=\"_ _1\"></span>er at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 ide<span class=\"_ _1\"></span>ntiche a cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 pu\u00f2 acc<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>re alla data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Li<span class=\"_ _1\"></span>vello 2 - <span class=\"ff79 ls3a wsa\">I<span class=\"_ _1\"></span>nput</span> dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i dai pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi quot<span class=\"_ _1\"></span>ati inclus<span class=\"_ _1\"></span>i nel Li<span class=\"_ _1\"></span>vello 1, osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>ili dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte o indiret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 o per la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>L<span class=\"_ _1\"></span>ivello 3 - t<span class=\"_ _1\"></span>ecnich<span class=\"_ _1\"></span>e di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r le quali i dati di <span class=\"ff79 ls5f ws7\">input</span> no<span class=\"_ _1\"></span>n sono o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vabili pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o p<span class=\"_ _1\"></span>er la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> \u00e8 classif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte ne<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so live<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>lla gerarchia de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> in cui \u00e8 classi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato l<span class=\"_ _2\"></span>\u2019<span class=\"ff79 ls5f ws7\">input</span><span class=\"ls4 ws0\"> di pi\u00f9 bass<span class=\"_ _1\"></span>o live<span class=\"_ _1\"></span>llo di gerarchia utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato per la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. </span>I meto<span class=\"_ _1\"></span>di di det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del <span class=\"ff79 ls4 ws8\">fair value<span class=\"ff71\"> con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto agli str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari, con f<span class=\"_ _1\"></span>inalit<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>abili o informative<span class=\"_ _1\"></span>, </span></span>sono r<span class=\"_ _1\"></span>iepilo<span class=\"_ _1\"></span>gati di s<span class=\"_ _1\"></span>eguito c<span class=\"_ _1\"></span>on rifer<span class=\"_ _1\"></span>imento alle p<span class=\"_ _1\"></span>rincipali c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari, cui son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati applic<span class=\"_ _1\"></span>ati:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Strum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati: sono st<span class=\"_ _1\"></span>ati ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ati gli ade<span class=\"_ _1\"></span>guati mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lli di <span class=\"ff79 ls3a wsa\">pricing</span> bas<span class=\"_ _1\"></span>ati sui v<span class=\"_ _1\"></span>alori di me<span class=\"_ _1\"></span>rcato d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di cambio;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>Credit<span class=\"_ _1\"></span>i e Deb<span class=\"_ _1\"></span>iti e att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie non quot<span class=\"_ _1\"></span>ate: pe<span class=\"_ _1\"></span>r gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari co<span class=\"_ _1\"></span>n sca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>iore ad un anno \u00e8 st<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l <span class=\"ff79\">discounte<span class=\"_ _1\"></span>d cash f<span class=\"_ _1\"></span>low</span><span class=\"lsb ws6\">, ossia l\u2019<span class=\"_ _0\"></span>attual<span class=\"_ _0\"></span>iz<span class=\"_ _1\"></span>zazione dei flus<span class=\"_ _1\"></span>si di cassa attesi in considerazione </span>delle c<span class=\"_ _1\"></span>orrenti c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o e me<span class=\"_ _1\"></span>rito cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _1\"></span>o; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari quot<span class=\"_ _1\"></span>ati: \u00e8 utiliz<span class=\"_ _1\"></span>zato il v<span class=\"_ _1\"></span>alore di me<span class=\"_ _1\"></span>rcato alla dat<span class=\"_ _1\"></span>a di riferime<span class=\"_ _1\"></span>nto.2.3.15 C<span class=\"_ _4\"></span>ostiI cos<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti quand<span class=\"_ _1\"></span>o relati<span class=\"_ _1\"></span>vi a b<span class=\"_ _1\"></span>eni e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi ve<span class=\"_ _1\"></span>nduti o con<span class=\"_ _1\"></span>sumati ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio o p<span class=\"_ _1\"></span>er ripar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e sis<span class=\"_ _1\"></span>tematic<span class=\"_ _1\"></span>a, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quando non s<span class=\"_ _1\"></span>i pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a identif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utilit\u00e0 f<span class=\"_ _1\"></span>utura de<span class=\"_ _1\"></span>gli ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si.I cos<span class=\"_ _1\"></span>ti di pubbli<span class=\"_ _1\"></span>cit\u00e0 e ric<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>a, in accord<span class=\"_ _1\"></span>o con lo I<span class=\"_ _1\"></span>AS 38<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>no integr<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>utati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico quand<span class=\"_ _1\"></span>o il ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ato re<span class=\"_ _1\"></span>so e con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnato al Grup<span class=\"_ _1\"></span>po. I cos<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti a s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>onda de<span class=\"_ _1\"></span>lla loro natura con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o i principi ap<span class=\"_ _1\"></span>plicab<span class=\"_ _1\"></span>ili nell<span class=\"_ _1\"></span>\u2019ambito deg<span class=\"_ _1\"></span>li IFRS<span class=\"_ _1\"></span>.2.3.16 Rica<span class=\"_ _4\"></span>vi da contr<span class=\"_ _0\"></span>atti con c<span class=\"_ _0\"></span>lientiI ricav<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti da co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con i client<span class=\"_ _1\"></span>i sono r<span class=\"_ _1\"></span>ilevati quan<span class=\"_ _1\"></span>do il controll<span class=\"_ _1\"></span>o dei b<span class=\"_ _1\"></span>eni e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi \u00e8 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito al clie<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r un ammontar<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te il corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivo che il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a di rice<span class=\"_ _1\"></span>vere in c<span class=\"_ _1\"></span>ambio di t<span class=\"_ _1\"></span>ali be<span class=\"_ _1\"></span>ni o ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i.Vendita di beniI ricav<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla ve<span class=\"_ _1\"></span>ndita d<span class=\"_ _1\"></span>ei b<span class=\"_ _1\"></span>eni so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciut<span class=\"_ _1\"></span>i nel mo<span class=\"_ _1\"></span>mento in cui il co<span class=\"_ _1\"></span>ntrollo de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a al cliente, ge<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>lmente al mo<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>lla sp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>zione in r<span class=\"_ _1\"></span>agione d<span class=\"_ _1\"></span>elle claus<span class=\"_ _1\"></span>ole ap<span class=\"_ _1\"></span>plicate<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>a se ci s<span class=\"_ _1\"></span>ono altre p<span class=\"_ _1\"></span>rome<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to che rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni di fare sulle quali una par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo della tr<span class=\"_ _1\"></span>ansa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere allo<span class=\"_ _1\"></span>cato (ad ese<span class=\"_ _1\"></span>mpio gar<span class=\"_ _1\"></span>anzie). Nel dete<span class=\"_ _1\"></span>rminare il pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>lla tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ione di<span class=\"_ _1\"></span> vendit<span class=\"_ _1\"></span>a dei b<span class=\"_ _1\"></span>eni, il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era g<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo variabil<span class=\"_ _1\"></span>e, di comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di f<span class=\"_ _1\"></span>inanzia<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve, di cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i non mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>i e di corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi da pag<span class=\"_ _1\"></span>are al cliente (se pre<span class=\"_ _1\"></span>senti).  <span class=\"_ _45\"></span><span class=\"ff74\">Diritto di reso</span>Alcuni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tono al clie<span class=\"_ _1\"></span>nte di res<span class=\"_ _1\"></span>tituire i b<span class=\"_ _1\"></span>eni e<span class=\"_ _1\"></span>ntro un dete<span class=\"_ _1\"></span>rminato pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di temp<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>timare i be<span class=\"_ _1\"></span>ni che non ve<span class=\"_ _1\"></span>rranno r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tituiti p<span class=\"_ _1\"></span>erch\u00e9 t<span class=\"_ _1\"></span>ale m<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>o \u00e8 il migliore p<span class=\"_ _1\"></span>er pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>ere l<span class=\"_ _1\"></span>\u2019ammontare del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo v<span class=\"_ _1\"></span>ariabile a cui il Gr<span class=\"_ _1\"></span>uppo av<span class=\"_ _1\"></span>r\u00e0 dirit<span class=\"_ _1\"></span>to. La g<span class=\"_ _1\"></span>uida dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5 s<span class=\"_ _1\"></span>ulle limita<span class=\"_ _1\"></span>zioni alla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo variabile s<span class=\"_ _1\"></span>i applic<span class=\"_ _1\"></span>ano pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ammontare del co<span class=\"_ _1\"></span>rris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo v<span class=\"_ _1\"></span>ariabile che p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re inclus<span class=\"_ _1\"></span>o nel p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zo della tr<span class=\"_ _1\"></span>ansa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. Per le m<span class=\"_ _1\"></span>erci che ci s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite il Grup<span class=\"_ _1\"></span>po ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a i ricav<span class=\"_ _1\"></span>i e regi<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er rimb<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>si. Il dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>stitu<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 (e il corrispo<span class=\"_ _1\"></span>ndent<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>gius<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto) \u00e8 riconosciuto a<span class=\"_ _1\"></span>nche pe<span class=\"_ _1\"></span>r il dirit<span class=\"_ _1\"></span>to di riceve<span class=\"_ _1\"></span>re i be<span class=\"_ _1\"></span>ni dal cliente<span class=\"_ _1\"></span>.Roy<span class=\"_ _4\"></span>alt<span class=\"_ _1\"></span>iesI ricav<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">royaltie<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ano da contrat<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n clienti di \u201c<span class=\"ff79\">sale<span class=\"_ _1\"></span>s bas<span class=\"_ _1\"></span>ed royalties<span class=\"_ _2\"></span></span>\u201d e so<span class=\"_ _1\"></span>no dunque is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>eten<span class=\"_ _1\"></span>za con rifer<span class=\"_ _1\"></span>imento allo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato di avanz<span class=\"_ _1\"></span>amento d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite de<span class=\"_ _1\"></span>l licen<span class=\"_ _1\"></span>ziatar<span class=\"_ _1\"></span>io, in base all<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni contr<span class=\"_ _1\"></span>attualme<span class=\"_ _1\"></span>nte previste.2.3.17 Diritti di r<span class=\"_ _0\"></span>ecuper<span class=\"_ _4\"></span>o prodotti da clienti per r<span class=\"_ _0\"></span>esiL<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to di res<span class=\"_ _1\"></span>o rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a il diritto d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rare i b<span class=\"_ _1\"></span>eni che si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de sar<span class=\"_ _1\"></span>anno res<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>i dai clienti. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 valut<span class=\"_ _1\"></span>ata al pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle riman<span class=\"_ _1\"></span>enze al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di eventuali co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>ero, compre<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili ridu<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re dei pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>si. Il Gr<span class=\"_ _1\"></span>uppo ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iorna p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>ente la s<span class=\"_ _1\"></span>tima con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto all<span class=\"_ _1\"></span>\u2019entit\u00e0 pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>si da clienti, n<span class=\"_ _1\"></span>onch\u00e9 e<span class=\"_ _1\"></span>ventuali ulter<span class=\"_ _1\"></span>iori ridu<span class=\"_ _1\"></span>zioni di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>.2.3.18 P<span class=\"_ _6\"></span>assivit\u00e0 per r<span class=\"_ _0\"></span>esiLa pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r rimbo<span class=\"_ _1\"></span>rsi r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbligo di rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>are in par<span class=\"_ _1\"></span>te o tu<span class=\"_ _1\"></span>tto il co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo ri<span class=\"_ _1\"></span>cev<span class=\"_ _1\"></span>uto (<span class=\"_ _0\"></span>o da ricever<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) dal cliente e vi<span class=\"_ _1\"></span>ene v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>a in bas<span class=\"_ _1\"></span>e al valore ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di dover re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituire al cliente<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po ag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rna le sue s<span class=\"_ _1\"></span>time de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r rimbor<span class=\"_ _1\"></span>si (e la corrispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione) alla fine di cia<span class=\"_ _1\"></span>scun pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di rifer<span class=\"_ _1\"></span>imento<span class=\"_ _1\"></span>.2.3.19 Piani di pagamenti basati su azioni Il Grupp<span class=\"_ _1\"></span>o ricon<span class=\"_ _1\"></span>osce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici ad<span class=\"_ _1\"></span>dizionali a<span class=\"_ _1\"></span>d alcuni dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, amministr<span class=\"_ _1\"></span>atori e collab<span class=\"_ _1\"></span>orato<span class=\"_ _1\"></span>ri che ri<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tono r<span class=\"_ _1\"></span>uoli di rilievo, attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so piani di par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zione al c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>goria \u201c<span class=\"ff79 ls46 ws107\">eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty-settl<span class=\"_ _0\"></span>ed<span class=\"_ _1\"></span><span class=\"ff71 ls4 wsc2\">\u201d, in q<span class=\"_ _0\"></span>uanto preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o </span></span>la cons<span class=\"_ _1\"></span>egna f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ica d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni, e att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>iani basati s<span class=\"_ _1\"></span>ul valore d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni ma re<span class=\"_ _1\"></span>golabili p<span class=\"_ _1\"></span>er ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a (\u201c<span class=\"ff79 lsd ws75\">cash-settle<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span></span><span class=\"ls0\">\u201d<span class=\"_ _2\"></span>). </span>Oper<span class=\"_ _0\"></span>azioni con pagamento r<span class=\"_ _4\"></span>egolato con strumenti di capitaleSe<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto st<span class=\"_ _1\"></span>abilito dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 2 \u2013 Pagamenti b<span class=\"_ _1\"></span>asati s<span class=\"_ _1\"></span>u azio<span class=\"_ _1\"></span>ni \u2013 i diritt<span class=\"_ _1\"></span>i ass<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>nati a favore de<span class=\"_ _1\"></span>i dipen<span class=\"_ _1\"></span>denti ve<span class=\"_ _1\"></span>ngono valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls8 ws121\"> al momento<span class=\"_ _0\"></span> della comu<span class=\"_ _0\"></span>nicazione dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>assegnazione degli ste<span class=\"_ _1\"></span>ssi al benef<span class=\"_ _1\"></span>iciario,<span class=\"_ _0\"></span> determina<span class=\"_ _0\"></span>to </span>se<span class=\"_ _1\"></span>condo il m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>llo bino<span class=\"_ _1\"></span>miale. T<span class=\"_ _4\"></span>ale mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo tien<span class=\"_ _1\"></span>e conto di tut<span class=\"_ _1\"></span>te le c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e di tali dirit<span class=\"_ _1\"></span>ti (durata, pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo e con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dizioni di e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizio, e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>), nonch\u00e9 de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re dei tit<span class=\"_ _1\"></span>oli azi<span class=\"_ _1\"></span>onari sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti alla data di as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnaz<span class=\"_ _1\"></span>ione e de<span class=\"_ _1\"></span>lla volatilit<span class=\"_ _1\"></span>\u00e0 attesa degli ste<span class=\"_ _1\"></span>ssi.Se il dirit<span class=\"_ _1\"></span>to div<span class=\"_ _1\"></span>iene e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abile dop<span class=\"_ _1\"></span>o un cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o di temp<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019asseg<span class=\"_ _1\"></span>nazio<span class=\"_ _1\"></span>ne (<span class=\"_ _4\"></span><span class=\"ff79 ls3a wsda\">v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ting p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span><span class=\"ff71 ls4 ws110\">) e al verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>si di </span></span>cer<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di <span class=\"ff79 ls2c ws9d\">per<span class=\"_ _1\"></span>formance</span>, il cos<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni re<span class=\"_ _1\"></span>golate con s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cap<span class=\"_ _1\"></span>itale<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e al corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to, \u00e8 rilev<span class=\"_ _1\"></span>ato sul pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do in cui le con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ni relative al r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto di obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o alla pres<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izio s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>disf<span class=\"_ _1\"></span>atte co<span class=\"_ _1\"></span>n termin<span class=\"_ _1\"></span>e alla data in cui i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari hann<span class=\"_ _1\"></span>o piename<span class=\"_ _1\"></span>nte maturato il diritto a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re il comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>o (\u201cdata di maturazio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>). Alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io il <span class=\"ff79\">fair value</span> dei diritt<span class=\"_ _1\"></span>i as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nati pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente det<span class=\"_ _1\"></span>erminato no<span class=\"_ _1\"></span>n vie<span class=\"_ _1\"></span>ne riv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to; a tale data vi<span class=\"_ _1\"></span>ene inve<span class=\"_ _1\"></span>ce ag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rnata la s<span class=\"_ _1\"></span>tima del num<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>i diritt<span class=\"_ _1\"></span>i che maturer<span class=\"_ _1\"></span>anno f<span class=\"_ _1\"></span>ino alla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a. I cos<span class=\"_ _1\"></span>ti cumulati rile<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vati a fronte di t<span class=\"_ _1\"></span>ali op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni alla dat<span class=\"_ _1\"></span>a di chiusura di og<span class=\"_ _1\"></span>ni es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io sino alla data di matur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o commisur<span class=\"_ _1\"></span>ati alle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di maturazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>d alla migliore s<span class=\"_ _1\"></span>tima disp<span class=\"_ _1\"></span>onibile de<span class=\"_ _1\"></span>l numero di s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipati<span class=\"_ _1\"></span>vi che verrann<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente a matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. Il co<span class=\"_ _1\"></span>sto o ri<span class=\"_ _1\"></span>cavo a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta la var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>sto cumulato r<span class=\"_ _1\"></span>ilevato all<span class=\"_ _2\"></span>\u2019inizio e alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio. Nes<span class=\"_ _1\"></span>sun co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r i diritti ch<span class=\"_ _1\"></span>e non arri<span class=\"_ _1\"></span>vano a matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>initi<span class=\"_ _1\"></span>va, tr<span class=\"_ _1\"></span>anne nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o dei dirit<span class=\"_ _1\"></span>ti la cui as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnazi<span class=\"_ _1\"></span>one \u00e8 sub<span class=\"_ _1\"></span>ordinat<span class=\"_ _1\"></span>a alle co<span class=\"_ _1\"></span>ndiz<span class=\"_ _1\"></span>ioni di me<span class=\"_ _1\"></span>rcato.L<span class=\"_ _6\"></span>\u2019effet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla diluizion<span class=\"_ _1\"></span>e dei dirit<span class=\"_ _1\"></span>ti as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnati no<span class=\"_ _1\"></span>n ancora e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcitati \u00e8 r<span class=\"_ _1\"></span>ifl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>alcolo d<span class=\"_ _1\"></span>ella diluizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile per azione.Oper<span class=\"_ _0\"></span>azioni regol<span class=\"_ _0\"></span>ate per cassaIn pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni con pagam<span class=\"_ _1\"></span>ento ba<span class=\"_ _1\"></span>sato su a<span class=\"_ _1\"></span>zioni re<span class=\"_ _1\"></span>golate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a, il co<span class=\"_ _1\"></span>sto d<span class=\"_ _1\"></span>elle op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa \u00e8 valut<span class=\"_ _1\"></span>ato inizialme<span class=\"_ _1\"></span>nte al valore e<span class=\"_ _1\"></span>quo alla dat<span class=\"_ _1\"></span>a di comunica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario. T<span class=\"_ _4\"></span>ale v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo \u00e8 spe<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>o nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do f<span class=\"_ _1\"></span>ino alla matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, con r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>. Fino a quando la pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 non \u00e8 e<span class=\"_ _1\"></span>stint<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato il ric<span class=\"_ _1\"></span>alcolo d<span class=\"_ _1\"></span>el <span class=\"ff79\">fair value</span> a ciascuna data di chiu<span class=\"_ _1\"></span>sura di bilancio e<span class=\"_ _1\"></span>d alla data di re<span class=\"_ _1\"></span>golame<span class=\"_ _1\"></span>nto imputan<span class=\"_ _1\"></span>do tut<span class=\"_ _1\"></span>te le var<span class=\"_ _1\"></span>iazioni a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>appro<span class=\"_ _1\"></span>ccio utiliz<span class=\"_ _2\"></span>zato pe<span class=\"_ _1\"></span>r cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zare le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni di maturazi<span class=\"_ _1\"></span>one quando si mis<span class=\"_ _1\"></span>urano le op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate c<span class=\"_ _1\"></span>on titoli a<span class=\"_ _1\"></span>zionar<span class=\"_ _1\"></span>i si applic<span class=\"_ _1\"></span>a anche alle t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>.2.3.20 P<span class=\"_ _4\"></span>roventi ed Oneri finanziariI proventi e gli o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nza s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si maturati s<span class=\"_ _1\"></span>ul valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>, utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo.2.3.21 DividendiI divi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>di sono r<span class=\"_ _1\"></span>ilevati c<span class=\"_ _1\"></span>ontabilm<span class=\"_ _1\"></span>ente quando s<span class=\"_ _1\"></span>orge il dirit<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>gli a<span class=\"_ _1\"></span>zionis<span class=\"_ _1\"></span>ti a rice<span class=\"_ _1\"></span>vere il pag<span class=\"_ _1\"></span>amento.2.3.22 C<span class=\"_ _4\"></span>ont<span class=\"_ _1\"></span>ributi pubbliciI contribut<span class=\"_ _1\"></span>i pubblici s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati quand<span class=\"_ _1\"></span>o sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la ragi<span class=\"_ _1\"></span>onevol<span class=\"_ _1\"></span>e cer<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>za che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i sar<span class=\"_ _1\"></span>anno ricev<span class=\"_ _1\"></span>uti e che t<span class=\"_ _1\"></span>utte l<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dizioni ad<span class=\"_ _0\"></span> essi riferiti sia<span class=\"_ _0\"></span>no soddisfatte. I contributi<span class=\"_ _0\"></span> in con<span class=\"_ _0\"></span>to esercizio sono presentati come com<span class=\"_ _0\"></span>ponente positiva nel conto economico.2.3.23 Imposte sul r<span class=\"_ _0\"></span>edditoImposte c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>entiLe impos<span class=\"_ _1\"></span>te cor<span class=\"_ _1\"></span>renti rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o una stima re<span class=\"_ _1\"></span>alist<span class=\"_ _1\"></span>ica d<span class=\"_ _1\"></span>el car<span class=\"_ _1\"></span>ico f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata app<span class=\"_ _1\"></span>lican<span class=\"_ _1\"></span>do le aliquote e la n<span class=\"_ _1\"></span>ormativ<span class=\"_ _1\"></span>a vigente n<span class=\"_ _1\"></span>ei Pae<span class=\"_ _1\"></span>si ne<span class=\"_ _1\"></span>i quali il Grupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>a la sua att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0; il debito p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti vie<span class=\"_ _1\"></span>ne contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato nell<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ato patrimo<span class=\"_ _1\"></span>niale al net<span class=\"_ _1\"></span>to di eve<span class=\"_ _1\"></span>ntuali acconti di imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>a pag<span class=\"_ _1\"></span>ati. Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>te la po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne as<span class=\"_ _1\"></span>sunta n<span class=\"_ _1\"></span>ella dichiara<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>dditi ne<span class=\"_ _1\"></span>i ca<span class=\"_ _1\"></span>si in cui le nor<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali siano s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d interpre<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zioni e, ove appro<span class=\"_ _1\"></span>priato, prov<span class=\"_ _2\"></span>vede a s<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziare de<span class=\"_ _1\"></span>gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti.Le impos<span class=\"_ _1\"></span>te cor<span class=\"_ _1\"></span>renti re<span class=\"_ _1\"></span>lative a p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ate dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to o nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico com<span class=\"_ _1\"></span><span class=\"ws0\">-</span>ple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo so<span class=\"_ _1\"></span>no anche e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente a patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to o ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo.Imposte differiteLe impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>late sulle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ane<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>anti alla data di bilanci<span class=\"_ _1\"></span>o fra i val<span class=\"_ _1\"></span>ori f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pre<span class=\"_ _1\"></span>si a riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e i val<span class=\"_ _1\"></span>ori rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a b<span class=\"_ _1\"></span>ilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate a fro<span class=\"_ _1\"></span>nte di tutt<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili, ad ec<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>zione:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>di quando le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve deri<span class=\"_ _1\"></span>vino dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento o di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in una trans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 una ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>iendal<span class=\"_ _1\"></span>e e che, al t<span class=\"_ _1\"></span>empo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, no<span class=\"_ _1\"></span>n compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i n\u00e9 sull<span class=\"_ _1\"></span>\u2019utile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio c<span class=\"_ _1\"></span>alcolato a f<span class=\"_ _1\"></span>ini di bilancio n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile o sulla pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a calco<span class=\"_ _1\"></span>lati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sabili a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociate a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in co<span class=\"_ _1\"></span>ntrollate, co<span class=\"_ _1\"></span>lleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls2c wseb\">joint ventu<span class=\"ls0 ws0\">-</span></span>re<span class=\"ff71 wsb0\">, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il rigiro dell<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re controllato e<span class=\"_ _1\"></span>d \u00e8 pro<span class=\"_ _1\"></span>babile che e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so non s<span class=\"_ _1\"></span>i verif<span class=\"_ _1\"></span>ichi </span>nel fut<span class=\"_ _1\"></span>uro preve<span class=\"_ _1\"></span>dibile<span class=\"_ _1\"></span>.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve sono r<span class=\"_ _1\"></span>ilevate a f<span class=\"_ _1\"></span>ronte di tut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee d<span class=\"_ _1\"></span>educib<span class=\"_ _1\"></span>ili e per l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>t\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, nella mis<span class=\"_ _1\"></span>ura in cui sia prob<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019esis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nza di a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali futuri c<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano ren<span class=\"_ _1\"></span>dere applic<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>scali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, ecc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o il cas<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>l\u2019<span class=\"_ _1\"></span>impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>va co<span class=\"_ _1\"></span>llegat<span class=\"_ _1\"></span>a alle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili deri<span class=\"_ _1\"></span>vi dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 un\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale e che<span class=\"_ _1\"></span>, al temp<span class=\"_ _1\"></span>o della t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa, non inf<span class=\"_ _1\"></span>luisce n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>lato a f<span class=\"_ _1\"></span>ini di bilancio n\u00e9 sull<span class=\"_ _2\"></span>\u2019utile o sulla perdit<span class=\"_ _1\"></span>a cal<span class=\"_ _1\"></span>colati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>co<span class=\"_ _1\"></span>n riferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili ass<span class=\"_ _1\"></span>ociate a p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in c<span class=\"_ _1\"></span>ontrollate, c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls43 ws8b\">joint ven<span class=\"ls0 ws0\">-</span></span>ture<span class=\"ff71 ls42 wscd\">, le impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate s<span class=\"_ _1\"></span>olo ne<span class=\"_ _1\"></span>lla misura in cui sia p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee </span>dedu<span class=\"_ _1\"></span>cibili si rive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anno nell<span class=\"_ _2\"></span>\u2019imme<span class=\"_ _1\"></span>diato futuro e che v<span class=\"_ _1\"></span>i siano ade<span class=\"_ _1\"></span>guati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali a f<span class=\"_ _1\"></span>ronte dei quali le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate.Il valore da rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are in bilancio de<span class=\"_ _1\"></span>lle impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive v<span class=\"_ _1\"></span>iene ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>aminato a ciascuna dat<span class=\"_ _1\"></span>a di chiusura de<span class=\"_ _1\"></span>l bi<span class=\"ls0 ws0\">-</span>lancio e ridot<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lla misura in cui n<span class=\"_ _1\"></span>on risult<span class=\"_ _1\"></span>i pi\u00f9 probabil<span class=\"_ _1\"></span>e che suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nti utili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali sar<span class=\"_ _1\"></span>anno disp<span class=\"_ _1\"></span>onibili in futuro in mod<span class=\"_ _1\"></span>o da per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere a tut<span class=\"_ _1\"></span>to o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e di tal<span class=\"_ _1\"></span>e credito di e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato. Le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive no<span class=\"_ _1\"></span>n ricono<span class=\"_ _1\"></span>sciute sono r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminate con p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicit<span class=\"_ _1\"></span>\u00e0 annuale alla data di chius<span class=\"_ _1\"></span>ura del b<span class=\"_ _1\"></span>ilancio e vengon<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate nella mis<span class=\"_ _1\"></span>ura in cui \u00e8 divent<span class=\"_ _1\"></span>ato probab<span class=\"_ _1\"></span>ile che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale s<span class=\"_ _1\"></span>ia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>ntire che t<span class=\"_ _1\"></span>ali impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>.Per st<span class=\"_ _1\"></span>abilire se s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zati re<span class=\"_ _1\"></span>dditi impo<span class=\"_ _1\"></span>nibili a fronte de<span class=\"_ _1\"></span>i quali poter ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a dedu<span class=\"_ _1\"></span>cibile, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>a se la nor<span class=\"_ _1\"></span>mativa t<span class=\"_ _1\"></span>ribut<span class=\"_ _1\"></span>aria loc<span class=\"_ _1\"></span>ale impo<span class=\"_ _1\"></span>nga o me<span class=\"_ _1\"></span>no res<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>zioni alle fonti di r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>o imponi<span class=\"ls0 ws0\">-</span>bili a fronte de<span class=\"_ _1\"></span>i quali pu\u00f2 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare de<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ni sull<span class=\"_ _1\"></span>\u2019annullamento di dett<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono mi<span class=\"_ _1\"></span>surate in bas<span class=\"_ _1\"></span>e alle aliquot<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali che ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de vengan<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>ate all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio in cui t<span class=\"_ _1\"></span>ali atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 si reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ano o tali p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 si e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinguon<span class=\"_ _1\"></span>o, consi<span class=\"_ _1\"></span>deran<span class=\"_ _1\"></span>do le aliqu<span class=\"_ _1\"></span>ote in vigore e que<span class=\"_ _1\"></span>lle gi\u00e0 emanate o s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente e<span class=\"_ _1\"></span>manate alla data di bilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve a pos<span class=\"_ _1\"></span>te rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a pat<span class=\"_ _1\"></span>rimonio ne<span class=\"_ _1\"></span>tto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>ono anch<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>se ril<span class=\"_ _1\"></span>evate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a p<span class=\"_ _1\"></span>atrimonio n<span class=\"_ _1\"></span>etto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto di c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>plessi<span class=\"_ _1\"></span>vo.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>nsate<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a un diritto l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 per imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corr<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti e le imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite fa<span class=\"_ _1\"></span>cciano rifer<span class=\"_ _1\"></span>imento alla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a entit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>d alla ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa auto<span class=\"_ _1\"></span>rit\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ale.Imposta sul valor<span class=\"_ _4\"></span>e aggiuntoI ricav<span class=\"_ _1\"></span>i, i cos<span class=\"_ _1\"></span>ti e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati al ne<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>elle imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e sul valo<span class=\"_ _1\"></span>re ag<span class=\"_ _1\"></span>giunto ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _41\"> </span> <span class=\"_ _11f\"></span>tal<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a applic<span class=\"_ _1\"></span>ata all<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di beni o s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi r<span class=\"_ _1\"></span>isulti ind<span class=\"_ _1\"></span>etraibil<span class=\"_ _1\"></span>e, ne<span class=\"_ _1\"></span>l qual cas<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata co<span class=\"_ _1\"></span>me par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e di cos<span class=\"_ _1\"></span>to rilev<span class=\"_ _1\"></span>ata a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>si rifer<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>a a cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali pe<span class=\"_ _1\"></span>r i quali \u00e8 gi\u00e0 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a o ricev<span class=\"_ _1\"></span>uta la f<span class=\"_ _1\"></span>attura<span class=\"_ _1\"></span>, i cui valor<span class=\"_ _1\"></span>i sono e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti include<span class=\"_ _1\"></span>ndo il v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span> dell<span class=\"_ _2\"></span>\u2019impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammontare net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle impos<span class=\"_ _1\"></span>te indire<span class=\"_ _1\"></span>tte s<span class=\"_ _1\"></span>ulle vendit<span class=\"_ _1\"></span>e e sugli ac<span class=\"_ _1\"></span>quisti ch<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rate da o pagat<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019erario \u00e8 inclus<span class=\"_ _1\"></span>o a bilancio ne<span class=\"_ _1\"></span>i cre<span class=\"_ _1\"></span>diti o deb<span class=\"_ _1\"></span>iti tribut<span class=\"_ _1\"></span>ari a s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nda del s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no del s<span class=\"_ _1\"></span>aldo. 2.3.24 Utile per azioneL<span class=\"_ _6\"></span>\u2019utile base p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e \u00e8 calco<span class=\"_ _1\"></span>lato div<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>do il risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co del p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo, util<span class=\"_ _1\"></span>e e/o perdit<span class=\"_ _1\"></span>a attr<span class=\"_ _1\"></span>ibuibile agli A<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>i della C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>er la me<span class=\"_ _1\"></span>dia po<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rata d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni in circola<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e durante l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio. A<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>ini del c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile diluito p<span class=\"_ _1\"></span>er az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, la media p<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a delle a<span class=\"_ _1\"></span>zioni in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne \u00e8 mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a ass<span class=\"_ _1\"></span>umen<span class=\"_ _1\"></span>do la conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne di tutte l<span class=\"_ _1\"></span>e pote<span class=\"_ _1\"></span>nziali a<span class=\"_ _1\"></span>zioni aventi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o diluitivo. A<span class=\"_ _1\"></span>nche l<span class=\"_ _1\"></span>\u2019utile net<span class=\"_ _1\"></span>to \u00e8 ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>er conto d<span class=\"_ _1\"></span>egli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti, al net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>te, d<span class=\"_ _1\"></span>ella conve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>.2.3.25 Ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span><span class=\"ff77 lsbe ws25c\">Pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span></span><span class=\"ws0\"> e <span class=\"ff77\">C<span class=\"_ _4\"></span>all <span class=\"ff74\">su Interessenze di Minor<span class=\"_ _4\"></span>anza </span></span></span>Nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di opzioni <span class=\"ff79 ls3a wsa\">put</span> co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ai so<span class=\"_ _1\"></span>ci di minoran<span class=\"_ _1\"></span>za, il Gr<span class=\"_ _1\"></span>uppo i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pari al v<span class=\"_ _1\"></span>alore at<span class=\"ls0 ws0\">-</span>tuale de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione. S<span class=\"_ _1\"></span>e i termini e l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione <span class=\"ff79 ls3a wsa\">put</span> danno gi\u00e0 al Gr<span class=\"_ _1\"></span>uppo ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so ai ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomici c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ati alla quota di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale opzionat<span class=\"_ _1\"></span>a, il Grup<span class=\"_ _1\"></span>po cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>za t<span class=\"_ _1\"></span>ale quot<span class=\"_ _1\"></span>a come s<span class=\"_ _1\"></span>e foss<span class=\"_ _1\"></span>e gi\u00e0 st<span class=\"_ _1\"></span>ata ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>, quindi, al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l ricon<span class=\"_ _1\"></span>oscim<span class=\"_ _1\"></span>ento inizial<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, t<span class=\"_ _1\"></span>ale val<span class=\"_ _1\"></span>ore vie<span class=\"_ _1\"></span>ne ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cato dal patrimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o riduce<span class=\"_ _1\"></span>ndo la quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle minoran<span class=\"_ _1\"></span>ze. L<span class=\"_ _1\"></span>a pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 vie<span class=\"_ _1\"></span>ne succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente r<span class=\"_ _1\"></span>imisurat<span class=\"_ _1\"></span>a ad og<span class=\"_ _1\"></span>ni data di chiusura co<span class=\"_ _1\"></span>nformem<span class=\"_ _1\"></span>ente a quanto pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9. Negli alt<span class=\"_ _1\"></span>ri ca<span class=\"_ _1\"></span>si, la polit<span class=\"_ _1\"></span>ica co<span class=\"_ _1\"></span>ntabil<span class=\"_ _1\"></span>e sce<span class=\"_ _1\"></span>lta dal G<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che il Grup<span class=\"_ _1\"></span>po, al mome<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l ricono<span class=\"_ _1\"></span>scime<span class=\"_ _1\"></span>nto iniziale d<span class=\"_ _1\"></span>ella pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ichi t<span class=\"_ _1\"></span>ale v<span class=\"_ _1\"></span>alore ne<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to di Grupp<span class=\"_ _1\"></span>o, continuando a co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zar<span class=\"_ _1\"></span>e gli utili e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>ribuibili a t<span class=\"_ _1\"></span>ali minoran<span class=\"_ _1\"></span>ze e il patrimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di minoran<span class=\"_ _1\"></span>za; ogni mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 vie<span class=\"_ _1\"></span>ne rilev<span class=\"_ _1\"></span>ata a patr<span class=\"_ _1\"></span>imonio net<span class=\"_ _1\"></span>to. 2.3.26 IAS 29 C<span class=\"_ _0\"></span>riteri di cont<span class=\"_ _0\"></span>abilizzazione in economie iperinflazionate Con ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span>mia argentina \u00e8 co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a ipe<span class=\"_ _1\"></span>rinfla<span class=\"_ _1\"></span>zionat<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do i crite<span class=\"_ _1\"></span>ri del \u201c<span class=\"ff79 ws3c\">Financial </span>Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"ff71 ls5 wsef\"> in </span><span class=\"ls4 wsde\">Hyp<span class=\"_ _1\"></span>erinfl<span class=\"_ _1\"></span>ationar<span class=\"_ _1\"></span>y Economie<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span><span class=\"ff71\">\u201d (\u201c<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>S 29<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>). T<span class=\"_ _4\"></span>ale prin<span class=\"_ _1\"></span>cipio richie<span class=\"_ _1\"></span>de che i v<span class=\"_ _1\"></span>alori di b<span class=\"_ _1\"></span>ilancio dell<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 la cui </span></span>valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale s<span class=\"_ _1\"></span>ia quella di un<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span>mia cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rata ip<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zionat<span class=\"_ _1\"></span>a, sian<span class=\"_ _1\"></span>o ride<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>e utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o un indice ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>le dei p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zi che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a le varia<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l pote<span class=\"_ _1\"></span>re di acquis<span class=\"_ _1\"></span>to ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale. L<span class=\"_ _4\"></span>\u2019indic<span class=\"_ _1\"></span>e di infla<span class=\"_ _1\"></span>zione ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato in Arge<span class=\"_ _1\"></span>ntina \u00e8 un indice sintet<span class=\"_ _1\"></span>ico con l<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uenti c<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>stic<span class=\"_ _1\"></span>he: (<span class=\"_ _4\"></span>a) dal 1<span class=\"_ _0\"></span>\u00b0 gennaio 201<span class=\"_ _6\"></span>7 in p<span class=\"_ _1\"></span>oi vie<span class=\"_ _1\"></span>ne utiliz<span class=\"_ _2\"></span>zato un nuovo indic<span class=\"_ _1\"></span>e nazio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nale dei p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zi al con<span class=\"_ _1\"></span>sumo; e (b<span class=\"_ _0\"></span>) per i p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodi f<span class=\"_ _1\"></span>ino al 31 dicembre 201<span class=\"_ _4\"></span>6 vie<span class=\"_ _1\"></span>ne utiliz<span class=\"_ _2\"></span>zato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>indice de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>\u2019ingro<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o.Perci\u00f2 tut<span class=\"_ _1\"></span>ti gli el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti del b<span class=\"_ _1\"></span>ilancio della s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>parati in el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti mone<span class=\"_ _1\"></span>tari e non mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>i. Gli el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti mone<span class=\"_ _1\"></span>tari s<span class=\"_ _1\"></span>ono rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati dal de<span class=\"_ _1\"></span>naro pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>duto e dalle vo<span class=\"_ _1\"></span>ci atti<span class=\"_ _1\"></span>ve o pas<span class=\"_ _1\"></span>sive i cui v<span class=\"_ _1\"></span>alori devono e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re ricev<span class=\"_ _1\"></span>uti o pag<span class=\"_ _1\"></span>ati in denaro; tutt<span class=\"_ _1\"></span>i gli altri e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti s<span class=\"_ _1\"></span>ono non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ari. Gli e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ari non s<span class=\"_ _1\"></span>ono ridet<span class=\"_ _1\"></span>erminati p<span class=\"_ _1\"></span>erch\u00e9 s<span class=\"_ _1\"></span>ono gi\u00e0 e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si in ter<span class=\"_ _1\"></span>mini di unit\u00e0 mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>ia attuale<span class=\"_ _1\"></span>. In un pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di infla<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, un\u2019entit<span class=\"_ _1\"></span>\u00e0 che detie<span class=\"_ _1\"></span>ne un ec<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 monet<span class=\"_ _1\"></span>arie r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>etto all<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 monet<span class=\"_ _1\"></span>arie p<span class=\"_ _1\"></span>erde p<span class=\"_ _1\"></span>oter<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>\u2019acquisto e un<span class=\"_ _1\"></span>\u2019entit\u00e0 con un ecce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so di pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>ie risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to alle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>arie acqui<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a pote<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019acquisto. L<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla posizione monetaria netta \u00e8 inc<span class=\"_ _0\"></span>luso nel conto econom<span class=\"_ _0\"></span>ico. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _4\"></span>ef<span class=\"_ _1\"></span>fetto dell<span class=\"_ _1\"></span>\u2019inflazione sull<span class=\"_ _0\"></span>a posizione monetaria ne<span class=\"_ _0\"></span>tta e sulle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie de<span class=\"_ _1\"></span>lla soci<span class=\"_ _1\"></span>et\u00e0 F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019anno chiuso il 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 \u00e8 st<span class=\"_ _1\"></span>ato un one<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to pari a Euro 7<span class=\"_ _4\"></span>42 migliaia, non signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul b<span class=\"_ _1\"></span>ilancio cons<span class=\"_ _1\"></span>olidato (u<span class=\"_ _0\"></span>n one<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to di Euro 1<span class=\"_ _4\"></span>54 migliaia nel conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>).Dop<span class=\"_ _1\"></span>o la ridet<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione da I<span class=\"_ _1\"></span>AS 29 d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n mone<span class=\"_ _1\"></span>tarie<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o ha prov<span class=\"_ _2\"></span>veduto in<span class=\"_ _1\"></span>oltre a valut<span class=\"_ _1\"></span>are s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019am<span class=\"ls0 ws0\">-</span>montar<span class=\"_ _1\"></span>e ridet<span class=\"_ _1\"></span>erminato de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sup<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e il suo val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. Inoltre<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019applicaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 29 ha com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato la crea<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee p<span class=\"_ _1\"></span>erch\u00e9<span class=\"_ _1\"></span>, mentre il v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on mone<span class=\"_ _1\"></span>tari<span class=\"_ _1\"></span>e \u00e8 rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icato p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019infla<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, non \u00e8 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a una rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica e<span class=\"_ _1\"></span>quival<span class=\"_ _1\"></span>ente ai f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>to di t<span class=\"_ _1\"></span>ale dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ora<span class=\"ls0 ws0\">-</span>nea \u00e8 una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rita ch<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ata r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. 2.3.27 V<span class=\"_ _0\"></span>ariazioni di principi c<span class=\"_ _0\"></span>ontabili internazionaliIl Grupp<span class=\"_ _1\"></span>o non ha ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ato anticipat<span class=\"_ _1\"></span>amente al<span class=\"_ _1\"></span>cun principio, inte<span class=\"_ _1\"></span>rpret<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one o miglior<span class=\"_ _1\"></span>amento e<span class=\"_ _1\"></span>manato ma non an<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cora in v<span class=\"_ _1\"></span>igore. Emendamento all<span class=\"_ _1\"></span>\u2019IFR<span class=\"_ _0\"></span>S 3 - Refer<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e to the C<span class=\"_ _4\"></span>onceptual F<span class=\"_ _4\"></span>ramework A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato l<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019 IFR<span class=\"_ _1\"></span>S 3 <span class=\"ff79\">Busine<span class=\"_ _1\"></span>ss Combinat<span class=\"_ _1\"></span>ions - Refe<span class=\"_ _1\"></span>rence to t<span class=\"_ _1\"></span>he Conceptual Fra<span class=\"ws0\">-</span></span>mewo<span class=\"_ _1\"></span>rk<span class=\"ff71 ls0 wscb\">. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche hanno l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tituire i rifer<span class=\"_ _1\"></span>imenti al <span class=\"ff79\">Framework for th<span class=\"_ _1\"></span>e Preparation and Prese<span class=\"_ _1\"></span>ntation of </span></span>Financial Stateme<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span><span class=\"ff71\">, pubb<span class=\"_ _1\"></span>licato ne<span class=\"_ _1\"></span>l 1<span class=\"_ _0\"></span>98<span class=\"_ _1\"></span>9, con le refe<span class=\"_ _1\"></span>renze al <span class=\"ff79\">Conce<span class=\"_ _1\"></span>ptual Framework for Financial Repor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing</span><span class=\"ls3a wsb2\"> pubblica<span class=\"_ _0\"></span>to </span></span>a Marzo 201<span class=\"_ _4\"></span>8 s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za un camb<span class=\"_ _1\"></span>io signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>i requis<span class=\"_ _1\"></span>iti de<span class=\"_ _1\"></span>l principio. Il <span class=\"ff79 ls7a ws115\">B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd</span> ha anche ag<span class=\"_ _2\"></span>giunto una ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne ai prin<span class=\"_ _1\"></span><span class=\"ws0\">-</span>cipi di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 3 p<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>itar<span class=\"_ _1\"></span>e il rischio di p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite o<span class=\"_ _1\"></span>d utili \u201cdel giorno d<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti da pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali che ric<span class=\"_ _1\"></span>adre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro ne<span class=\"_ _1\"></span>llo scop<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 37 o IFRIC 2<span class=\"_ _4\"></span>1 <span class=\"ff79 ls4e wsd6\">Le<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>, se contr<span class=\"_ _1\"></span>atte s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atame<span class=\"_ _1\"></span>nte. A<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so temp<span class=\"_ _1\"></span>o, il <span class=\"ff79 lsbf wsbc\">Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span></span> ha de<span class=\"_ _1\"></span>ciso di chiarire ch<span class=\"_ _1\"></span>e la <span class=\"ff79 ls7a ws115\">guidance<span class=\"_ _1\"></span></span> esi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 3 pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali non ver<span class=\"_ _1\"></span>r\u00e0 impatt<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span> dall<span class=\"_ _1\"></span>\u2019aggio<span class=\"_ _1\"></span>rname<span class=\"_ _1\"></span>nto dei<span class=\"_ _1\"></span> riferim<span class=\"_ _1\"></span>enti al <span class=\"ff79 ls22 wsb0\">Framework for th<span class=\"_ _1\"></span>e Preparation and Prese<span class=\"_ _1\"></span>ntation of Financial State<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>s</span>. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e si apron<span class=\"_ _1\"></span>o al 1\u00b0 gennaio 2022 e si applic<span class=\"_ _1\"></span>ano pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte.Emendamento allo IAS 16 - Pr<span class=\"_ _4\"></span>opert<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Plant and Equipment: Proc<span class=\"_ _4\"></span>eeds before Intended Use A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato <span class=\"ff79\">Prope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _0\"></span>, Plant and Equi<span class=\"_ _0\"></span>pment \u2014 Proce<span class=\"_ _1\"></span>eds b<span class=\"_ _1\"></span>efore Inte<span class=\"_ _1\"></span>nded U<span class=\"_ _1\"></span>se<span class=\"ff71\">, che p<span class=\"_ _1\"></span>roibisc<span class=\"_ _1\"></span>e alle </span></span>entit<span class=\"_ _1\"></span>\u00e0 di dedur<span class=\"_ _1\"></span>re dal cos<span class=\"_ _1\"></span>to di un el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto di immobili, impianti e macchinar<span class=\"_ _1\"></span>i, ogni ric<span class=\"_ _1\"></span>avo dalla vendit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i venduti<span class=\"_ _1\"></span> nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui t<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 v<span class=\"_ _1\"></span>iene p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so il luo<span class=\"_ _1\"></span>go o le con<span class=\"_ _1\"></span>dizioni ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>arie p<span class=\"_ _1\"></span>erch\u00e9 la s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia in gra<span class=\"_ _1\"></span>do di op<span class=\"_ _1\"></span>erare<span class=\"_ _1\"></span> nel mo<span class=\"_ _1\"></span>do p<span class=\"_ _1\"></span>er cui \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a proge<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ata dal <span class=\"ff79 ls72 ws11b\">managem<span class=\"_ _1\"></span>ent</span>. Invec<span class=\"_ _1\"></span>e, un<span class=\"_ _1\"></span>\u2019entit\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a i ric<span class=\"_ _1\"></span>avi de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalla vendit<span class=\"_ _1\"></span>a di tali<span class=\"_ _1\"></span> prod<span class=\"_ _1\"></span>otti, e<span class=\"_ _1\"></span>d i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er pro<span class=\"_ _1\"></span>durre t<span class=\"_ _1\"></span>ali pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i, nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. L<span class=\"_ _1\"></span>a modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a \u00e8 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi che s<span class=\"_ _1\"></span>i aprono al 1\u00b0 gennaio 2022 o s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente e de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re applic<span class=\"_ _1\"></span>ata ret<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente agli e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti di Immo<span class=\"_ _1\"></span>bili, impianti e macchi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nari res<span class=\"_ _1\"></span>i disp<span class=\"_ _1\"></span>onibili pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019uso alla data di iniz<span class=\"_ _1\"></span>io o succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente d<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o in cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 applic<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la prima volt<span class=\"_ _1\"></span>a tal<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche non hann<span class=\"_ _1\"></span>o avuto alc<span class=\"_ _1\"></span>un impatto s<span class=\"_ _1\"></span>ul bilancio con<span class=\"_ _1\"></span>solidato di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.Emendamento allo IAS 37 - Oner<span class=\"_ _0\"></span>ous C<span class=\"_ _4\"></span>ontracts - C<span class=\"_ _4\"></span>osts of Fulfilling a C<span class=\"_ _4\"></span>ontract A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche a<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 37 per sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are quali cos<span class=\"_ _1\"></span>ti devo<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rati da un<span class=\"_ _1\"></span>\u2019enti<span class=\"ls0 ws0\">-</span>t\u00e0 ne<span class=\"_ _1\"></span>l valut<span class=\"_ _1\"></span>are se un c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>o \u00e8 one<span class=\"_ _1\"></span>roso o<span class=\"_ _1\"></span>d in pe<span class=\"_ _1\"></span>rdita<span class=\"_ _1\"></span>. La mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a preve<span class=\"_ _1\"></span>de l<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione di un ap<span class=\"_ _1\"></span>procci<span class=\"_ _1\"></span>o deno<span class=\"_ _1\"></span>minato \u201c<span class=\"_ _4\"></span><span class=\"ff79 ls49 wsc7\">di<span class=\"ls0 ws0\">-</span></span>rec<span class=\"_ _1\"></span>tly re<span class=\"_ _1\"></span>lated co<span class=\"_ _1\"></span>st approa<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _4\"></span>. I c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no riferit<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte ad un cont<span class=\"_ _1\"></span>ratto p<span class=\"_ _1\"></span>er la for<span class=\"_ _1\"></span>nitura di be<span class=\"_ _1\"></span>ni o se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>zi includ<span class=\"_ _1\"></span>ono </span>sia i cos<span class=\"_ _1\"></span>ti incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ali che i cos<span class=\"_ _1\"></span>ti diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuit<span class=\"_ _1\"></span>i alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 contr<span class=\"_ _1\"></span>attuali. Le sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se gen<span class=\"_ _1\"></span>erali e<span class=\"_ _1\"></span>d amminis<span class=\"_ _1\"></span>trati<span class=\"_ _1\"></span>ve non sono dire<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>e corre<span class=\"_ _1\"></span>late ad un contr<span class=\"_ _1\"></span>atto e s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e a men<span class=\"_ _1\"></span>o che le s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>on siano e<span class=\"_ _1\"></span>splicit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte ribalt<span class=\"_ _1\"></span>abili alla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e sulla bas<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o. Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e iniziano al 1\u00b0 gennaio 2022 o suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>va<span class=\"ls0 ws0\">-</span>mente<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato t<span class=\"_ _1\"></span>ali modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e ai contrat<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r cui non ave<span class=\"_ _1\"></span>va ancor<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fatt<span class=\"_ _1\"></span>o tutt<span class=\"_ _1\"></span>e le propr<span class=\"_ _1\"></span>ie obblig<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a avere impat<span class=\"_ _1\"></span>ti sul bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po.IFR<span class=\"_ _0\"></span>S 9 F<span class=\"_ _0\"></span>inancial Instruments - Fees in the \u201c10 per c<span class=\"_ _4\"></span>ent<span class=\"_ _2\"></span>\u201d test for der<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ognition of financial liabilitiesCome par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e del p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di miglior<span class=\"_ _1\"></span>amenti annuali 201<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>2020 dei principi IFR<span class=\"_ _1\"></span>S, l<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>SB ha pubbli<span class=\"_ _1\"></span>cato una mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a chiaris<span class=\"_ _1\"></span>ce le <span class=\"ff79 ls5 ws4\">fees</span> che una entit\u00e0 inc<span class=\"_ _1\"></span>lude ne<span class=\"_ _1\"></span>l dete<span class=\"_ _1\"></span>rminare se le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una nuova o m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria siano s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renti ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto all<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria originar<span class=\"_ _1\"></span>ia. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e <span class=\"ff79 ls5 ws4\">fees</span><span class=\"ls0 ws0\"> </span>includon<span class=\"_ _1\"></span>o solo qu<span class=\"_ _1\"></span>elle pag<span class=\"_ _1\"></span>ate o pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>e tra il de<span class=\"_ _1\"></span>bitore e<span class=\"_ _1\"></span>d il f<span class=\"_ _1\"></span>inanziato<span class=\"_ _1\"></span>re, inclu<span class=\"_ _1\"></span>se le <span class=\"ff79 ls5 ws4\">fees</span> pagate o pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>e dal debit<span class=\"_ _1\"></span>ore o dal f<span class=\"_ _1\"></span>inanziatore p<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>nto di altri. Un<span class=\"_ _1\"></span>\u2019entit\u00e0 app<span class=\"_ _1\"></span>lica t<span class=\"_ _1\"></span>ale mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica alle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie che s<span class=\"_ _1\"></span>ono mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate o s<span class=\"_ _1\"></span>camb<span class=\"_ _1\"></span>iate succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente alla dat<span class=\"_ _1\"></span>a del pr<span class=\"_ _1\"></span>imo es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zio in cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 ap<span class=\"_ _1\"></span>plica p<span class=\"_ _1\"></span>er la p<span class=\"_ _1\"></span>rima volt<span class=\"_ _1\"></span>a la modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a. L<span class=\"_ _1\"></span>a modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a \u00e8 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace p<span class=\"_ _1\"></span>er gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i che iniziano al 1\u00b0 gennaio 2022 o s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, \u00e8 p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne anticipat<span class=\"_ _1\"></span>a. Il Grup<span class=\"_ _1\"></span>po ha applic<span class=\"_ _1\"></span>ato tale m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2. T<span class=\"_ _4\"></span>ali mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche non hanno av<span class=\"_ _1\"></span>uto alcun impat<span class=\"_ _1\"></span>to sul bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato di G<span class=\"_ _1\"></span>ruppo.<span class=\"_ _1\"></span> 2.3.28 P<span class=\"_ _4\"></span>rincipi emessi ma non ancor<span class=\"_ _4\"></span>a in vigore Sono di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito illust<span class=\"_ _1\"></span>rati i prin<span class=\"_ _1\"></span>cipi che, alla dat<span class=\"_ _1\"></span>a di reda<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po ris<span class=\"_ _1\"></span>ultavan<span class=\"_ _1\"></span>o gi\u00e0 emanati ma non anco<span class=\"_ _1\"></span>ra in vigor<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019ele<span class=\"_ _1\"></span>nco si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e a principi e inte<span class=\"_ _1\"></span>rpret<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni che il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>aranno ragi<span class=\"_ _1\"></span>onevo<span class=\"_ _1\"></span>lmente applic<span class=\"_ _1\"></span>abili nel f<span class=\"_ _1\"></span>uturo. Il Grupp<span class=\"_ _1\"></span>o intend<span class=\"_ _1\"></span>e adot<span class=\"_ _1\"></span>tar<span class=\"_ _1\"></span>e ques<span class=\"_ _1\"></span>ti prin<span class=\"_ _1\"></span>cipi quando entr<span class=\"_ _1\"></span>eranno in v<span class=\"_ _1\"></span>igore<span class=\"_ _1\"></span>. Emendamento allo IAS 1: C<span class=\"_ _0\"></span>lassificazione delle passivit\u00e0 in c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti e non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti A gennaio 2020, lo IA<span class=\"_ _1\"></span>SB ha pubb<span class=\"_ _1\"></span>licato d<span class=\"_ _1\"></span>elle mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ai par<span class=\"_ _1\"></span>agraf<span class=\"_ _1\"></span>i da 69 a 76 dello IA<span class=\"_ _1\"></span>S 1 p<span class=\"_ _1\"></span>er sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care i re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er cla<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sif<span class=\"_ _1\"></span>icare l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 come co<span class=\"_ _1\"></span>rrenti o no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche chiaris<span class=\"_ _1\"></span>cono: \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>cos<span class=\"_ _1\"></span>a si inten<span class=\"_ _1\"></span>de p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to di po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>che il dirit<span class=\"_ _1\"></span>to di po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne deve e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>e alla chiusura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne non \u00e8 impat<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a dalla probab<span class=\"_ _1\"></span>ilit\u00e0 co<span class=\"_ _1\"></span>n cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rciter\u00e0 il p<span class=\"_ _1\"></span>roprio dirit<span class=\"_ _1\"></span>to di p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one; \u2022 <span class=\"_ _184\"> </span> <span class=\"_ _3\"></span>solame<span class=\"_ _1\"></span>nte se un d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato implicito in una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>tibile \u00e8 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o uno str<span class=\"_ _1\"></span>umento di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale la sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della<span class=\"_ _1\"></span> pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on ha impatt<span class=\"_ _1\"></span>o sulla sua clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne.<span class=\"_ _1\"></span> Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sarann<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e inizie<span class=\"_ _1\"></span>ranno al 1\u00b0 gennaio 2023 o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, e dovrann<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re applic<span class=\"_ _1\"></span>ate retros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte. Il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>ta al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto valut<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019impatto ch<span class=\"_ _1\"></span>e le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche avr<span class=\"_ _1\"></span>anno sulla situa<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> corrente.Imposte differite r<span class=\"_ _0\"></span>elative ad attivit\u00e0 e passivi<span class=\"_ _1\"></span>t\u00e0 deriv<span class=\"_ _0\"></span>anti da una singola transazione (<span class=\"_ _0\"></span>Modifiche allo IAS 12) Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>tringon<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one alla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale delle imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>ine di es<span class=\"_ _1\"></span>cluder<span class=\"_ _1\"></span>e le op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni che dann<span class=\"_ _1\"></span>o origine a dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze t<span class=\"_ _1\"></span>empo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e uguali e comp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sabili, com<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di <span class=\"ff79 ls53 wseb\">lea<span class=\"_ _1\"></span>sing</span> e obblighi di s<span class=\"_ _1\"></span>mantellame<span class=\"_ _1\"></span>nto. Le modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che entre<span class=\"_ _1\"></span>ranno in v<span class=\"_ _1\"></span>igore a par<span class=\"_ _1\"></span>tire dag<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e iniziano dal 1\u00b0 gennaio 2023. Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite relati<span class=\"_ _1\"></span>ve ai <span class=\"ff79 ls53 wseb\">le<span class=\"_ _1\"></span>asing</span> e agli o<span class=\"_ _1\"></span>bblighi di smant<span class=\"_ _1\"></span>ellame<span class=\"_ _1\"></span>nto dovrann<span class=\"_ _1\"></span>o quindi es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ate dall<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io del p<span class=\"_ _1\"></span>rimo e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio comp<span class=\"_ _1\"></span>arativo p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato, rilevan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019eventuale ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to cumulati<span class=\"_ _1\"></span>vo come una ret<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span><span class=\"ws0\">-</span>f<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>gli utili p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a nu<span class=\"_ _1\"></span>ovo o tra le altr<span class=\"_ _1\"></span>e compo<span class=\"_ _1\"></span>nenti de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to a quella dat<span class=\"_ _1\"></span>a. Per tut<span class=\"_ _1\"></span>te le alt<span class=\"_ _1\"></span>re ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni, le mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>che si app<span class=\"_ _1\"></span>licano all<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ano dop<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io del p<span class=\"_ _1\"></span>rimo pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato. Il G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al mo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>mento v<span class=\"_ _1\"></span>alutan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>atto ch<span class=\"_ _1\"></span>e le modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che avrann<span class=\"_ _1\"></span>o sulla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale \u2013 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria; dalle analisi ef<span class=\"_ _1\"></span>fettuate al mome<span class=\"_ _1\"></span>nto non ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de un ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to sugli ut<span class=\"_ _1\"></span>ili por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati a nuovo e il Grup<span class=\"_ _1\"></span>po rile<span class=\"_ _1\"></span>ver\u00e0 l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite<span class=\"_ _1\"></span> sep<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>. Definizione di stima contabile - M<span class=\"_ _0\"></span>odifiche allo IAS 8 Nel fe<span class=\"_ _1\"></span>bbraio 2021 lo IASB ha e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o deg<span class=\"_ _1\"></span>li eme<span class=\"_ _1\"></span>ndamenti a<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 8, in cui intro<span class=\"_ _1\"></span>duce una def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione di \u201cs<span class=\"_ _1\"></span>time c<span class=\"_ _1\"></span>ontabili<span class=\"_ _2\"></span>\u201d<span class=\"_ _4\"></span>. Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e chiarisco<span class=\"_ _1\"></span>no la dis<span class=\"_ _1\"></span>tinzio<span class=\"_ _1\"></span>ne tra c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ili e cambiame<span class=\"_ _1\"></span>nti nei p<span class=\"_ _1\"></span>rincipi cont<span class=\"_ _1\"></span>abili e cor<span class=\"_ _1\"></span>rez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> di error<span class=\"_ _1\"></span>i. Inoltre<span class=\"_ _1\"></span>, chiarisc<span class=\"_ _1\"></span>ono com<span class=\"_ _1\"></span>e le entit<span class=\"_ _1\"></span>\u00e0 utiliz<span class=\"_ _2\"></span>zano te<span class=\"_ _1\"></span>cniche di mis<span class=\"_ _1\"></span>uraz<span class=\"_ _1\"></span>ione e <span class=\"ff79 ls7a ws115\">inp<span class=\"_ _1\"></span>ut</span><span class=\"ls4e ws11c\"> pe<span class=\"_ _1\"></span>r sv<span class=\"_ _1\"></span>iluppar<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili. Le<span class=\"_ _1\"></span> </span>modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi c<span class=\"_ _1\"></span>he hanno inizio dal o d<span class=\"_ _1\"></span>opo il 1\u00b0 gennaio 2023 e si app<span class=\"_ _1\"></span>licano ai c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di prin<span class=\"ls0 ws0\">-</span>cipi cont<span class=\"_ _1\"></span>abili e a cambiame<span class=\"_ _1\"></span>nti ne<span class=\"_ _1\"></span>lle stim<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili che si ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icano a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ini<span class=\"_ _1\"></span>zio di t<span class=\"_ _1\"></span>ale pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019applicazi<span class=\"_ _1\"></span>one anticipat<span class=\"_ _1\"></span>a \u00e8 cons<span class=\"_ _1\"></span>entit<span class=\"_ _1\"></span>a a con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ne che t<span class=\"_ _1\"></span>ale fat<span class=\"_ _1\"></span>to sia re<span class=\"_ _1\"></span>so noto. N<span class=\"_ _1\"></span>on si pr<span class=\"_ _1\"></span>eved<span class=\"_ _1\"></span>e che le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche av<span class=\"_ _1\"></span>ranno un impatt<span class=\"_ _1\"></span>o signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ul Grup<span class=\"_ _1\"></span>po.Informativa sui pr<span class=\"_ _4\"></span>incipi contabili - Modifiche allo IAS 1 e IF<span class=\"_ _0\"></span>RS P<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>e Statement 2Nel fe<span class=\"_ _1\"></span>bbraio 2021<span class=\"_ _4\"></span>, lo IA<span class=\"_ _1\"></span>SB ha em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>damenti allo I<span class=\"_ _1\"></span>AS 1 e all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S <span class=\"ff79\">Practice State<span class=\"_ _1\"></span>ment 2 Making Mat<span class=\"_ _1\"></span>erialit<span class=\"_ _1\"></span>y </span>Judgement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span><span class=\"ff71 ls22 wsef\">, in cui fornisc<span class=\"_ _1\"></span>e linee g<span class=\"_ _1\"></span>uida ed e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>mpi pe<span class=\"_ _1\"></span>r aiutar<span class=\"_ _1\"></span>e le entit<span class=\"_ _1\"></span>\u00e0 ad app<span class=\"_ _1\"></span>licare g<span class=\"_ _1\"></span>iudizi di mate<span class=\"_ _1\"></span>rialit\u00e0 all<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui </span>principi co<span class=\"_ _1\"></span>ntabili. Le m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche mir<span class=\"_ _1\"></span>ano ad aiut<span class=\"_ _1\"></span>are le entit<span class=\"_ _1\"></span>\u00e0 a fornire informa<span class=\"_ _1\"></span>zioni sui p<span class=\"_ _1\"></span>rincipi co<span class=\"_ _1\"></span>ntabili pi\u00f9 utili s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>titue<span class=\"_ _1\"></span>ndo l<span class=\"_ _1\"></span>\u2019obbligo per l<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 di fornire le pro<span class=\"_ _1\"></span>prie p<span class=\"_ _1\"></span>olitiche c<span class=\"_ _1\"></span>ontabili \u201cs<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>\u201d con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbligo di fornire informati<span class=\"_ _1\"></span>va sui p<span class=\"_ _1\"></span>ropri<span class=\"_ _1\"></span> principi co<span class=\"_ _1\"></span>ntabili \u201crile<span class=\"_ _1\"></span>vanti<span class=\"_ _1\"></span>\u201d; inoltre, s<span class=\"_ _1\"></span>ono ag<span class=\"_ _1\"></span>giunte lin<span class=\"_ _1\"></span>ee gui<span class=\"_ _1\"></span>da su come l<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>ano il conc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di rilev<span class=\"_ _1\"></span>anza n<span class=\"_ _1\"></span>el pre<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>dere de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>ioni in mer<span class=\"_ _1\"></span>ito all<span class=\"_ _1\"></span>\u2019informat<span class=\"_ _1\"></span>iva s<span class=\"_ _1\"></span>ui principi co<span class=\"_ _1\"></span>ntabili. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche allo I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1 sono ap<span class=\"_ _1\"></span>plicab<span class=\"_ _1\"></span>ili a par<span class=\"_ _1\"></span>tire dagli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi che hanno inizi<span class=\"_ _1\"></span>o dal o dopo il 1\u00b0 gennaio 2023, \u00e8 cons<span class=\"_ _1\"></span>entit<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione anti<span class=\"_ _1\"></span>cipata. Poich<span class=\"_ _1\"></span>\u00e9 le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"ff79 lsc2 wscd\">Prac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> </span>Stateme<span class=\"_ _1\"></span>nt 2 Making Mate<span class=\"_ _1\"></span>riality Judge<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>s<span class=\"ff71 ls8c wsd9\"> forniscono indicazioni non<span class=\"_ _0\"></span> obbligat<span class=\"_ _0\"></span>orie sull\u2019<span class=\"_ _0\"></span>applicazione dell<span class=\"_ _0\"></span>a definizione di </span>materiale all<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui princip<span class=\"_ _1\"></span>i contab<span class=\"_ _1\"></span>ili, non \u00e8 ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>aria una data di entr<span class=\"_ _1\"></span>ata in v<span class=\"_ _1\"></span>igore pe<span class=\"_ _1\"></span>r tali m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po st<span class=\"_ _1\"></span>a attualme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019impatt<span class=\"_ _1\"></span>o delle m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e per d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minare l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>to che av<span class=\"_ _1\"></span>ranno sull<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui principi c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>tab<span class=\"_ _1\"></span>ili di Grup<span class=\"_ _1\"></span>po.2.4 <span class=\"_ _0\"></span>Ar<span class=\"_ _0\"></span>ea di c<span class=\"_ _0\"></span>onsolidamentoIl bilancio con<span class=\"_ _1\"></span>solidato a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 include la situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimonial<span class=\"_ _1\"></span>e, ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>ella Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e dell<span class=\"_ _1\"></span>e sue entit<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>rollate es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re cons<span class=\"_ _1\"></span>olidate inte<span class=\"_ _1\"></span>gralme<span class=\"_ _1\"></span>nte, ne<span class=\"_ _1\"></span>l loro ins<span class=\"_ _1\"></span>ieme i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate come G<span class=\"_ _1\"></span>ruppo S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o.Il bilancio con<span class=\"_ _1\"></span>solidato al 31 dicembre 2022 co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>de le situa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntabili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o redat<span class=\"_ _1\"></span>te ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ando i m<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>simi pr<span class=\"_ _1\"></span>incipi cont<span class=\"_ _1\"></span>abili della c<span class=\"_ _1\"></span>ontrollante<span class=\"_ _1\"></span>. Le entit<span class=\"_ _1\"></span>\u00e0 controllate s<span class=\"_ _1\"></span>ono que<span class=\"_ _1\"></span>lle entit<span class=\"_ _1\"></span>\u00e0 in cui il Grupp<span class=\"_ _1\"></span>o detie<span class=\"_ _1\"></span>ne il contro<span class=\"_ _1\"></span>llo, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quando il Grup<span class=\"_ _1\"></span>po \u00e8 e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o a rendim<span class=\"_ _1\"></span>enti variab<span class=\"_ _1\"></span>ili deri<span class=\"_ _1\"></span>vanti dal prop<span class=\"_ _1\"></span>rio rap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>on l<span class=\"_ _1\"></span>\u2019entit\u00e0, o v<span class=\"_ _1\"></span>anta d<span class=\"_ _1\"></span>ei dirit<span class=\"_ _1\"></span>ti su t<span class=\"_ _1\"></span>ali rendim<span class=\"_ _1\"></span>enti, aven<span class=\"_ _1\"></span>do ne<span class=\"_ _1\"></span>l contemp<span class=\"_ _1\"></span>o la cap<span class=\"_ _1\"></span>acit\u00e0 di inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nzar<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>ando il propri<span class=\"_ _1\"></span>o pote<span class=\"_ _1\"></span>re sull<span class=\"_ _1\"></span>\u2019entit\u00e0 s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. I bilanci d<span class=\"_ _1\"></span>elle e<span class=\"_ _1\"></span>ntit\u00e0 co<span class=\"_ _1\"></span>ntrollate so<span class=\"_ _1\"></span>no inclusi n<span class=\"_ _1\"></span>el bilanci<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>olidato dal mom<span class=\"_ _1\"></span>ento in cui la controllante iniz<span class=\"_ _1\"></span>ia ad es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are il contro<span class=\"_ _1\"></span>llo f<span class=\"_ _1\"></span>ino alla data in cui t<span class=\"_ _1\"></span>ale co<span class=\"_ _1\"></span>ntrollo ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. In c<span class=\"_ _1\"></span>aso di p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di contro<span class=\"_ _1\"></span>llo, il Grupp<span class=\"_ _1\"></span>o elimina le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019entit\u00e0 c<span class=\"_ _1\"></span>ontrollat<span class=\"_ _1\"></span>a e qualsiasi p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ione di minor<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>a nel patrimon<span class=\"_ _0\"></span>io netto inc<span class=\"_ _0\"></span>lusa qualsi<span class=\"_ _0\"></span>asi altra c<span class=\"_ _0\"></span>omponente di c<span class=\"_ _0\"></span>onto economico<span class=\"_ _0\"></span> complessivo relativa all\u2019<span class=\"_ _0\"></span>entit\u00e0 control<span class=\"_ _0\"></span>la<span class=\"ls0 ws0\">-</span>ta. Q<span class=\"_ _1\"></span>ualsias<span class=\"_ _1\"></span>i utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a der<span class=\"_ _1\"></span>ivante dalla p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di controll<span class=\"_ _1\"></span>o vie<span class=\"_ _1\"></span>ne rilev<span class=\"_ _1\"></span>ato nell<span class=\"_ _2\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>. Qualsia<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>si par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ione mante<span class=\"_ _1\"></span>nuta ne<span class=\"_ _1\"></span>lla e<span class=\"_ _1\"></span>x entit<span class=\"_ _1\"></span>\u00e0 controllat<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne valut<span class=\"_ _1\"></span>ata al <span class=\"ff79\">fair value</span> alla data de<span class=\"_ _1\"></span>lla pe<span class=\"_ _1\"></span>rdita d<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>rollo. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti i s<span class=\"_ _1\"></span>aldi e le t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni infragrupp<span class=\"_ _1\"></span>o, inclusi e<span class=\"_ _1\"></span>ventuali utili e pe<span class=\"_ _1\"></span>rdite no<span class=\"_ _1\"></span>n realiz<span class=\"_ _2\"></span>zati de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti da rappo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti intrat<span class=\"_ _1\"></span>tenuti fra so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o sono c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nte eliminati. Le intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze di minoranz<span class=\"_ _1\"></span>a rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano la par<span class=\"_ _1\"></span>te di prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o p<span class=\"_ _1\"></span>erdite e d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>e non det<span class=\"_ _1\"></span>enute dal Gr<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>po e so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ste in una vo<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>parat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, e ne<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale e f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria tra le co<span class=\"_ _1\"></span>m<span class=\"ls0 ws0\">-</span>ponenti del patrimoni<span class=\"_ _0\"></span>o netto, separatamente dal<span class=\"_ _0\"></span> patrimoni<span class=\"_ _0\"></span>o netto di Gruppo.<span class=\"_ _0\"></span> Le acquisi<span class=\"_ _1\"></span>zioni di s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate in bas<span class=\"_ _1\"></span>e al meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisto (<span class=\"_ _2\"></span><span class=\"ff79\">purchase met<span class=\"_ _1\"></span>hod<span class=\"_ _2\"></span></span>) che c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019alloca<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale ai <span class=\"ff79\">fair value</span> delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali acquisit<span class=\"_ _1\"></span>e alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne e l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inclusio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquisit<span class=\"_ _1\"></span>a maturato dalla data di a<span class=\"_ _1\"></span>cquisi<span class=\"_ _1\"></span>zione f<span class=\"_ _1\"></span>ino alla chiusura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio. Le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni nell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o in una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 controllat<span class=\"_ _1\"></span>a che non compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l controllo s<span class=\"_ _1\"></span>ono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>e come op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni sul capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>.Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ono rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tate l<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 incluse n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019area di cons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e cons<span class=\"_ _1\"></span>olidate inte<span class=\"_ _1\"></span>gral<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _0\"></span>e 2022Denominazione<span class=\"_ _31\"> </span>Sede<span class=\"_ _21a\"> </span>Divisa<span class=\"_ _41\"> </span>C<span class=\"_ _0\"></span>apitale Sociale% di controllo<span class=\"_ _61\"> </span>Note D<span class=\"_ _1\"></span>iretto<span class=\"_ _1c4\"> </span>Indir<span class=\"_ _0\"></span>ettoSalv<span class=\"_ _0\"></span>atore Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo S.p.A.<span class=\"_ _22c\"> </span>Fir<span class=\"_ _0\"></span>enze, Italia<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1f2\"> </span></span>16.879.000<span class=\"_ _32\"> </span>CapogruppoFerr<span class=\"_ _4\"></span>agamo Retail Nederland B.V<span class=\"_ _4\"></span>.<span class=\"_ _177\"> </span>Amsterdam, P<span class=\"_ _4\"></span>aesi Bassi<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _5e\"> </span></span>500.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Fr<span class=\"_ _0\"></span>ance S.A.S.<span class=\"_ _262\"> </span>P<span class=\"_ _4\"></span>arig<span class=\"_ _1\"></span>i, F<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ancia<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _16e\"> </span></span>4.334.094<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Deut<span class=\"_ _1\"></span>schland GmbH<span class=\"_ _66\"> </span>Monaco, Ger<span class=\"_ _0\"></span>mania<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _16e\"> </span></span>3.300.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Austria <span class=\"_ _1\"></span>GmbH<span class=\"_ _6c\"> </span>Vienna, Austria<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _16e\"> </span></span><span class=\"ws0\">1.853.158<span class=\"_ _1d4\"> </span>100% </span>Ferr<span class=\"_ _4\"></span>agamo U.K<span class=\"_ _1\"></span>. Limited<span class=\"_ _60\"> </span>Londr<span class=\"_ _0\"></span>a, Regno Unito<span class=\"_ _80\"> </span>Sterlina inglese<span class=\"_ _263\"> </span>7.672.735<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (Su<span class=\"_ _1\"></span>isse) SA<span class=\"_ _73\"> </span>Mendrisio, Svizzer<span class=\"_ _0\"></span>a<span class=\"_ _208\"> </span>F<span class=\"_ _4\"></span>ranco svizzer<span class=\"_ _0\"></span>o<span class=\"_ _16b\"> </span>1.000.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Belg<span class=\"_ _1\"></span>ique SA<span class=\"_ _22c\"> </span>Bruxelles, Belgio<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _81\"> </span></span>750.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _239\"> </span>Principato di Monaco<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _5e\"> </span></span>304.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Espana S.L<span class=\"_ _1\"></span>.<span class=\"_ _23c\"> </span>Madrid, Spagna<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _263\"> </span></span>4.600.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo USA Inc<span class=\"_ _1\"></span>.<span class=\"_ _1cc\"> </span>New <span class=\"_ _4\"></span>Y<span class=\"_ _4\"></span>ork, Stati Uniti<span class=\"_ _1ae\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _1a6\"> </span>74.011.969<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Canada Inc.<span class=\"_ _264\"> </span>V<span class=\"_ _0\"></span>ancouver<span class=\"_ _6\"></span>, Canada<span class=\"_ _1d2\"> </span>Dollaro canadese<span class=\"_ _16b\"> </span>4.441.461<span class=\"_ _227\"> </span>100% <span class=\"_ _263\"> </span>(1)S-Fer International Inc.<span class=\"_ _96\"> </span>New <span class=\"_ _0\"></span>Y<span class=\"_ _6\"></span>ork, Stati Uniti<span class=\"_ _1ae\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _16b\"> </span>4.600.000<span class=\"_ _265\"> </span>100% <span class=\"_ _263\"> </span>(1)Sator Realty Inc.<span class=\"_ _d9\"> </span>New <span class=\"_ _0\"></span>Y<span class=\"_ _4\"></span>ork, Stati Uniti<span class=\"_ _247\"> </span>Dollaro americano<span class=\"_ _82\"> </span>100.000<span class=\"_ _227\"> </span>100% <span class=\"_ _16e\"> </span>(1)Citt\u00e0 del Messico<span class=\"_ _0\"></span>, Ferr<span class=\"_ _4\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _0\"></span>.Messico<span class=\"_ _16a\"> </span>Peso messic<span class=\"_ _0\"></span>ano<span class=\"_ _16b\"> </span>4.592.700<span class=\"_ _1a6\"> </span>99,73% <span class=\"_ _80\"> </span>0,27% <span class=\"_ _263\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Chile S.A<span class=\"_ _1\"></span>.<span class=\"_ _13d\"> </span>Santiago, C<span class=\"_ _0\"></span>ile<span class=\"_ _12e\"> </span>Peso cileno<span class=\"_ _1cd\"> </span>3.187.970.000<span class=\"_ _82\"> </span>99% <span class=\"_ _16f\"> </span>1% <span class=\"_ _263\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Argentina S.A<span class=\"_ _1\"></span>.<span class=\"_ _20b\"> </span>Buenos Air<span class=\"_ _0\"></span>es, Argentina<span class=\"_ _84\"> </span><span class=\"ws0\">Peso ar<span class=\"_ _0\"></span>gentino<span class=\"_ _1a6\"> </span>16.000.000<span class=\"_ _82\"> </span>95% <span class=\"_ _fe\"> </span>5% <span class=\"_ _263\"> </span>(1)</span>Ferr<span class=\"_ _4\"></span>agamo Brasil Roupas e A<span class=\"_ _0\"></span>cessorios L<span class=\"_ _0\"></span>tda.<span class=\"_ _173\"> </span>San P<span class=\"_ _0\"></span>aolo, Br<span class=\"_ _0\"></span>asile<span class=\"_ _1da\"> </span>Real br<span class=\"_ _0\"></span>asiliani<span class=\"_ _1a6\"> </span>55.615.000<span class=\"_ _5e\"> </span>99% <span class=\"_ _6d\"> </span>1% <span class=\"_ _16e\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Hong Kong Ltd.<span class=\"_ _bb\"> </span>Hong Kong<span class=\"_ _1\"></span>, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _97\"> </span>10.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _22f\"> </span>T<span class=\"_ _4\"></span>okyo, Giappone<span class=\"_ _1a8\"> </span>Y<span class=\"_ _4\"></span>en Giapponese<span class=\"_ _1a0\"> </span>305.700.000<span class=\"_ _1a6\"> </span>89,13% Ferr<span class=\"_ _4\"></span>agamo Australia Pty L<span class=\"_ _0\"></span>td.<span class=\"_ _93\"> </span>Sidney<span class=\"_ _4\"></span>, Aust<span class=\"_ _1\"></span>ralia<span class=\"_ _1a0\"> </span><span class=\"ws0\">Dollaro austr<span class=\"_ _0\"></span>aliano<span class=\"_ _1a6\"> </span>13.637.003<span class=\"_ _5d\"> </span>100% </span>Ferrimag L<span class=\"_ _0\"></span>imited<span class=\"_ _134\"> </span>Hong Kong<span class=\"_ _1\"></span>, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong K<span class=\"_ _0\"></span>ong<span class=\"_ _1c8\"> </span>109.200.000<span class=\"_ _8c\"> </span>75% <span class=\"_ _263\"> </span>(2)Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _1d9\"> </span>Shanghai, Cina<span class=\"_ _247\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _5e\"> </span>200.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(3)</span>Ferr<span class=\"_ _4\"></span>agamo Moda (Shanghai) Co. L<span class=\"_ _0\"></span>td.<span class=\"_ _1a7\"> </span>Shanghai, Cina<span class=\"_ _247\"> </span>Dollaro americano<span class=\"_ _16b\"> </span>1.400.000<span class=\"_ _82\"> </span>75% Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited<span class=\"_ _266\"> </span>Hong Kong, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong Kong<span class=\"_ _1a6\"> </span>39.000.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3)</span>Nuovo dollar<span class=\"_ _0\"></span>o Ferr<span class=\"_ _4\"></span>agamo Retail T<span class=\"_ _4\"></span>aiwan Limited<span class=\"_ _69\"> </span>T<span class=\"_ _4\"></span>aipei, T<span class=\"_ _4\"></span>aiwantaiwanese<span class=\"_ _1c8\"> </span>136.250.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3)</span>Ferr<span class=\"_ _4\"></span>agamo Retail Macau Limited<span class=\"_ _1c9\"> </span>Macao<span class=\"_ _0\"></span>, Cina<span class=\"_ _1d9\"> </span>Macau P<span class=\"_ _4\"></span>ataca<span class=\"_ _173\"> </span>25.000<span class=\"_ _16b\"> </span>75,2% Ferr<span class=\"_ _4\"></span>agamo Retail India Priv<span class=\"_ _0\"></span>ate Limited<span class=\"_ _27\"> </span>New Delhi, India<span class=\"_ _13b\"> </span>Rupia Indiana<span class=\"_ _1c8\"> </span>300.000.000<span class=\"_ _5d\"> </span>100% <span class=\"_ _267\"> </span>(4)Ferr<span class=\"_ _4\"></span>agamo Korea L<span class=\"_ _0\"></span>td.<span class=\"_ _fc\"> </span>Seoul, C<span class=\"_ _0\"></span>orea del Sud<span class=\"_ _1ed\"> </span>W<span class=\"_ _4\"></span>on sudcoreano<span class=\"_ _1cd\"> </span>3.291.200.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (Singapore) Pte Ltd<span class=\"_ _10d\"> </span>Singapore<span class=\"_ _268\"> </span>Dollaro di Singapor<span class=\"_ _4\"></span>e<span class=\"_ _263\"> </span>4.600.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Thailand) Limited<span class=\"_ _267\"> </span>Bangkok, T<span class=\"_ _6\"></span>ailandia<span class=\"_ _239\"> </span>Baht<span class=\"_ _1a0\"> </span>100.000.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Malaysia) Sdn. Bhd.<span class=\"_ _128\"> </span>Kuala L<span class=\"_ _0\"></span>umpur<span class=\"_ _4\"></span>, Malesia<span class=\"_ _1c7\"> </span>Ringgit della Malesia<span class=\"_ _16b\"> </span>1.300.000<span class=\"_ _209\"> </span>100% 1. T<span class=\"_ _4\"></span>ramite Fer<span class=\"_ _0\"></span>ragamo USA Inc. 2 - T<span class=\"_ _4\"></span>ramite F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>. 3 - T<span class=\"_ _4\"></span>ramite Ferrimag L<span class=\"_ _0\"></span>td. 4 - societ\u00e0 non operati<span class=\"_ _0\"></span>va. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 la comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo ha s<span class=\"_ _1\"></span>ubito la se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte varia<span class=\"_ _1\"></span>zione: \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>in dat<span class=\"_ _1\"></span>a 27 luglio 2022 Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to n. 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 nuove a<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e dalla socie<span class=\"_ _1\"></span>t\u00e0 F<span class=\"_ _1\"></span>erra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gamo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r un corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo tot<span class=\"_ _1\"></span>ale di 3.<span class=\"_ _1\"></span>573.01<span class=\"_ _4\"></span>9 migliaia JPY (Euro 25,6 milioni). In seguit<span class=\"_ _1\"></span>o a tal<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha increm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato la propria p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>ciale de<span class=\"_ _1\"></span>lla controllat<span class=\"_ _1\"></span>a giappo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nes<span class=\"_ _1\"></span>e, pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ando dal 71<span class=\"_ _4\"></span>,0<span class=\"_ _2\"></span>0% all<span class=\"_ _2\"></span>\u201989,<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>3% del relat<span class=\"_ _1\"></span>ivo cap<span class=\"_ _1\"></span>itale s<span class=\"_ _1\"></span>ocial<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019oper<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ha lo s<span class=\"_ _1\"></span>copo di r<span class=\"_ _1\"></span>affo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>are la pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _1\"></span>ragamo in G<span class=\"_ _1\"></span>iappon<span class=\"_ _1\"></span>e, dot<span class=\"_ _1\"></span>ando Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K. di mag<span class=\"_ _2\"></span>giori ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie pe<span class=\"_ _1\"></span>r sv<span class=\"_ _1\"></span>ilupp<span class=\"_ _1\"></span>are il <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws2d\"> lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>. </span>Si ricorda in<span class=\"_ _1\"></span>oltre che F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. op<span class=\"_ _1\"></span>era in un pa<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>, \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato con un<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mia iperinf<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ionata s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo i cr<span class=\"_ _1\"></span>iteri d<span class=\"_ _1\"></span>ello IA<span class=\"_ _1\"></span>S 29 \u00ab<span class=\"_ _1\"></span>Rendi<span class=\"_ _1\"></span>conta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile in ec<span class=\"_ _1\"></span>onomie ip<span class=\"_ _1\"></span>erinf<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>onate<span class=\"_ _1\"></span>\u00bb; per tal<span class=\"_ _1\"></span>e motivo n<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>, eco<span class=\"_ _1\"></span>nomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inanziaria di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er il co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"ls0 ws0\">-</span>mento \u00e8 s<span class=\"_ _1\"></span>tato ap<span class=\"_ _1\"></span>plicat<span class=\"_ _1\"></span>o a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 201<span class=\"_ _4\"></span>8 t<span class=\"_ _1\"></span>ale prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile, m<span class=\"_ _1\"></span>eglio illu<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ato nella not<span class=\"_ _1\"></span>a 2 Crite<span class=\"_ _1\"></span>ri di reda<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019ef<span class=\"_ _1\"></span>fetto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione di qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>to nuovo prin<span class=\"_ _1\"></span>cipio relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte agli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 201<span class=\"_ _4\"></span>8, 201<span class=\"_ _4\"></span>9, 2020, 202<span class=\"_ _4\"></span>1 e 2022 non \u00e8 da co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erar<span class=\"_ _1\"></span>si sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>vo a livello di G<span class=\"_ _1\"></span>ruppo<span class=\"_ _1\"></span>. 2.4.1 C<span class=\"_ _4\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>ollate c<span class=\"_ _0\"></span>on inter<span class=\"_ _0\"></span>essenze di minor<span class=\"_ _4\"></span>anze significati<span class=\"_ _0\"></span>veCon rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _1\"></span>e controllate co<span class=\"_ _1\"></span>n par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ni di minoran<span class=\"_ _1\"></span>za sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>ve si ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito la principal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 svo<span class=\"_ _1\"></span>lta e l<span class=\"_ _1\"></span>e perc<span class=\"_ _1\"></span>entuali di po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>elle mino<span class=\"_ _1\"></span>ranze al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. % di minoranza Societ\u00e0<span class=\"_ _269\"> </span>Attivit\u00e031 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _1a6\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> e distributrice per il mer<span class=\"_ _4\"></span>cato cinese<span class=\"_ _c0\"> </span>25,00%<span class=\"_ _26a\"> </span>25,00%Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited<span class=\"_ _9d\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> per il merc<span class=\"_ _0\"></span>ato di Hong Kong<span class=\"_ _1f5\"> </span>25,00%<span class=\"_ _26a\"> </span>25,00%Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _cd\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> per il merc<span class=\"_ _0\"></span>ato giapponese<span class=\"_ _1f0\"> </span>10,87%<span class=\"_ _26a\"> </span>29,00%Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti forni<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o i principali dati e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ntrollate con par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative. T<span class=\"_ _4\"></span>ali informa<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ono ba<span class=\"_ _1\"></span>sate sui s<span class=\"_ _1\"></span>aldi de<span class=\"_ _1\"></span>lle situa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntabili de<span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 2021<span class=\"_ _6\"></span>, r<span class=\"_ _1\"></span>edat<span class=\"_ _1\"></span>ti ai f<span class=\"_ _1\"></span>ini della pre<span class=\"_ _1\"></span>dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato, al lor<span class=\"_ _1\"></span>do dell<span class=\"_ _1\"></span>e eliminazi<span class=\"_ _1\"></span>oni <span class=\"ff79 ls80 ws119\">inte<span class=\"_ _1\"></span>rco<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">.</span></span>31 dicembr<span class=\"_ _4\"></span>e 2022Ferr<span class=\"_ _4\"></span>agamo Fashion Ferr<span class=\"_ _4\"></span>agamo T<span class=\"_ _4\"></span>rading (Shanghai) Retail HK Ferr<span class=\"_ _4\"></span>agamo Japan (In migliaia di Euro)C<span class=\"_ _0\"></span>o. Ltd.LimitedK.K.Attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _26b\"> </span>34.586 <span class=\"_ _153\"> </span>21.521 <span class=\"_ _141\"> </span>7.603 Attivit\u00e0 c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _121\"> </span>127.583 <span class=\"_ _153\"> </span>14.152 <span class=\"_ _26c\"> </span>60.015 P<span class=\"_ _4\"></span>assivit\u00e0 non corr<span class=\"_ _0\"></span>enti<span class=\"_ _95\"> </span>13.024 <span class=\"_ _153\"> </span>12.216 <span class=\"_ _26d\"> </span>7.622 P<span class=\"_ _4\"></span>assivit\u00e0 corr<span class=\"_ _0\"></span>enti<span class=\"_ _100\"> </span>40.207 <span class=\"_ _153\"> </span>60.643 <span class=\"_ _1b4\"> </span>51.627 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto<span class=\"_ _26e\"> </span>108.938 <span class=\"_ _177\"> </span>(37.186) <span class=\"_ _26d\"> </span>8.369 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto di T<span class=\"_ _4\"></span>erzi<span class=\"_ _4d\"> </span>27.187 <span class=\"_ _cf\"> </span>(10.469) <span class=\"_ _248\"> </span>910 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _26f\"> </span>154.077 <span class=\"_ _153\"> </span>15.432 <span class=\"_ _1b4\"> </span>99.298 Utile d'esercizio<span class=\"_ _270\"> </span>3.531 <span class=\"_ _177\"> </span>(13.436) <span class=\"_ _26d\"> </span>4.341 Risultato di pertinenza di terzi<span class=\"_ _107\"> </span>883 <span class=\"_ _be\"> </span>(3.359) <span class=\"_ _9d\"> </span>472 T<span class=\"_ _4\"></span>otale conto economic<span class=\"_ _4\"></span>o complessivo del periodo<span class=\"_ _115\"> </span>3.531 <span class=\"_ _1ad\"> </span>(13.436) <span class=\"_ _141\"> </span>4.428 C<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>o complessivo attribuito alle partecipazioni di terzi<span class=\"_ _1c9\"> </span>883 <span class=\"_ _32\"> </span>(3.359) <span class=\"_ _248\"> </span>481 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _4\"></span>ativa<span class=\"_ _271\"> </span>(5.303) <span class=\"_ _27\"> </span>(3.148) <span class=\"_ _1b4\"> </span>14.168 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _0\"></span>vestimento<span class=\"_ _fc\"> </span>(6.674) <span class=\"_ _76\"> </span>(579) <span class=\"_ _20b\"> </span>(694) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _bb\"> </span>(7.546) <span class=\"_ _246\"> </span>2.659 <span class=\"_ _272\"> </span>(4.549) Incremento/(decremento) delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _f5\"> </span><span class=\"ls0\">(19.523) <span class=\"_ _32\"> </span>(1.068) <span class=\"_ _6f\"> </span>8.925 </span>D<span class=\"_ _1\"></span>ividendi pagati alle partecipazioni di minoranza<span class=\"_ _bd\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _274\"> </span>- 31 dicembr<span class=\"_ _4\"></span>e 2021Ferr<span class=\"_ _4\"></span>agamo Fashion Ferr<span class=\"_ _4\"></span>agamo T<span class=\"_ _4\"></span>rading (Shanghai) Retail HK Ferr<span class=\"_ _4\"></span>agamo Japan (In migliaia di Euro)C<span class=\"_ _0\"></span>o. Ltd.LimitedK.K.Attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _26b\"> </span>33.679 <span class=\"_ _153\"> </span>30.985 <span class=\"_ _1b4\"> </span>12.615 Attivit\u00e0 c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _121\"> </span>137.897 <span class=\"_ _153\"> </span>15.248 <span class=\"_ _26c\"> </span>58.320 P<span class=\"_ _4\"></span>assivit\u00e0 non corr<span class=\"_ _0\"></span>enti<span class=\"_ _95\"> </span>13.253 <span class=\"_ _153\"> </span>17.645 <span class=\"_ _1b4\"> </span>20.640 P<span class=\"_ _4\"></span>assivit\u00e0 corr<span class=\"_ _0\"></span>enti<span class=\"_ _100\"> </span>50.383 <span class=\"_ _153\"> </span>51.057 <span class=\"_ _1b4\"> </span>73.359 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto<span class=\"_ _26e\"> </span>107.940 <span class=\"_ _177\"> </span>(22.469) <span class=\"_ _229\"> </span>(23.064) P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto di T<span class=\"_ _4\"></span>erzi<span class=\"_ _4d\"> </span>26.940 <span class=\"_ _be\"> </span>(6.720) <span class=\"_ _71\"> </span>(6.689) Rica<span class=\"_ _0\"></span>vi<span class=\"_ _26f\"> </span>195.037 <span class=\"_ _153\"> </span>19.759 <span class=\"_ _1b4\"> </span>89.437 Utile d'esercizio<span class=\"_ _275\"> </span>25.384 <span class=\"_ _177\"> </span>(13.668) <span class=\"_ _272\"> </span>(4.339) Risultato di pertinenza di terzi<span class=\"_ _21d\"> </span>6.346 <span class=\"_ _32\"> </span>(3.417) <span class=\"_ _71\"> </span>(1.258) T<span class=\"_ _4\"></span>otale conto economic<span class=\"_ _4\"></span>o complessivo del periodo<span class=\"_ _276\"> </span>25.384 <span class=\"_ _177\"> </span>(13.668) <span class=\"_ _272\"> </span>(4.104) C<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>o complessivo attribuito alle partecipazioni di terzi<span class=\"_ _8a\"> </span>6.346 <span class=\"_ _be\"> </span>(3.417) <span class=\"_ _71\"> </span>(1.190) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _4\"></span>ativa<span class=\"_ _243\"> </span>34.753 <span class=\"_ _d4\"> </span>1.320 <span class=\"_ _1b4\"> </span>14.481 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _0\"></span>vestimento<span class=\"_ _fc\"> </span>(6.072) <span class=\"_ _76\"> </span>(826) <span class=\"_ _272\"> </span>(1.573) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _274\"> </span>(13.904) <span class=\"_ _76\"> </span>(870) <span class=\"_ _272\"> </span>(9.978) Incremento/(decremento) delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _272\"> </span><span class=\"ls0\">14.777 <span class=\"_ _76\"> </span>(376) <span class=\"_ _6f\"> </span>2.930 </span>D<span class=\"_ _1\"></span>ividendi pagati alle partecipazioni di minoranza<span class=\"_ _bd\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _274\"> </span>- L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>2 richied<span class=\"_ _1\"></span>e di rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntare s<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o requis<span class=\"_ _1\"></span>iti di leg<span class=\"_ _2\"></span>ge, contr<span class=\"_ _1\"></span>attuali e<span class=\"_ _1\"></span>/o regolament<span class=\"_ _1\"></span>ari nonch<span class=\"_ _1\"></span>\u00e9 diritt<span class=\"_ _1\"></span>i di prote<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di minoran<span class=\"_ _1\"></span>za che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>son<span class=\"_ _1\"></span>o in alcuni cas<span class=\"_ _1\"></span>i limitare la c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o di acce<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>e alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>arle e di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguer<span class=\"_ _1\"></span>e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo. Dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>analisi di ques<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>attis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie non s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rizi<span class=\"_ _1\"></span>oni signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative.2.4.2 C<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>sione dei bilanci in moneta diver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>a dall\u2019<span class=\"_ _1\"></span>Eur<span class=\"_ _4\"></span>o e delle poste in valuta ester<span class=\"_ _4\"></span>aIl bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato \u00e8 pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato in euro, che \u00e8 la valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale e di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata dalla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po. Ciascuna impr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inisc<span class=\"_ _1\"></span>e la propria v<span class=\"_ _1\"></span>aluta fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e, che \u00e8 utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata pe<span class=\"_ _1\"></span>r valut<span class=\"_ _1\"></span>are le vo<span class=\"_ _1\"></span>ci compre<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>ei singoli bilanci. Le trans<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate inizialme<span class=\"_ _1\"></span>nte al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio (riferito alla valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale) in ess<span class=\"_ _1\"></span>ere alla data de<span class=\"_ _1\"></span>lla trans<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one. Le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie<span class=\"_ _1\"></span>, deno<span class=\"_ _1\"></span>minate in valuta e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a, son<span class=\"_ _1\"></span>o riconver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ite ne<span class=\"_ _1\"></span>lla va<span class=\"ls0 ws0\">-</span>luta fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e al tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di cambio in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e alla data di chiusur<span class=\"_ _1\"></span>a del bilanci<span class=\"_ _1\"></span>o. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze di cambio s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico. Le pos<span class=\"_ _1\"></span>te non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie v<span class=\"_ _1\"></span>alutate al co<span class=\"_ _1\"></span>sto s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ico in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>no conver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ite us<span class=\"_ _1\"></span>ando i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io in vigore a<span class=\"_ _1\"></span>lla data di<span class=\"_ _0\"></span> inizia<span class=\"_ _0\"></span>le rilevazione dell<span class=\"_ _0\"></span>a transazione. I cambi ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>ontrovalo<span class=\"_ _1\"></span>re in euro de<span class=\"_ _1\"></span>i bilanci e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>trollate (valuta p<span class=\"_ _1\"></span>er 1 Euro<span class=\"_ _0\"></span>) sono rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati nella s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla:<span class=\"_ _0\"></span> Cambi medi<span class=\"_ _d9\"> </span>Cambi di fine periodo31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021<span class=\"_ _16b\"> </span>31 dicembre 2022<span class=\"_ _204\"> </span>31 dicembre 2021Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _221\"> </span>1,0530 <span class=\"_ _26a\"> </span>1,1827 <span class=\"_ _171\"> </span>1,0666 <span class=\"_ _ed\"> </span>1,1326 F<span class=\"_ _0\"></span>ranc<span class=\"_ _4\"></span>o sviz<span class=\"_ _1\"></span>zero <span class=\"_ _a3\"> </span>1,0047 <span class=\"_ _26a\"> </span>1,0811 <span class=\"_ _72\"> </span>0,9847 <span class=\"_ _1f7\"> </span>1,0331 Y<span class=\"_ _4\"></span>en giapponese<span class=\"_ _277\"> </span>138,0274 <span class=\"_ _a4\"> </span>129,8767 <span class=\"_ _a4\"> </span>140,6600 <span class=\"_ _128\"> </span>130,3800 Sterlina inglese<span class=\"_ _278\"> </span>0,8528 <span class=\"_ _171\"> </span>0,8596 <span class=\"_ _171\"> </span>0,8869 <span class=\"_ _ed\"> </span>0,8403 Dollaro austr<span class=\"_ _0\"></span>aliano <span class=\"_ _14d\"> </span>1,5167 <span class=\"_ _171\"> </span>1,5749 <span class=\"_ _171\"> </span>1,5693 <span class=\"_ _ed\"> </span>1,5615 Won sudc<span class=\"_ _0\"></span>oreano <span class=\"_ _279\"> </span>1358,0683 <span class=\"_ _63\"> </span>1354,0595 <span class=\"_ _101\"> </span>1344,0860 <span class=\"_ _a4\"> </span>1346,3843 Dollaro di Hong K<span class=\"_ _4\"></span>ong <span class=\"_ _27a\"> </span>8,2451 <span class=\"_ _171\"> </span>9,1932 <span class=\"_ _171\"> </span>8,3163 <span class=\"_ _ed\"> </span>8,8333 P<span class=\"_ _0\"></span>eso messicano <span class=\"_ _27b\"> </span>21,1869 <span class=\"_ _79\"> </span>23,9852 <span class=\"_ _79\"> </span>20,8560 <span class=\"_ _171\"> </span>23,1438 Nuovo dollar<span class=\"_ _0\"></span>o taiwanese<span class=\"_ _27c\"> </span>31,3145 <span class=\"_ _79\"> </span>33,0231 <span class=\"_ _79\"> </span>32,8012 <span class=\"_ _171\"> </span>31,4393 Dollaro di Singapor<span class=\"_ _4\"></span>e<span class=\"_ _224\"> </span>1,4512 <span class=\"_ _171\"> </span>1,5891 <span class=\"_ _171\"> </span>1,4300 <span class=\"_ _ed\"> </span>1,5279 Baht Thailandia <span class=\"_ _27b\"> </span>36,8562 <span class=\"_ _79\"> </span>37,8368 <span class=\"_ _79\"> </span>36,8350 <span class=\"_ _72\"> </span>37,6530 Ringgit della Malaysia <span class=\"_ _27d\"> </span>4,6279 <span class=\"_ _171\"> </span>4,9015 <span class=\"_ _171\"> </span>4,6984 <span class=\"_ _ed\"> </span>4,7184 Rupia indiana <span class=\"_ _241\"> </span>82,6864 <span class=\"_ _79\"> </span>87,4392 <span class=\"_ _79\"> </span>88,1710 <span class=\"_ _171\"> </span>84,2292 P<span class=\"_ _4\"></span>ataca di Macau <span class=\"_ _1eb\"> </span>8,4900 <span class=\"_ _26a\"> </span>9,4680 <span class=\"_ _27e\"> </span>8,5766 <span class=\"_ _ed\"> </span>9,1131 Renminbi cinese<span class=\"_ _1eb\"> </span>7,0788 <span class=\"_ _171\"> </span>7,6282 <span class=\"_ _27e\"> </span>7,3582 <span class=\"_ _ed\"> </span>7,1947 P<span class=\"_ _0\"></span>eso cileno<span class=\"_ _149\"> </span>916,8340 <span class=\"_ _a4\"> </span>898,2143 <span class=\"_ _a4\"> </span>915,7677 <span class=\"_ _128\"> </span>965,5679 P<span class=\"_ _0\"></span>eso argentino <span class=\"_ _27f\"> </span>137,0036 <span class=\"_ _a4\"> </span>112,4964 <span class=\"_ _a4\"> </span>189,1890 <span class=\"_ _128\"> </span>116,4905 Real brasiliano <span class=\"_ _278\"> </span>5,4399 <span class=\"_ _27e\"> </span>6,3779 <span class=\"_ _171\"> </span>5,6386 <span class=\"_ _ed\"> </span>6,3101 Dollaro c<span class=\"_ _0\"></span>anadese <span class=\"_ _280\"> </span>1,3695 <span class=\"_ _171\"> </span>1,4826 <span class=\"_ _171\"> </span>1,4440 <span class=\"_ _ed\"> </span>1,4393 Alla data di chiu<span class=\"_ _1\"></span>sura de<span class=\"_ _1\"></span>l bilancio, le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o sono c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>e nella valut<span class=\"_ _1\"></span>a di pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o (l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro<span class=\"_ _0\"></span>) al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambi<span class=\"_ _1\"></span>o in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a tal<span class=\"_ _1\"></span>e data, e il loro c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o \u00e8 conver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>ando il cambio m<span class=\"_ _1\"></span>edio di p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do. Le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalla conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a patri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>monio net<span class=\"_ _1\"></span>to e s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>ste s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente in una app<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a dello s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o e<span class=\"_ _1\"></span>d esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della dis<span class=\"_ _1\"></span>miss<span class=\"_ _1\"></span>ione di una s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra, le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze di cambio cumulate ril<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vate come com<span class=\"_ _0\"></span>ponente di con<span class=\"_ _0\"></span>to economico<span class=\"_ _0\"></span> complessivo in considerazione di q<span class=\"_ _0\"></span>uella particolare<span class=\"_ _0\"></span> societ\u00e0 este<span class=\"_ _1\"></span>ra sono rilevate in con<span class=\"_ _0\"></span>to economico. Qualsia<span class=\"_ _1\"></span>si av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vante dall<span class=\"_ _1\"></span>\u2019acquisizi<span class=\"_ _1\"></span>one di una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a e qualsias<span class=\"_ _1\"></span>i rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica al <span class=\"ff79\">fair value</span><span class=\"lsb wsa0\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) </span>dei val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 o pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>acquis<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di quella s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 della s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra e so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i nella valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale d<span class=\"_ _1\"></span>ella so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra e conve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>titi al t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di cambio di chiu<span class=\"_ _1\"></span>sura di f<span class=\"_ _1\"></span>ine p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do.3. Gestione dei rischi finanziari (IFRS 7)Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to in v<span class=\"_ _1\"></span>aria misura ai di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>inanziari co<span class=\"_ _1\"></span>nnes<span class=\"_ _1\"></span>si alla pro<span class=\"_ _1\"></span>pria att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare ricon<span class=\"_ _1\"></span>ducibili alla tipo<span class=\"_ _1\"></span>logia de<span class=\"_ _1\"></span>i risc<span class=\"_ _1\"></span>hi di merc<span class=\"_ _1\"></span>ato, ulterior<span class=\"_ _1\"></span>mente di<span class=\"_ _1\"></span>stinguib<span class=\"_ _1\"></span>ili in:\u2022 <span class=\"_ _a1\"> </span>ris<span class=\"_ _1\"></span>chi di t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o, relati<span class=\"_ _1\"></span>vi agli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti di v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se di me<span class=\"_ _1\"></span>rcato; \u2022 <span class=\"_ _a1\"> </span>ris<span class=\"_ _1\"></span>chi di camb<span class=\"_ _1\"></span>io, cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti all<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 in are<span class=\"_ _1\"></span>e valut<span class=\"_ _1\"></span>arie dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e da quella d<span class=\"_ _1\"></span>ella div<span class=\"_ _1\"></span>isa di d<span class=\"_ _1\"></span>enomina<span class=\"_ _1\"></span>zione; \u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>r<span class=\"_ _1\"></span>ischi di liquidit<span class=\"_ _1\"></span>\u00e0, re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i alla dispo<span class=\"_ _1\"></span>nibilit\u00e0 di ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie e alla facilit<span class=\"_ _1\"></span>\u00e0 di acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so al me<span class=\"_ _1\"></span>rcato de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito e conne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>\u2019esigen<span class=\"_ _1\"></span>za di far<span class=\"_ _1\"></span>e fronte agli imp<span class=\"_ _1\"></span>egni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nel br<span class=\"_ _1\"></span>eve ter<span class=\"_ _1\"></span>mine;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _5\"></span>rischi di cre<span class=\"_ _1\"></span>dito (<span class=\"_ _0\"></span>o di controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te)<span class=\"_ _0\"></span>, che rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano i risc<span class=\"_ _1\"></span>hi di inademp<span class=\"_ _1\"></span>imento di ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni comm<span class=\"_ _1\"></span>erciali o f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie as<span class=\"_ _1\"></span>sunte dalle v<span class=\"_ _1\"></span>arie controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti e de<span class=\"_ _1\"></span>rivanti dall<span class=\"_ _1\"></span>e normali op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni comme<span class=\"_ _1\"></span>rciali o da attiv<span class=\"_ _1\"></span>it\u00e0 di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to, impiego e co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>i rischi. La ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>i rischi di tip<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o vien<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata sulla ba<span class=\"_ _1\"></span>se di line<span class=\"_ _1\"></span>e guida de<span class=\"_ _1\"></span>terminate dalla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo, nel ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>egli ob<span class=\"_ _1\"></span>iett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i def<span class=\"_ _1\"></span>initi a live<span class=\"_ _1\"></span>llo ce<span class=\"_ _1\"></span>ntrale dal Co<span class=\"_ _1\"></span>nsiglio di A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. Ci\u00f2 cons<span class=\"_ _1\"></span>ente di co<span class=\"_ _1\"></span>ntrollare e di coordinare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 delle s<span class=\"_ _1\"></span>ingole so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate, anche at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 di pianif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e contro<span class=\"_ _1\"></span>llo f<span class=\"_ _1\"></span>inanziario pi\u00f9 e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace<span class=\"_ _1\"></span>, di monito<span class=\"_ _1\"></span>rare in mo<span class=\"_ _1\"></span>do sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>matico i live<span class=\"_ _1\"></span>lli di esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ai rischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e l<span class=\"_ _1\"></span>\u2019andamento di tes<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>ria, di fornire utili indic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ottimiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i con gli is<span class=\"_ _1\"></span>tituti di credit<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto. Se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do tali dire<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>ve, il Gr<span class=\"_ _1\"></span>uppo p<span class=\"_ _1\"></span>resi<span class=\"_ _1\"></span>dia in maniera s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ica la ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i singoli ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari, inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o con l<span class=\"_ _1\"></span>\u2019obiett<span class=\"_ _1\"></span>ivo di mitig<span class=\"_ _1\"></span>arne il relati<span class=\"_ _1\"></span>vo impatt<span class=\"_ _1\"></span>o, anche att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo di s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati. Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono utiliz<span class=\"_ _2\"></span>zati ai s<span class=\"_ _1\"></span>oli f<span class=\"_ _1\"></span>ini di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. In applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei p<span class=\"_ _1\"></span>rincipi IFR<span class=\"_ _1\"></span>S alcuni deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icati c<span class=\"_ _1\"></span>ome di ne<span class=\"_ _1\"></span>goziazion<span class=\"_ _1\"></span>e ancorch\u00e9 s<span class=\"_ _1\"></span>iano st<span class=\"_ _1\"></span>ati st<span class=\"_ _1\"></span>ipulati con e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>inalit\u00e0 di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura. Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie s<span class=\"_ _1\"></span>ono pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte cos<span class=\"_ _1\"></span>tituite da de<span class=\"_ _1\"></span>biti co<span class=\"_ _1\"></span>mmerciali e da de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o banche e alt<span class=\"_ _1\"></span>ri deb<span class=\"_ _1\"></span>iti f<span class=\"_ _1\"></span>inanziari, olt<span class=\"_ _1\"></span>re alla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> in se<span class=\"_ _1\"></span>guito all<span class=\"_ _2\"></span>\u2019introdu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. La g<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tione di t<span class=\"_ _1\"></span>ali pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte f<span class=\"_ _1\"></span>inaliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata al f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>el Grup<span class=\"_ _1\"></span>po.Rischio di tassoLe oscilla<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato influi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o sul live<span class=\"_ _1\"></span>llo deg<span class=\"_ _1\"></span>li oneri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari net<span class=\"_ _1\"></span>ti e sul v<span class=\"_ _1\"></span>alore di m<span class=\"_ _1\"></span>ercato delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie<span class=\"_ _1\"></span>.Il rischio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se si p<span class=\"_ _1\"></span>u\u00f2 clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are in:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws8\">fl<span class=\"_ _1\"></span>ow risk<span class=\"ff71\">, che si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce alla variabilit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i atti<span class=\"_ _1\"></span>vi e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vi inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sati e p<span class=\"_ _1\"></span>agati a se<span class=\"_ _1\"></span>guito d<span class=\"_ _1\"></span>ei mov<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span></span></span>menti n<span class=\"_ _1\"></span>ei live<span class=\"_ _1\"></span>lli dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se di me<span class=\"_ _1\"></span>rcato;\u2022 <span class=\"_ _a1\"> </span><span class=\"ff79 ls3a ws25d\"> p<span class=\"_ _1\"></span>rice <span class=\"_ _41\"> </span>risk</span><span class=\"ws123\">, r<span class=\"_ _1\"></span>elativo alla s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ibilit\u00e0 d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore di merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 alle varia<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l live<span class=\"_ _1\"></span>llo dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di </span>intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e (si riferisce a<span class=\"_ _1\"></span>d atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 a ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>so)<span class=\"_ _0\"></span>. Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 princip<span class=\"_ _1\"></span>almente e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o al <span class=\"ff79\">f<span class=\"_ _1\"></span>low risk</span>, o ris<span class=\"_ _1\"></span>chio di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>so, cio\u00e8 al r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>guire a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o un aumento de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o di una variaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>favorevo<span class=\"_ _1\"></span>le dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Le so<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ano ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e di ter<span class=\"_ _1\"></span>zi pr<span class=\"_ _1\"></span>incipalment<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>to forma di de<span class=\"_ _1\"></span>bito banc<span class=\"_ _1\"></span>ario re<span class=\"_ _1\"></span>golato a t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so variabile e impi<span class=\"_ _1\"></span>egan<span class=\"_ _1\"></span>o la liquidit\u00e0 di<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nibile prev<span class=\"_ _1\"></span>alente<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nte in str<span class=\"_ _1\"></span>umenti di me<span class=\"_ _1\"></span>rcato m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ario. Variazioni ne<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato incido<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>lo sul cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti e sul re<span class=\"_ _1\"></span>ndimento d<span class=\"_ _1\"></span>elle for<span class=\"_ _1\"></span>me di impiego e quin<span class=\"_ _1\"></span>di sul livello d<span class=\"_ _1\"></span>egli o<span class=\"_ _1\"></span>neri e d<span class=\"_ _1\"></span>ei prove<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o, e non anch<span class=\"_ _1\"></span>e sul loro <span class=\"ff79\">fair value</span><span class=\"ls0\">.</span>La po<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>ia onero<span class=\"_ _1\"></span>sa \u00e8 rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ata da f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti a t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>ariabile<span class=\"_ _1\"></span>, sia a breve ch<span class=\"_ _1\"></span>e a medi<span class=\"_ _1\"></span>o-<span class=\"_ _1\"></span>lungo termin<span class=\"_ _1\"></span>e. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>indeb<span class=\"_ _1\"></span>itame<span class=\"_ _1\"></span>nto banc<span class=\"_ _1\"></span>ario \u00e8 par<span class=\"_ _1\"></span>ametrat<span class=\"_ _1\"></span>o al tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di merc<span class=\"_ _1\"></span>ato (<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente e<span class=\"_ _1\"></span>uribor/libor/<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>ofr o il ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rbanc<span class=\"_ _1\"></span>ario sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>o della v<span class=\"_ _1\"></span>aluta in cui il f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamento \u00e8 de<span class=\"_ _1\"></span>nominato) di perio<span class=\"_ _1\"></span>do pi\u00f9 uno <span class=\"ff79 ws3c\">sprea<span class=\"_ _1\"></span>d</span> che dipe<span class=\"_ _1\"></span>nde dalla tip<span class=\"_ _1\"></span>olog<span class=\"_ _1\"></span>ia di linea di cre<span class=\"_ _1\"></span>dito utiliz<span class=\"_ _2\"></span>zat<span class=\"_ _1\"></span>a. Gli utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi var<span class=\"_ _1\"></span>iano da un giorno a<span class=\"_ _1\"></span>d un mas<span class=\"_ _1\"></span>simo inferiore a cin<span class=\"_ _1\"></span>que anni (<span class=\"_ _4\"></span><span class=\"ff79\">te<span class=\"_ _1\"></span>rm loan<span class=\"_ _0\"></span><span class=\"ff71\">); il per<span class=\"_ _1\"></span>iodo di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e il paramet<span class=\"_ _1\"></span>ro di merc<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato (<span class=\"_ _0\"></span>euribo<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>/libor), anche per </span></span>gli utiliz<span class=\"_ _2\"></span>zi oltre l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o, non supe<span class=\"_ _1\"></span>rano i s<span class=\"_ _1\"></span>ei me<span class=\"_ _1\"></span>si. I mar<span class=\"_ _1\"></span>gini applic<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no paragonab<span class=\"_ _1\"></span>ili ai migliori <span class=\"ff79 ws3c\">st<span class=\"_ _1\"></span>andard</span><span class=\"ls0 ws2d\"> di m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>. </span>Le ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa so<span class=\"_ _1\"></span>no impie<span class=\"_ _1\"></span>gate in op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di <span class=\"ff79 lsb ws102\">time deposit</span> a breve te<span class=\"_ _1\"></span>rmine con le b<span class=\"_ _1\"></span>anche di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne che ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>lmente pre<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no a riferim<span class=\"_ _1\"></span>ento il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so eur<span class=\"_ _1\"></span>ibor/libor/<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>ofr di pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do o il ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di riferim<span class=\"_ _1\"></span>ento sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rban<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cario s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico de<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento \u00e8 de<span class=\"_ _1\"></span>nominato, in st<span class=\"_ _1\"></span>rutt<span class=\"_ _1\"></span>ure di <span class=\"ff79 ls43 ws97\">cash<span class=\"_ _0\"></span>-pooli<span class=\"_ _4\"></span>ng<span class=\"ff71 ls4 wse0\"> o in pres<span class=\"_ _1\"></span>titi </span><span class=\"lsc4 wscb\">i<span class=\"_ _2\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r-<span class=\"_ _24\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _2\"></span>y<span class=\"ff71 ls0 ws0\">, </span></span></span>regolati a c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni corr<span class=\"_ _1\"></span>enti di me<span class=\"_ _1\"></span>rcato, f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zati a conte<span class=\"_ _1\"></span>nere l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il sis<span class=\"_ _1\"></span>tema b<span class=\"_ _1\"></span>ancar<span class=\"_ _1\"></span>io, il rischio<span class=\"ff71 ls4 ws0\"> di contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te e l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>incide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a degli o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari.</span>La so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., in ot<span class=\"_ _1\"></span>tica di m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a diver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, \u00e8 inoltre e<span class=\"_ _1\"></span>ntrata in un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>curativo p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidab<span class=\"_ _1\"></span>ile.Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito de<span class=\"_ _1\"></span>lla comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a politi<span class=\"_ _1\"></span>ca di ot<span class=\"_ _1\"></span>timiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie, v<span class=\"_ _1\"></span>iene ri<span class=\"_ _1\"></span>cerc<span class=\"_ _1\"></span>ato un equilibrio t<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 con e<span class=\"_ _1\"></span>cces<span class=\"_ _1\"></span>si di li<span class=\"_ _1\"></span>quidit\u00e0 ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span>d altre con f<span class=\"_ _1\"></span>abbis<span class=\"_ _1\"></span>ogni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari, ricor<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>o alle forme di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento m<span class=\"_ _1\"></span>eno on<span class=\"_ _1\"></span>eros<span class=\"_ _1\"></span>e. La se<span class=\"_ _1\"></span>nsib<span class=\"_ _1\"></span>ilit\u00e0 al ris<span class=\"_ _1\"></span>chio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so \u00e8 monit<span class=\"_ _1\"></span>orat<span class=\"_ _1\"></span>a a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o tene<span class=\"_ _1\"></span>ndo o<span class=\"_ _1\"></span>ppor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>unamente in co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>zione l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>zione c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>, attr<span class=\"_ _1\"></span>avers<span class=\"_ _1\"></span>o una ges<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>ne coo<span class=\"_ _1\"></span>rdinata de<span class=\"_ _1\"></span>l debit<span class=\"_ _1\"></span>o e della liqui<span class=\"_ _1\"></span>dit\u00e0 dis<span class=\"_ _1\"></span>ponibile e d<span class=\"_ _1\"></span>elle re<span class=\"_ _1\"></span>lative s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>en<span class=\"ls0 ws0\">-</span>ze. A<span class=\"_ _1\"></span>lla data de<span class=\"_ _1\"></span>l bilancio non s<span class=\"_ _1\"></span>ono in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura del r<span class=\"_ _1\"></span>ischio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, volti a tr<span class=\"_ _1\"></span>asfor<span class=\"_ _1\"></span>mare l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto da variabile a f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o, n\u00e9 il Grupp<span class=\"_ _1\"></span>o ne ha fat<span class=\"_ _1\"></span>to utiliz<span class=\"_ _2\"></span>zo nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nte. L<span class=\"_ _6\"></span>\u2019analisi di sensit<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 al ri<span class=\"_ _1\"></span>schio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so cui \u00e8 e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o il Grupp<span class=\"_ _1\"></span>o \u00e8 st<span class=\"_ _1\"></span>ata co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta p<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o in consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne le par<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>tite di bilancio ch<span class=\"_ _1\"></span>e originano inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si re<span class=\"_ _1\"></span>golati a t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>ariabile e ipot<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti o decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti paralle<span class=\"_ _1\"></span>li nell<span class=\"_ _1\"></span>e cur<span class=\"_ _1\"></span>ve de<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>si di rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r singola valut<span class=\"_ _1\"></span>a prop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zionali alla ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va volatilit<span class=\"_ _1\"></span>\u00e0 annua os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a sul me<span class=\"_ _1\"></span>rcato. Il risult<span class=\"_ _1\"></span>ato dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1, consider<span class=\"_ _1\"></span>ati le con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ze delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e delle p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 sen<span class=\"_ _1\"></span>sibili, l<span class=\"_ _1\"></span>\u2019andamento de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e dei val<span class=\"_ _1\"></span>ori de<span class=\"_ _1\"></span>lle relati<span class=\"_ _1\"></span>ve volatilit<span class=\"_ _1\"></span>\u00e0 esp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se dal m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato, ha most<span class=\"_ _1\"></span>rato po<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite o utili a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>soc<span class=\"_ _1\"></span>h\u00e9 nulli.La po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ibile varia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in sen<span class=\"_ _1\"></span>so favor<span class=\"_ _1\"></span>evole o s<span class=\"_ _1\"></span>favore<span class=\"_ _1\"></span>vole de<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>si di rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto di merc<span class=\"_ _1\"></span>ato continua ad ave<span class=\"_ _1\"></span>re un impatto n<span class=\"_ _1\"></span>on signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul ri<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span>ato eco<span class=\"_ _1\"></span>nomico di Gr<span class=\"_ _1\"></span>uppo.Rischio di cambioL<span class=\"_ _6\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one al ris<span class=\"_ _1\"></span>chio di varia<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019operati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in valute di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dalla valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nominaz<span class=\"_ _1\"></span>ione di conto. In p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare<span class=\"_ _1\"></span>, \u00e8 po<span class=\"_ _1\"></span>ssib<span class=\"_ _1\"></span>ile clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are il rischio di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>ella natura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one e degli impa<span class=\"_ _0\"></span>tti che determina<span class=\"_ _4\"></span>: \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>sul risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o della dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 di c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e ric<span class=\"_ _1\"></span>avi in valut<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al mom<span class=\"_ _1\"></span>ento in cui sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate def<span class=\"_ _1\"></span>inite le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo (rischio ec<span class=\"_ _1\"></span>onomico) e per ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne di cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali o f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari den<span class=\"_ _1\"></span>ominati in v<span class=\"_ _1\"></span>aluta (rischio tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>atti<span class=\"_ _1\"></span>vo<span class=\"_ _0\"></span>); \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>sul bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato, risult<span class=\"_ _1\"></span>ato ec<span class=\"_ _1\"></span>onomico e p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, p<span class=\"_ _1\"></span>er ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla conve<span class=\"_ _1\"></span>rsio<span class=\"_ _1\"></span>ne di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di azie<span class=\"_ _1\"></span>nde che r<span class=\"_ _1\"></span>edigon<span class=\"_ _1\"></span>o il bilancio con m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>a di den<span class=\"_ _1\"></span>ominazio<span class=\"_ _1\"></span>ne dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a da quella fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo (rischio traslativo<span class=\"_ _4\"></span>).Il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra a live<span class=\"_ _1\"></span>llo inter<span class=\"_ _1\"></span>nazional<span class=\"_ _1\"></span>e ed \u00e8 quindi e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ai ris<span class=\"_ _1\"></span>chi deri<span class=\"_ _1\"></span>vanti dalle f<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>tuazi<span class=\"_ _1\"></span>oni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio, che hanno rif<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>si s<span class=\"_ _1\"></span>ul risult<span class=\"_ _1\"></span>ato ec<span class=\"_ _1\"></span>onomico e s<span class=\"_ _1\"></span>ul valore d<span class=\"_ _1\"></span>el patr<span class=\"_ _1\"></span>imonio net<span class=\"_ _1\"></span>to.La valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale e di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei dati f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Per le so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 la cui divi<span class=\"_ _1\"></span>sa di rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Bilancio \u00e8 dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dalla valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto det<span class=\"_ _1\"></span>tato<span class=\"_ _1\"></span> dai princip<span class=\"_ _1\"></span>i IFRS:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>i conti ec<span class=\"_ _1\"></span>onomici ve<span class=\"_ _1\"></span>ngono conve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>titi in Euro al camb<span class=\"_ _1\"></span>io me<span class=\"_ _1\"></span>dio di per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o; a parit\u00e0 di ric<span class=\"_ _1\"></span>avi e marg<span class=\"_ _1\"></span>ini in divi<span class=\"_ _1\"></span>sa lo<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, variaz<span class=\"_ _1\"></span>ioni dei r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di cambi<span class=\"_ _1\"></span>o pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul controv<span class=\"_ _1\"></span>alore in Euro dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i, dei co<span class=\"_ _1\"></span>sti e d<span class=\"_ _1\"></span>ei risul<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tati economici<span class=\"_ _4\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>tite in Euro al c<span class=\"_ _1\"></span>ambio di f<span class=\"_ _1\"></span>ine pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>o pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no as<span class=\"_ _1\"></span>sume<span class=\"_ _1\"></span>re controval<span class=\"_ _1\"></span>ori diver<span class=\"_ _1\"></span>si in co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della f<span class=\"_ _1\"></span>lutt<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne dei c<span class=\"_ _1\"></span>ambi. T<span class=\"_ _4\"></span>ale v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to a patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to, dove \u00e8 ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0\">-</span>cat<span class=\"_ _1\"></span>a nella vo<span class=\"_ _1\"></span>ce \u2018R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a di conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>, e vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo. Oltre ag<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oluti, anch<span class=\"_ _1\"></span>e gli indici di bilancio p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no variare<span class=\"_ _1\"></span>, se le pro<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ni tra utile<span class=\"_ _1\"></span>, att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, ind<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>to e patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lle varie v<span class=\"_ _1\"></span>alute camb<span class=\"_ _1\"></span>iano per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o delle v<span class=\"_ _1\"></span>ariazi<span class=\"_ _1\"></span>oni nei r<span class=\"_ _1\"></span>appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di cambio.Non \u00e8 p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>oprir<span class=\"_ _1\"></span>si a fronte d<span class=\"_ _1\"></span>ella prop<span class=\"_ _1\"></span>ria es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al risc<span class=\"_ _1\"></span>hio di cambio t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>lativo. Obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo della p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 la minimiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei r<span class=\"_ _1\"></span>ischi di c<span class=\"_ _1\"></span>ambio e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e tran<span class=\"ls0 ws0\">-</span>sat<span class=\"_ _1\"></span>tivo, cio\u00e8 d<span class=\"_ _1\"></span>ei ris<span class=\"_ _1\"></span>chi der<span class=\"_ _1\"></span>ivanti dalla p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 che le parit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>arie s<span class=\"_ _1\"></span>i modif<span class=\"_ _1\"></span>ichin<span class=\"_ _1\"></span>o in sen<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>favorevol<span class=\"_ _1\"></span>e nel p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo intercorr<span class=\"_ _1\"></span>ente tr<span class=\"_ _1\"></span>a il mome<span class=\"_ _1\"></span>nto in cui sor<span class=\"_ _1\"></span>ge la prev<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>e di un impe<span class=\"_ _1\"></span>gno a pagar<span class=\"_ _1\"></span>e o di un diritto a in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>sar<span class=\"_ _1\"></span>e divi<span class=\"_ _1\"></span>sa dive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro pe<span class=\"_ _1\"></span>r una data f<span class=\"_ _1\"></span>utura (defini<span class=\"_ _1\"></span>zione <span class=\"ff79 ls47 ws9\">b<span class=\"_ _1\"></span>udget</span><span class=\"lsb ws85\">, fiss<span class=\"_ _1\"></span>azione del listino<span class=\"_ _0\"></span>, predisposizione ordine<span class=\"_ _4\"></span>), la<span class=\"_ _0\"></span> registrazione del </span>docume<span class=\"_ _1\"></span>nto cont<span class=\"_ _1\"></span>abile (fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne) e il momento in cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>incas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o o il pagame<span class=\"_ _1\"></span>nto ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente s<span class=\"_ _1\"></span>i manifes<span class=\"_ _1\"></span>ta, ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>neran<span class=\"_ _1\"></span>do un ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to in te<span class=\"_ _1\"></span>rmini di dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze cambi<span class=\"_ _1\"></span>o, con impatt<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o. In continuit<span class=\"_ _1\"></span>\u00e0 con la po<span class=\"_ _1\"></span>litic<span class=\"_ _1\"></span>a di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>gli ultimi anni, il Grup<span class=\"_ _1\"></span>po ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce il ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio der<span class=\"_ _1\"></span>ivante dalla pro<span class=\"_ _1\"></span>pria atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 comme<span class=\"_ _1\"></span>rciale, co<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte a quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dalla <span class=\"ff79 ws3c\">Policy <span class=\"_ _1\"></span></span>di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio e dagli obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi di ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>ente def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>i a livell<span class=\"_ _1\"></span>o central<span class=\"_ _1\"></span>e, att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>matica de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>merciali de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle vendit<span class=\"_ _1\"></span>e prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e in divi<span class=\"_ _1\"></span>se dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro, con l<span class=\"_ _1\"></span>\u2019obiett<span class=\"_ _1\"></span>ivo di mitigar<span class=\"_ _1\"></span>e il rischio di v<span class=\"_ _1\"></span>ariabilit<span class=\"_ _1\"></span>\u00e0 del margine at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so, der<span class=\"_ _1\"></span>ivante dall<span class=\"_ _1\"></span>e vendite re<span class=\"_ _1\"></span>lative all<span class=\"_ _1\"></span>e future coll<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ioni. Il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra in misur<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa s<span class=\"_ _1\"></span>ui merc<span class=\"_ _1\"></span>ati interna<span class=\"_ _1\"></span>zionali anch<span class=\"_ _1\"></span>e attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 comm<span class=\"_ _1\"></span>erciali loc<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate in pae<span class=\"_ _1\"></span>si che utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>o valute di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro, principalm<span class=\"_ _1\"></span>ente Do<span class=\"_ _1\"></span>llaro ameri<span class=\"_ _1\"></span>cano e Re<span class=\"_ _1\"></span>nmimbi cine<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 31 dicembre 2022 le p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali di ricav<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>ti della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>nominati in D<span class=\"_ _1\"></span>ollari ame<span class=\"_ _1\"></span>ricani s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate p<span class=\"_ _1\"></span>ari a circa il 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span>, in Renmimbi cine<span class=\"_ _1\"></span>si a circ<span class=\"_ _1\"></span>a il 1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span>, in Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giappo<span class=\"_ _1\"></span>nes<span class=\"_ _1\"></span>e a circa il 6%<span class=\"_ _1\"></span>, in Won sud<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ani a circa il 5% e in Peso m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ani a circa il 4%<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio chius<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>, la perc<span class=\"_ _1\"></span>entuale de<span class=\"_ _1\"></span>i ric<span class=\"_ _1\"></span>avi net<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati dalla So<span class=\"_ _1\"></span>ciet\u00e0 in D<span class=\"_ _1\"></span>ollari ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ani era s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a pari a circ<span class=\"_ _1\"></span>a il 35% dei ricavi n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i, in Renmimbi cine<span class=\"_ _1\"></span>se a circ<span class=\"_ _1\"></span>a il 1<span class=\"_ _4\"></span>4%<span class=\"_ _1\"></span>, in Won sud-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>oreani a circ<span class=\"_ _1\"></span>a il 6%<span class=\"_ _1\"></span>, in Y<span class=\"_ _4\"></span>en giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>si a circ<span class=\"_ _1\"></span>a il 5%, e in Pes<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>cani a circa il 4%<span class=\"_ _1\"></span>. I r<span class=\"_ _1\"></span>ischi di valut<span class=\"_ _1\"></span>a or<span class=\"_ _1\"></span>iginano principalme<span class=\"_ _1\"></span>nte dalle e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani, Renminbi cin<span class=\"_ _1\"></span>esi, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>si, Won sud-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ani e Peso m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ani.In un proce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so di rice<span class=\"_ _1\"></span>rca di s<span class=\"_ _1\"></span>empre mag<span class=\"_ _2\"></span>giore ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di un pi\u00f9 puntuale pre<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dio dei ri<span class=\"_ _1\"></span>schi, e anche a s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito dell<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lle par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nelle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 dis<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>utive op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anti nei me<span class=\"_ _1\"></span>rcati s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gici d<span class=\"_ _1\"></span>el <span class=\"ff79\">Far East</span><span class=\"ls0 ws0\">, </span>la ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio \u00e8 acce<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>a pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o. I tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>imenti o<span class=\"_ _1\"></span>neros<span class=\"_ _1\"></span>i di merce a<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet\u00e0 c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>trollate vengo<span class=\"_ _1\"></span>no rego<span class=\"_ _1\"></span>lati dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano e vend<span class=\"_ _1\"></span>ono. In re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne al propr<span class=\"_ _1\"></span>io mod<span class=\"_ _1\"></span>el<span class=\"ls0 ws0\">-</span>lo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span>, il Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>iene una par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti in Euro (<span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi alla pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one e alla ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura <span class=\"ff79 ls2c ws9d\">Corporate<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws94\">) m<span class=\"_ _1\"></span>entre i ric<span class=\"_ _1\"></span>avi e i co<span class=\"_ _1\"></span>sti r<span class=\"_ _1\"></span>egis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>i dalle so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si prev<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nte </span></span>nelle v<span class=\"_ _1\"></span>alute lo<span class=\"_ _1\"></span>cali de<span class=\"_ _1\"></span>i risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i merc<span class=\"_ _1\"></span>ati di riferim<span class=\"_ _1\"></span>ento. In par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare, il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o \u00e8 esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>el rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to di cambio d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>l Dollaro am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ano, in rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ia alle vendit<span class=\"_ _1\"></span>e in Dollari e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ttuate s<span class=\"_ _1\"></span>ul merc<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>to nordame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, sia ancor<span class=\"_ _1\"></span>a su un circos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o numero di me<span class=\"_ _1\"></span>rcati, p<span class=\"_ _1\"></span>reval<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente as<span class=\"_ _1\"></span>iatici. In que<span class=\"_ _1\"></span>sto co<span class=\"_ _1\"></span>ntes<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o \u00e8 es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to alla var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio dell<span class=\"_ _1\"></span>e valute in cui s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>nominate le ve<span class=\"_ _1\"></span>ndite, ch<span class=\"_ _1\"></span>e si tra<span class=\"_ _1\"></span>duce ne<span class=\"_ _1\"></span>l rischio ch<span class=\"_ _1\"></span>e il controval<span class=\"_ _1\"></span>ore in Euro dei ric<span class=\"_ _1\"></span>avi d<span class=\"_ _1\"></span>eterminato al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019inca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o non sia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>ente a cop<span class=\"_ _1\"></span>rire i cos<span class=\"_ _1\"></span>ti di produ<span class=\"_ _1\"></span>zione o c<span class=\"_ _1\"></span>omunque a co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guire il marg<span class=\"_ _1\"></span>ine obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. T<span class=\"_ _4\"></span>ale ris<span class=\"_ _1\"></span>chio \u00e8 acce<span class=\"_ _1\"></span>ntuato per il r<span class=\"_ _1\"></span>ilevante inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>allo tem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>ale che interc<span class=\"_ _1\"></span>orre tr<span class=\"_ _1\"></span>a il mome<span class=\"_ _1\"></span>nto in cui vengono f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ati i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di una colle<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne ed il m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto in cui i ricav<span class=\"_ _1\"></span>i vengono c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>i in Euro, che si es<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>ino a diciot<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>si.La Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>uppo (in quanto so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 di produ<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) stip<span class=\"_ _1\"></span>ula contrat<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita a te<span class=\"_ _1\"></span>rmine di valut<span class=\"_ _1\"></span>a op<span class=\"_ _1\"></span>pure opzioni, at<span class=\"_ _1\"></span>ti a def<span class=\"_ _1\"></span>inire anticipat<span class=\"_ _1\"></span>amente il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, o un range pre<span class=\"_ _1\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o di tas<span class=\"_ _1\"></span>si di co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, a date future co<span class=\"_ _1\"></span>n un oriz<span class=\"_ _2\"></span>zonte temp<span class=\"_ _1\"></span>orale ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>imo atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di 2<span class=\"_ _0\"></span>4 mesi<span class=\"_ _1\"></span>. Si nota ch<span class=\"_ _1\"></span>e neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ame, il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to il ris<span class=\"_ _1\"></span>chio di cambio qua<span class=\"_ _1\"></span>si es<span class=\"_ _1\"></span>clusi<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte con ve<span class=\"_ _1\"></span>ndite di valut<span class=\"_ _1\"></span>a a te<span class=\"_ _1\"></span>rmine tr<span class=\"_ _1\"></span>amite contrat<span class=\"_ _1\"></span>ti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">. </span></span>A tale f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e, in fun<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato, vengo<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ipulate, prima d<span class=\"_ _1\"></span>ella def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei li<span class=\"ls0 ws0\">-</span>stini di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a, e comunque n<span class=\"_ _1\"></span>on oltre l<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>ella camp<span class=\"_ _1\"></span>agna vendit<span class=\"_ _1\"></span>e, cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture p<span class=\"_ _1\"></span>er un amm<span class=\"_ _1\"></span>ontare ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra il 50<span class=\"_ _1\"></span>% e il 9<span class=\"_ _1\"></span>0% d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sioni di ven<span class=\"_ _1\"></span>dite in valut<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>rcentual<span class=\"_ _1\"></span>e calco<span class=\"_ _1\"></span>lata sull<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa e no<span class=\"_ _1\"></span>n sulla singola v<span class=\"_ _1\"></span>aluta e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>. Nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo alla f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el lis<span class=\"_ _1\"></span>tino, l<span class=\"_ _1\"></span>\u2019ammontare de<span class=\"_ _1\"></span>lle cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne integ<span class=\"_ _1\"></span>rato in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli ordini ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente a<span class=\"_ _1\"></span>cquisit<span class=\"_ _1\"></span>i e mes<span class=\"_ _1\"></span>si in pro<span class=\"_ _1\"></span>duz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. In tal mo<span class=\"_ _1\"></span>do la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ricon<span class=\"_ _1\"></span>duce il ris<span class=\"_ _1\"></span>chio comme<span class=\"_ _1\"></span>rciale al so<span class=\"_ _1\"></span>lo ris<span class=\"_ _1\"></span>chio deri<span class=\"_ _1\"></span>vante dai volumi di ve<span class=\"_ _1\"></span>ndita e n<span class=\"_ _1\"></span>on anche a que<span class=\"_ _1\"></span>llo der<span class=\"_ _1\"></span>ivante dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio.All<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>opra d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>a, si ag<span class=\"_ _2\"></span>giunge quella re<span class=\"_ _1\"></span>siduale di al<span class=\"_ _1\"></span>cune controllate a<span class=\"_ _1\"></span>siatiche e latino<span class=\"_ _1\"></span>-am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ane che e<span class=\"_ _1\"></span>f<span class=\"ls0 ws0\">-</span>fettuan<span class=\"_ _1\"></span>o acquis<span class=\"_ _1\"></span>ti di me<span class=\"_ _1\"></span>rce in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani o in Euro e vendo<span class=\"_ _1\"></span>no nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano. I valo<span class=\"_ _1\"></span>ri dei contrat<span class=\"_ _1\"></span>ti coinvolt<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte inferio<span class=\"_ _1\"></span>ri risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to a quelli de<span class=\"_ _1\"></span>lla Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o. Inoltre il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>ontrolla e cop<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla variaz<span class=\"_ _1\"></span>ione di val<span class=\"_ _1\"></span>ore, a s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni dei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di camb<span class=\"_ _1\"></span>io, di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa da que<span class=\"_ _1\"></span>lla di conto de<span class=\"_ _1\"></span>lla singola So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0, che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no dete<span class=\"_ _1\"></span>rminare ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico (tipicame<span class=\"_ _1\"></span>nte rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di de<span class=\"_ _1\"></span>bito<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito f<span class=\"_ _1\"></span>inanziario <span class=\"ff79 lsc4 wscb\">i<span class=\"_ _2\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r-<span class=\"_ _24\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">), </span>attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari, la cui cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo i pr<span class=\"_ _1\"></span>incipi IFRS s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ue le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value hedge</span><span class=\"ls0 ws0\">: </span>l<span class=\"_ _1\"></span>\u2019utile o la per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve valuta<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore corr<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rumento di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, come pure l<span class=\"_ _2\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a. Le relaz<span class=\"_ _1\"></span>ioni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a delle f<span class=\"_ _1\"></span>uture tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni in valut<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra de<span class=\"_ _1\"></span>lla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>qualific<span class=\"_ _1\"></span>abili ai f<span class=\"_ _1\"></span>ini IFRS co<span class=\"_ _1\"></span>me <span class=\"ff79 ls0 ws0\">ca<span class=\"_ _1\"></span>sh </span>f<span class=\"_ _1\"></span>low hedge<span class=\"ff71 ls4 ws0\">) sono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019</span><span class=\"ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o le movim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni della ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>low h<span class=\"_ _1\"></span>edge</span> p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>:Rischio di Cambio(In migliaia di Euro) <span class=\"_ _21\"> </span>2022<span class=\"_ _1b6\"> </span>2021Saldo iniziale<span class=\"_ _281\"> </span>(8.426) <span class=\"_ _282\"> </span>6.740 + incrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia positiva<span class=\"_ _117\"> </span>14.430 <span class=\"_ _ed\"> </span>1.718 - decrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia negativa<span class=\"_ _9c\"> </span>(22.173) <span class=\"_ _1cf\"> </span>(17.216) -  <span class=\"_ _3\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _0\"></span>a Riserva di <span class=\"ff79\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff74\"> ed imputazione  </span></span>di prov<span class=\"_ _0\"></span>ento a CE<span class=\"_ _24d\"> </span>(3.554) <span class=\"_ _283\"> </span>(6.847) + incrementi per tr<span class=\"_ _0\"></span>asferimento di efficacia dalla Riserva di C<span class=\"_ _4\"></span>ash Flow hedge e imputazione di c<span class=\"_ _4\"></span>osto a CE<span class=\"_ _76\"> </span><span class=\"ls0\">29.218 <span class=\"_ _1f7\"> </span>7.179 </span>Saldo finale<span class=\"_ _198\"> </span>9.495 <span class=\"_ _76\"> </span>(8.426) La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va, che ac<span class=\"_ _1\"></span>coglie l<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni di valo<span class=\"_ _1\"></span>re deg<span class=\"_ _1\"></span>li strum<span class=\"_ _1\"></span>enti a co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura dell<span class=\"_ _1\"></span>e trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni atte<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>, si \u00e8 nel comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>92<span class=\"_ _4\"></span>1 migliaia ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022<span class=\"_ _1\"></span>, mentre s<span class=\"_ _1\"></span>i era de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _4\"></span>166 migliaia nel cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1. Le variazioni di val<span class=\"_ _1\"></span>ore rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019andamento dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>lle principali v<span class=\"_ _1\"></span>alute og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, in par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare de<span class=\"_ _1\"></span>i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio tra l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro e<span class=\"_ _1\"></span>d il dollaro ame<span class=\"_ _1\"></span>rican<span class=\"_ _1\"></span>o che ha vis<span class=\"_ _1\"></span>to un marcato d<span class=\"_ _1\"></span>epre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zament<span class=\"_ _1\"></span>o della mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>a unica ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>i primi nove me<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019anno. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _1\"></span>e tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o dalla Ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a alla voce \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i delle ve<span class=\"_ _1\"></span>ndite<span class=\"_ _1\"></span>\u201d in o<span class=\"_ _1\"></span>cca<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e della manife<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tanti \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 25.6<span class=\"_ _1\"></span>64 migliaia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022 e<span class=\"_ _1\"></span>ra s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 33<span class=\"_ _4\"></span>2 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l 2022 non s<span class=\"_ _1\"></span>i sono ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate interru<span class=\"_ _1\"></span>zioni di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura p<span class=\"_ _1\"></span>er annulla<span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>so; le rela<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>esig<span class=\"_ _1\"></span>nate di cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura si s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>velate e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>caci al c<span class=\"_ _1\"></span>ento pe<span class=\"_ _1\"></span>r cent<span class=\"_ _1\"></span>o per tutt<span class=\"_ _1\"></span>a la durat<span class=\"_ _1\"></span>a del s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante og<span class=\"_ _2\"></span>getto de<span class=\"_ _1\"></span>lla rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa.L<span class=\"_ _6\"></span>\u2019eventuale inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia de<span class=\"_ _1\"></span>lla cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura pu<span class=\"_ _1\"></span>\u00f2 realiz<span class=\"_ _2\"></span>zar<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di:\u2022 <span class=\"_ _a1\"> </span>dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze ne<span class=\"_ _1\"></span>lle te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tiche de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rati dai sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e dagli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti neg<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e de<span class=\"_ _1\"></span>gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle di se<span class=\"_ _1\"></span>guito l<span class=\"_ _1\"></span>\u2019oriz<span class=\"_ _1\"></span>zo<span class=\"_ _1\"></span>nte temp<span class=\"_ _1\"></span>orale m<span class=\"_ _1\"></span>edio e la s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r fatt<span class=\"_ _1\"></span>ore di ris<span class=\"_ _1\"></span>chio dell<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ture sul ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re nel G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o alla data di chiusur<span class=\"_ _1\"></span>a degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1. Il numero delle v<span class=\"_ _1\"></span>alute es<span class=\"_ _1\"></span>tere r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntate ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle met<span class=\"_ _1\"></span>te in ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nza c<span class=\"_ _1\"></span>ome la ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l risc<span class=\"_ _1\"></span>hio di cambio s<span class=\"_ _1\"></span>ia quasi tot<span class=\"_ _1\"></span>almente acce<span class=\"_ _1\"></span>ntrata p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so la C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo.Analisi dei flussi sottostanti: Manifestazione finanziaria31 D<span class=\"_ _1\"></span>icembre 2022T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>22.000 <span class=\"_ _16f\"> </span>65.000 <span class=\"_ _fe\"> </span>86.000 <span class=\"_ _fe\"> </span>79.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">252.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,142 <span class=\"_ _a5\"> </span>1,130 <span class=\"_ _ac\"> </span>1,074 <span class=\"_ _a5\"> </span>1,026 <span class=\"_ _d4\"> </span>- Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _a5\"> </span>1.500 <span class=\"_ _ac\"> </span>1.000 <span class=\"_ _a5\"> </span>2.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">4.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _ac\"> </span>1,370 <span class=\"_ _a5\"> </span>1,353 <span class=\"_ _ac\"> </span>1,359 <span class=\"_ _284\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>80.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _97\"> </span>100.000 <span class=\"_ _15d\"> </span>140.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">460.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,360 <span class=\"_ _a5\"> </span>7,294 <span class=\"_ _ac\"> </span>7,265 <span class=\"_ _a5\"> </span>7,047 <span class=\"_ _d4\"> </span>- Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _118\"> </span>250 <span class=\"_ _a5\"> </span>1.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">1.250 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>0,887 <span class=\"_ _ac\"> </span>0,901 <span class=\"_ _d4\"> </span>- Importo nozionale in HKD<span class=\"_ _78\"> </span>4.000 <span class=\"_ _fe\"> </span>21.000 <span class=\"_ _a5\"> </span>5.000 <span class=\"_ _a5\"> </span>8.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _75\"> </span><span class=\"ff76\">38.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>8,854 <span class=\"_ _a5\"> </span>8,800 <span class=\"_ _ac\"> </span>8,175 <span class=\"_ _a5\"> </span>8,107 <span class=\"_ _d4\"> </span>- Importo nozionale in JPY<span class=\"_ _238\"> </span>500.000 <span class=\"_ _7f\"> </span>1.200.000 <span class=\"_ _7f\"> </span>1.050.000 <span class=\"_ _15d\"> </span>800.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _1a8\"> </span><span class=\"ff76\">3.550.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>129,656 <span class=\"_ _97\"> </span>133,220 <span class=\"_ _97\"> </span>137,817 <span class=\"_ _97\"> </span>137,278 <span class=\"_ _d4\"> </span>- Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.000.000 <span class=\"_ _263\"> </span>13.000.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">46.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.371,400 <span class=\"_ _80\"> </span>1.367,402 <span class=\"_ _7f\"> </span>1.354,036 <span class=\"_ _80\"> </span>1.383,503 <span class=\"_ _7f\"> </span>1.382,500 Importo nozionale in MXN<span class=\"_ _1e6\"> </span>40.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>40.000 <span class=\"_ _97\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">430.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1ad\"> </span>23,570 <span class=\"_ _fe\"> </span>23,790 <span class=\"_ _16f\"> </span>23,455 <span class=\"_ _16f\"> </span>22,112 <span class=\"_ _284\"> </span>- Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- 31 D<span class=\"_ _1\"></span>icembre 2021T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>21.000 <span class=\"_ _16f\"> </span>50.000 <span class=\"_ _fe\"> </span>66.000 <span class=\"_ _fe\"> </span>60.500 <span class=\"_ _16f\"> </span>48.000 <span class=\"_ _83\"> </span><span class=\"ff76\">245.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,207 <span class=\"_ _a5\"> </span>1,192 <span class=\"_ _ac\"> </span>1,182 <span class=\"_ _a5\"> </span>1,181 <span class=\"_ _ac\"> </span>1,169 Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>75.000 <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _97\"> </span>120.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _83\"> </span><span class=\"ff76\">455.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,982 <span class=\"_ _a5\"> </span>8,010 <span class=\"_ _ac\"> </span>7,885 <span class=\"_ _a5\"> </span>7,886 <span class=\"_ _ac\"> </span>7,501 Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-Importo nozionale in HKD<span class=\"_ _238\"> </span>16.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _fe\"> </span>15.500 <span class=\"_ _fe\"> </span>24.000 <span class=\"_ _a5\"> </span>4.000 <span class=\"_ _15d\"> </span><span class=\"ff76\">74.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>9,366 <span class=\"_ _a5\"> </span>9,368 <span class=\"_ _ac\"> </span>9,275 <span class=\"_ _a5\"> </span>9,160 <span class=\"_ _ac\"> </span>8,937 Importo nozionale in JPY<span class=\"_ _238\"> </span>200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _7f\"> </span>1.300.000 <span class=\"_ _15d\"> </span>750.000 <span class=\"_ _97\"> </span>600.000 <span class=\"_ _16e\"> </span><span class=\"ff76\">4.200.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>128,126 <span class=\"_ _97\"> </span>129,817 <span class=\"_ _97\"> </span>129,660 <span class=\"_ _97\"> </span>128,731 <span class=\"_ _97\"> </span>131,720 Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.500.000 <span class=\"_ _263\"> </span>10.500.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">42.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.368,800 <span class=\"_ _80\"> </span>1.358,918 <span class=\"_ _7f\"> </span>1.359,918 <span class=\"_ _80\"> </span>1.387,931 <span class=\"_ _7f\"> </span>1.370,634 Importo nozionale in MXN<span class=\"_ _1e5\"> </span>- <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _15d\"> </span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _83\"> </span><span class=\"ff76\">410.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1f8\"> </span>- <span class=\"_ _16f\"> </span>25,938 <span class=\"_ _fe\"> </span>25,243 <span class=\"_ _16f\"> </span>25,485 <span class=\"_ _fe\"> </span>25,120 Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _4\"></span>onomico31 dicembr<span class=\"_ _4\"></span>e 2022da 9 mesi (In migliaia<span class=\"fs4\">)<span class=\"_ _6a\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesi</span>ad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">183.000 <span class=\"_ _16f\"> </span></span>89.000 <span class=\"_ _fe\"> </span>91.000 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">3.050.000 <span class=\"_ _7f\"> </span></span>1.200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _15d\"> </span>500.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _d5\"> </span><span class=\"ff76\">1.250 <span class=\"_ _d4\"> </span></span>- <span class=\"_ _118\"> </span>750 <span class=\"_ _cf\"> </span>500 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">250.000 <span class=\"_ _16f\"> </span></span>40.000 <span class=\"_ _15d\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _1f1\"> </span><span class=\"ff76\">3.500 <span class=\"_ _118\"> </span></span>500 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">350.000 <span class=\"_ _97\"> </span></span>170.000 <span class=\"_ _97\"> </span>150.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">30.000 <span class=\"_ _fe\"> </span></span>17.000 <span class=\"_ _16f\"> </span>13.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">36.000.000 <span class=\"_ _263\"> </span></span>14.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - 31 dicembr<span class=\"_ _4\"></span>e 2021da 9 mesi (In migliaia)<span class=\"_ _86\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesiad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">188.500 <span class=\"_ _16f\"> </span></span>64.500 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _fe\"> </span>48.000 <span class=\"_ _a5\"> </span>6.000 <span class=\"_ _d4\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">4.000.000 <span class=\"_ _7f\"> </span></span>1.950.000 <span class=\"_ _7f\"> </span>1.000.000 <span class=\"_ _15d\"> </span>850.000 <span class=\"_ _97\"> </span>200.000 <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">320.000 <span class=\"_ _97\"> </span></span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">330.000 <span class=\"_ _97\"> </span></span>130.000 <span class=\"_ _97\"> </span>130.000 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">51.500 <span class=\"_ _fe\"> </span></span>19.500 <span class=\"_ _16f\"> </span>17.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">31.500.000 <span class=\"_ _263\"> </span></span>11.500.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, in termini di volumi di nozio<span class=\"_ _1\"></span>nale den<span class=\"_ _1\"></span>ominati in valut<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti, \u00e8 volt<span class=\"_ _1\"></span>a a mitig<span class=\"_ _1\"></span>are il rischio ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato da os<span class=\"_ _1\"></span>cillazioni n<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>i di cambi<span class=\"_ _1\"></span>o tra l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro e le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti valute: D<span class=\"_ _1\"></span>ollaro ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, Renminbi cine<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>se, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se, Won su<span class=\"_ _1\"></span>d-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ano e Pes<span class=\"_ _1\"></span>o mes<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ano. Da un punto di vis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orale<span class=\"_ _1\"></span>, le cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture c<span class=\"_ _1\"></span>on durat<span class=\"_ _1\"></span>a supe<span class=\"_ _1\"></span>riore all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o sono nulle a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 cos\u00ec co<span class=\"_ _1\"></span>me al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ano le date di manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria de<span class=\"_ _1\"></span>i sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti per divi<span class=\"_ _1\"></span>sa e le date co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impatto a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o, che si dete<span class=\"_ _1\"></span>rmina a se<span class=\"_ _1\"></span>guito de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sti e ch<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>tituis<span class=\"_ _1\"></span>cono o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura dal ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io, alla data di chiusura degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.L<span class=\"_ _6\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _0\"></span>tuazione patr<span class=\"_ _0\"></span>imonia<span class=\"_ _0\"></span>le-f<span class=\"_ _1\"></span>inanzia<span class=\"_ _0\"></span>ria \u00e8 ra<span class=\"_ _0\"></span>ppresentato come segue:V<span class=\"_ _0\"></span>endite attese altamente probabiliRiserva di <span class=\"ff78\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff76\"> </span></span>C<span class=\"_ _0\"></span>arrying amount/ variazione di <span class=\"ff78\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff76\"> </span></span>utilizzate per misurar<span class=\"_ _0\"></span>e Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre (In migliaia di Euro)<span class=\"_ _288\"> </span>Importo nozionalel\u2019inefficaciaattivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201dpassivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201d31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _289\"> </span><span class=\"ff74\">287.034 <span class=\"_ _273\"> </span>9.495 <span class=\"_ _273\"> </span>6.595 <span class=\"_ _66\"> </span>(2.685) </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _289\"> </span><span class=\"ff74\">286.031 <span class=\"_ _20d\"> </span>(8.426)<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>299 <span class=\"_ _ed\"> </span>(10.521) </span>Sensitivity AnalysisL<span class=\"_ _6\"></span>\u2019analisi di sensit<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a al f<span class=\"_ _1\"></span>ine di valut<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ata c<span class=\"_ _1\"></span>ondot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a ipo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando v<span class=\"_ _1\"></span>ariaz<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>rcentuali in aume<span class=\"_ _1\"></span>nto e in diminuzion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>e varie di<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>e, prop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zionali alla loro volatilit<span class=\"_ _1\"></span>\u00e0 annua, applic<span class=\"_ _1\"></span>ata a tut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evanti e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>lle valute o<span class=\"_ _1\"></span>riginarie<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, l<span class=\"_ _1\"></span>\u2019analisi ha intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato tut<span class=\"_ _1\"></span>te le valut<span class=\"_ _1\"></span>e e le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti pos<span class=\"_ _1\"></span>te:\u2022 <span class=\"_ _a1\"> </span>s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ui ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio;\u2022 <span class=\"_ _a1\"> </span>cre<span class=\"_ _1\"></span>diti comm<span class=\"_ _1\"></span>erciali e altri cre<span class=\"_ _1\"></span>diti;\u2022 <span class=\"_ _a1\"> </span>de<span class=\"_ _1\"></span>biti co<span class=\"_ _1\"></span>mmerciali e altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _a1\"> </span>dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie a breve e lungo te<span class=\"_ _1\"></span>rmine;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> a b<span class=\"_ _1\"></span>reve e lungo te<span class=\"_ _1\"></span>rmine. Inoltre<span class=\"_ _1\"></span>, la tab<span class=\"_ _1\"></span>ella rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a gli impatt<span class=\"_ _1\"></span>i pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi e l<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve valute e si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce all<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio se<span class=\"_ _1\"></span>condo quanto r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 7 e non con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>ra p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dalla conver<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dei bilanci d<span class=\"_ _1\"></span>elle soci<span class=\"_ _1\"></span>et\u00e0 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tere co<span class=\"_ _1\"></span>n valut<span class=\"_ _1\"></span>a funzi<span class=\"_ _1\"></span>onale dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rati i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>lle valute la cui variaz<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>a un impatto a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico e a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a in valor<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>oluto, sup<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ore a Euro un milione<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>4.029 <span class=\"_ _bc\"> </span>2.119 EUR/JPY<span class=\"_ _1bd\"> </span>10,8%Strumenti non derivati<span class=\"_ _be\"> </span>(51) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>4.566 <span class=\"_ _ab\"> </span>12.855 EUR/USD<span class=\"_ _28a\"> </span>8,1%Strumenti non derivati<span class=\"_ _ac\"> </span>(1.040) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>705 <span class=\"_ _bc\"> </span>1.999 EUR/KRW<span class=\"_ _201\"> </span>8,6%Strumenti non derivati<span class=\"_ _ee\"> </span>(2) <span class=\"_ _f5\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>883 <span class=\"_ _bc\"> </span>2.808 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>6,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(426) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.300 <span class=\"_ _bc\"> </span>1.336 EUR/MXN<span class=\"_ _28b\"> </span>12,5%Strumenti non derivati<span class=\"_ _32\"> </span>(63) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.068 <span class=\"_ _229\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>5,9%Strumenti non derivati<span class=\"_ _128\"> </span><span class=\"ls34 ws139\">(7) <span class=\"_ _229\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _28c\"> </span>10,8%Strumenti non derivati<span class=\"_ _20f\"> </span>1.209 <span class=\"_ _229\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _37\"> </span>13.171 <span class=\"_ _12e\"> </span>21.117 31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ ImpattiRiduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(5.008) <span class=\"_ _12e\"> </span>(2.633) EUR/JPY<span class=\"_ _d5\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _21a\"> </span>62 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(5.371) <span class=\"_ _1fb\"> </span>(15.121) EUR/USD<span class=\"_ _1fc\"> </span>(8,1%)Strumenti non derivati<span class=\"_ _20f\"> </span>1.202 <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(838) <span class=\"_ _12e\"> </span>(2.374) EUR/KRW<span class=\"_ _28c\"> </span>(8,6%)Strumenti non derivati<span class=\"_ _28d\"> </span>2 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.001) <span class=\"_ _12e\"> </span>(3.184) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(6,3%)Strumenti non derivati<span class=\"_ _27\"> </span>478 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.674) <span class=\"_ _12e\"> </span>(1.719) EUR/MXN<span class=\"_ _288\"> </span>(12,5%)Strumenti non derivati<span class=\"_ _21a\"> </span>80 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.328) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(5,9%)Strumenti non derivati<span class=\"_ _28d\"> </span>7 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _274\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _ac\"> </span>(1.209) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(15.598) <span class=\"_ _c5\"> </span>(25.031) 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>3.373 <span class=\"_ _bc\"> </span>2.014 EUR/JPY<span class=\"_ _cd\"> </span>7,0%Strumenti non derivati<span class=\"_ _cf\"> </span>(144) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.669 <span class=\"_ _bc\"> </span>8.826 EUR/USD<span class=\"_ _28a\"> </span>5,6%Strumenti non derivati<span class=\"_ _cf\"> </span>(108) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>605 <span class=\"_ _bc\"> </span>1.653 EUR/KRW<span class=\"_ _201\"> </span>7,6%Strumenti non derivati<span class=\"_ _be\"> </span>(27) Strumenti derivati <span class=\"_ _a4\"> </span>712 <span class=\"_ _bc\"> </span>1.880 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>4,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(124) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.001 <span class=\"_ _bc\"> </span>1.393 EUR/MXN<span class=\"_ _28b\"> </span>11,2%Strumenti non derivati<span class=\"_ _cf\"> </span>(194) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.364 <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>4,4%Strumenti non derivati<span class=\"_ _28d\"> </span>4 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _fc\"> </span>6,5%Strumenti non derivati<span class=\"_ _27\"> </span>751 <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _25c\"> </span>9.882 <span class=\"_ _61\"> </span>15.766 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(3.883) <span class=\"_ _12e\"> </span>(2.318) EUR/JPY<span class=\"_ _73\"> </span>(<span class=\"_ _1\"></span>7,0%)Strumenti non derivati<span class=\"_ _27\"> </span>166 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.986) <span class=\"_ _12e\"> </span>(9.874) EUR/USD<span class=\"_ _1fc\"> </span>(5,6%)Strumenti non derivati<span class=\"_ _27\"> </span>116 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(704) <span class=\"_ _12e\"> </span>(1.924) EUR/KRW<span class=\"_ _28c\"> </span>(7,6%)Strumenti non derivati<span class=\"_ _21a\"> </span>31 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(776) <span class=\"_ _12e\"> </span>(2.048) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(4,3%)Strumenti non derivati<span class=\"_ _27\"> </span>134 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.253) <span class=\"_ _12e\"> </span>(1.744) EUR/MXN<span class=\"_ _288\"> </span>(11,2%)Strumenti non derivati<span class=\"_ _27\"> </span>243 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.488) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(4,4%)Strumenti non derivati<span class=\"_ _ee\"> </span><span class=\"ls36 ws84\">(3)<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _bb\"> </span>(6,5%)Strumenti non derivati<span class=\"_ _cf\"> </span>(751) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(11.154) <span class=\"_ _c5\"> </span>(17.908) Come pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entat<span class=\"_ _1\"></span>o nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sopr<span class=\"_ _1\"></span>a ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a, una varia<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>iva d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio in<span class=\"_ _1\"></span>div<span class=\"_ _1\"></span>iduati (EUR<span class=\"_ _1\"></span>/JPY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/USD, EUR<span class=\"_ _1\"></span>/KRW, E<span class=\"_ _0\"></span>UR<span class=\"_ _1\"></span>/CNY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/MXN EUR<span class=\"_ _2\"></span>/SG<span class=\"_ _1\"></span>D e USD/KRW<span class=\"_ _1\"></span>) avre<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e prod<span class=\"_ _1\"></span>otto un ut<span class=\"_ _1\"></span>ile di Euro 1<span class=\"_ _4\"></span>3.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>71 migliaia al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e un utile di Euro 9.<span class=\"_ _1\"></span>882 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 2021<span class=\"_ _6\"></span>; analog<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, un movime<span class=\"_ _1\"></span>nto ne<span class=\"_ _1\"></span>gativo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio av<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to una pe<span class=\"_ _1\"></span>rdita di Euro 1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>.59<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e una perdit<span class=\"_ _1\"></span>a di Euro 1<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>4 mi<span class=\"ls0 ws0\">-</span>gliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. L<span class=\"_ _6\"></span>\u2019incre<span class=\"_ _1\"></span>mento ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to dagli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati de<span class=\"_ _1\"></span>signati di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura in cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a alle ipot<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate varia<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>ositi<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ato pari a Euro 21<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>7 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e a Euro 1<span class=\"_ _4\"></span>5.7<span class=\"_ _0\"></span>66 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>; la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to in cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>za alle ip<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>egati<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio sar<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>ari a Euro 25.031 migliai<span class=\"_ _0\"></span>a al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e a Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. L<span class=\"_ _6\"></span>\u2019analisi di sens<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, sui risult<span class=\"_ _1\"></span>ati de<span class=\"_ _1\"></span>lla quale incide in manie<span class=\"_ _1\"></span>ra rile<span class=\"_ _1\"></span>vante il valo<span class=\"_ _1\"></span>re della vo<span class=\"_ _1\"></span>latilit\u00e0 di me<span class=\"_ _1\"></span>rcato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a un impat<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>to signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, a seguit<span class=\"_ _1\"></span>o della p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re degli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati des<span class=\"_ _1\"></span>ignati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>, che vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a a Ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w hedge</span> e la cui r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o si avr<span class=\"_ _1\"></span>\u00e0 negli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi, al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetti<span class=\"_ _1\"></span>vo manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>arsi d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _1\"></span>mento o la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne deg<span class=\"_ _1\"></span>li impatti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico e a s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato patrimonial<span class=\"_ _1\"></span>e, in ognuno d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erati, d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>va es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ialmente dall<span class=\"_ _1\"></span>\u2019ef<span class=\"ls0 ws0\">-</span>fett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>an<span class=\"_ _1\"></span>damento d<span class=\"_ _1\"></span>elle singo<span class=\"_ _1\"></span>le valute alle date di r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto e dalla variaz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>lla cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e alle f<span class=\"_ _1\"></span>luttua<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio.Rischio di liquidit\u00e0Il rischio di li<span class=\"_ _1\"></span>quidit\u00e0 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il ris<span class=\"_ _1\"></span>chio che il Gr<span class=\"_ _1\"></span>uppo no<span class=\"_ _1\"></span>n sia in gra<span class=\"_ _1\"></span>do di risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tare l<span class=\"_ _1\"></span>e propri<span class=\"_ _1\"></span>e obblig<span class=\"_ _1\"></span>azioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie a caus<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla diff<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>olt<span class=\"_ _1\"></span>\u00e0 di rep<span class=\"_ _1\"></span>erire fon<span class=\"_ _1\"></span>di a condi<span class=\"_ _1\"></span>zioni di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>orrent<span class=\"_ _1\"></span>i di merc<span class=\"_ _1\"></span>ato (<span class=\"_ _0\"></span><span class=\"ff79 ls3a ws3c\">funding liq<span class=\"_ _1\"></span>uidit<span class=\"_ _1\"></span>y risk<span class=\"ff71 ls4 ws9d\">) o di liquidare </span></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sul me<span class=\"_ _1\"></span>rcato p<span class=\"_ _1\"></span>er rep<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ire le ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span><span class=\"ff79\">a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et liquidit<span class=\"_ _1\"></span>y risk<span class=\"ff71 ls0\">).</span></span>La prima c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a \u00e8 un impatt<span class=\"_ _1\"></span>o neg<span class=\"_ _1\"></span>ativo sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui la So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sia cos<span class=\"_ _1\"></span>tret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nere cos<span class=\"_ _1\"></span>ti addi<span class=\"_ _1\"></span>zionali p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>re ai propr<span class=\"_ _1\"></span>i impe<span class=\"_ _1\"></span>gni.I fatto<span class=\"_ _1\"></span>ri che pr<span class=\"_ _1\"></span>incipalment<span class=\"_ _1\"></span>e influe<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>ano la liquidit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>ono r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati dalle ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate o as<span class=\"_ _1\"></span>sorb<span class=\"_ _1\"></span>ite dalle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>ve e di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto, dalle eventuali dis<span class=\"_ _1\"></span>tribu<span class=\"_ _1\"></span>zioni di div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi, dalle c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche di sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za e di di<span class=\"_ _1\"></span>sponib<span class=\"_ _1\"></span>ilit\u00e0 di rinnovo d<span class=\"_ _1\"></span>el de<span class=\"_ _1\"></span>bito o dalla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e liquidabilit<span class=\"_ _1\"></span>\u00e0 deg<span class=\"_ _1\"></span>li invest<span class=\"_ _1\"></span>imenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>lle ec<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ced<span class=\"_ _1\"></span>enze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>. I fabbis<span class=\"_ _1\"></span>ogni o l<span class=\"_ _1\"></span>e ecc<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nze di liquidit<span class=\"_ _1\"></span>\u00e0 s<span class=\"_ _1\"></span>ono monito<span class=\"_ _1\"></span>rati su ba<span class=\"_ _1\"></span>se gio<span class=\"_ _1\"></span>rnalier<span class=\"_ _1\"></span>a dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o al f<span class=\"_ _1\"></span>ine di garantire un ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace re<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto delle r<span class=\"_ _1\"></span>isor<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie o un ad<span class=\"_ _1\"></span>eguato inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento de<span class=\"_ _1\"></span>lla liquidit<span class=\"_ _1\"></span>\u00e0. La ne<span class=\"_ _1\"></span>goziazion<span class=\"_ _1\"></span>e e la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito vie<span class=\"_ _1\"></span>ne co<span class=\"_ _1\"></span>ordinata dalla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>on lo sc<span class=\"_ _1\"></span>opo di prov<span class=\"_ _2\"></span>ved<span class=\"_ _1\"></span>ere alle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di breve e m<span class=\"_ _1\"></span>edio p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>lle singol<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo crit<span class=\"_ _1\"></span>eri di ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a ed e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omicit<span class=\"_ _1\"></span>\u00e0. Al 31<span class=\"_ _0\"></span> dicembr<span class=\"_ _1\"></span>e 2022, so<span class=\"_ _1\"></span>no in es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere con p<span class=\"_ _1\"></span>i\u00f9 contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i bancar<span class=\"_ _1\"></span>ie linee di cr<span class=\"_ _1\"></span>edito <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d</span>, per c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i Euro 365.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia, interame<span class=\"_ _1\"></span>nte utiliz<span class=\"_ _2\"></span>zabili in una o pi\u00f9 s<span class=\"_ _1\"></span>oluzio<span class=\"_ _1\"></span>ni (<span class=\"ff79 ws3c\">revolving<span class=\"_ _1\"></span></span>). Alla st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa dat<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o inoltre in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere lin<span class=\"_ _1\"></span>ee a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e a revoc<span class=\"_ _1\"></span>a sulla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po e su al<span class=\"_ _1\"></span>cune dell<span class=\"_ _1\"></span>e sue contro<span class=\"_ _1\"></span>llate pe<span class=\"_ _1\"></span>r totali Euro 4<span class=\"_ _1\"></span>47<span class=\"_ _6\"></span>.0<span class=\"_ _1\"></span>58 migliaia. Al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 il Grupp<span class=\"_ _1\"></span>o disp<span class=\"_ _1\"></span>one di line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito non utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span> (<span class=\"_ _0\"></span>nella forma <span class=\"ff79 ws3c\">revo<span class=\"_ _1\"></span>lving</span> o <span class=\"ff79\">term lo<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">) </span></span>per Euro 365.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia e a revo<span class=\"_ _1\"></span>ca p<span class=\"_ _1\"></span>er Euro 4<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>852 migliaia, a fronte di un indeb<span class=\"_ _1\"></span>itam<span class=\"_ _1\"></span>ento lord<span class=\"_ _1\"></span>o di Euro 29.20<span class=\"_ _1\"></span>6 mi<span class=\"ls0 ws0\">-</span>gliaia e una posi<span class=\"_ _1\"></span>zione f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a <span class=\"ff79 lsd ws75\">adjusted</span> creditor<span class=\"_ _1\"></span>ia di Euro 3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.249 migliaia (<span class=\"_ _4\"></span>deb<span class=\"_ _1\"></span>itoria pe<span class=\"_ _1\"></span>r Euro 204.<span class=\"_ _1\"></span>07<span class=\"_ _4\"></span>4 migliaia consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ando anch<span class=\"_ _1\"></span>e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing</span> con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del p<span class=\"_ _1\"></span>rincipio IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6). Le l<span class=\"_ _0\"></span>inee <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span> hanno al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 una dur<span class=\"_ _1\"></span>ata re<span class=\"_ _1\"></span>sidua<span class=\"_ _1\"></span> mas<span class=\"_ _1\"></span>sima di quarantot<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>si e una<span class=\"_ _1\"></span> durata r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dua me<span class=\"_ _1\"></span>dia pon<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ata di ve<span class=\"_ _1\"></span>ntiquat<span class=\"ls0 ws0\">-</span>tro me<span class=\"_ _1\"></span>si. Le line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o e la relati<span class=\"_ _1\"></span>va att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria sono di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite fra i pr<span class=\"_ _1\"></span>incipali is<span class=\"_ _1\"></span>tituti ban<span class=\"_ _1\"></span>cari na<span class=\"_ _1\"></span>zionali e interna<span class=\"_ _1\"></span>zionali. A<span class=\"_ _1\"></span>lla data de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>sente B<span class=\"_ _1\"></span>ilancio l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo mas<span class=\"_ _1\"></span>sim<span class=\"_ _1\"></span>o \u00e8 inferiore a un anno. In ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted </span>attualme<span class=\"_ _1\"></span>nte in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o, sia nella for<span class=\"_ _1\"></span>ma <span class=\"ff79 ws3c\">revolv<span class=\"_ _1\"></span>ing</span> che <span class=\"ff79\">term loan</span>, non r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>ono il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">cov<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ant</span><span class=\"lsc5 wsc0\"> fi<span class=\"ls0 ws0\">-</span></span>nanziari. Fa e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e il contrat<span class=\"_ _1\"></span>to di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to in data 24 luglio 2020 con Intesa S<span class=\"_ _1\"></span>anpaol<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., che pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a un <span class=\"ff79 ls48 wsd1\">cove<span class=\"_ _1\"></span>nant<span class=\"_ _1\"></span></span> f<span class=\"_ _1\"></span>inanziario amp<span class=\"_ _1\"></span>iamente ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2. Per mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si ve<span class=\"_ _1\"></span>da la nota 20 Pres<span class=\"_ _1\"></span>titi e f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti - Limit<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni all<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>lle ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e.\u00c8 semp<span class=\"_ _1\"></span>re st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o stip<span class=\"_ _1\"></span>ulare e mantene<span class=\"_ _1\"></span>re con co<span class=\"_ _1\"></span>ntinuit\u00e0 e co<span class=\"_ _1\"></span>n contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i banc<span class=\"_ _1\"></span>arie dive<span class=\"_ _1\"></span>rsif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cate un ammontare di lin<span class=\"_ _1\"></span>ee di cre<span class=\"_ _1\"></span>dito <span class=\"ff79 ws19\">commit<span class=\"_ _1\"></span>ted</span> r<span class=\"_ _1\"></span>itenuto c<span class=\"_ _1\"></span>ongruo ri<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>etto ai f<span class=\"_ _1\"></span>abbis<span class=\"_ _1\"></span>ogni de<span class=\"_ _1\"></span>lle singol<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 e i<span class=\"_ _1\"></span>done<span class=\"_ _1\"></span>o ad as<span class=\"_ _1\"></span>sicurar<span class=\"_ _1\"></span>e in ogni mom<span class=\"_ _1\"></span>ento la liquidit<span class=\"_ _1\"></span>\u00e0 ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>aria al so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>facime<span class=\"_ _1\"></span>nto e al ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di ogni imp<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no f<span class=\"_ _1\"></span>inanziario del G<span class=\"_ _1\"></span>ruppo, a co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abilite, olt<span class=\"_ _1\"></span>re ad as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are la disp<span class=\"_ _1\"></span>onibilit\u00e0 di un a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uato livell<span class=\"_ _1\"></span>o di elas<span class=\"_ _1\"></span>ticit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r eventuali p<span class=\"_ _1\"></span>rogrammi di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2, la polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a quella di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una par<span class=\"_ _1\"></span>te co<span class=\"_ _1\"></span>nsis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nte delle p<span class=\"_ _1\"></span>roprie e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato in de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pos<span class=\"_ _1\"></span>iti banc<span class=\"_ _1\"></span>ari a breve (<span class=\"ff79 ls45 wsa9\">ti<span class=\"_ _0\"></span>me deposit)<span class=\"_ _4\"></span><span class=\"ff71 ls42 ws12e\">, olt<span class=\"_ _1\"></span>re che p<span class=\"_ _1\"></span>er acc<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>iti <span class=\"ff79 ls47 ws9\">inte<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any<span class=\"_ _0\"></span><span class=\"ff71 ls42 ws12e\">, regolati a co<span class=\"_ _1\"></span>ndizi<span class=\"_ _1\"></span>oni corre<span class=\"_ _1\"></span>nti </span></span></span></span>di merc<span class=\"_ _1\"></span>ato, cos\u00ec da co<span class=\"_ _1\"></span>ntene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>creme<span class=\"_ _1\"></span>nto della p<span class=\"_ _1\"></span>ropria e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitoria ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il sis<span class=\"_ _1\"></span>tema b<span class=\"_ _1\"></span>ancari<span class=\"_ _1\"></span>o e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span> relati<span class=\"_ _1\"></span>vi.Se<span class=\"_ _1\"></span>mpre con l<span class=\"_ _2\"></span>\u2019intento di cont<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>bitoria n<span class=\"_ _1\"></span>ei confro<span class=\"_ _1\"></span>nti del si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2022, il Grupp<span class=\"_ _1\"></span>o ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato rimbo<span class=\"_ _1\"></span>rsi anti<span class=\"_ _1\"></span>cipati pe<span class=\"_ _1\"></span>r tot<span class=\"_ _1\"></span>ali Euro 85 milioni sui principali f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti a m<span class=\"_ _1\"></span>edio lungo te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>. Le ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa so<span class=\"_ _1\"></span>no impie<span class=\"_ _1\"></span>gate con l<span class=\"_ _1\"></span>e banche di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne in op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di <span class=\"ff79 ls45 ws8b\">time deposit</span> a breve o me<span class=\"_ _1\"></span>dio te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine, s<span class=\"_ _1\"></span>olitam<span class=\"_ _1\"></span>ente comp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e tra un g<span class=\"_ _1\"></span>iorno e do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si, che p<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono a rife<span class=\"_ _1\"></span>rimento il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>uribor/libor/SOFR di per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o o il tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rbanc<span class=\"_ _1\"></span>ario sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>o della valut<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto \u00e8 deno<span class=\"_ _1\"></span>minato. Le ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla liquidit<span class=\"_ _1\"></span>\u00e0 vengono re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate con g<span class=\"_ _1\"></span>li obiet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i prio<span class=\"_ _1\"></span>ritar<span class=\"_ _1\"></span>i di rend<span class=\"_ _1\"></span>ere le ri<span class=\"_ _1\"></span>sor<span class=\"ls0 ws0\">-</span>se disp<span class=\"_ _1\"></span>onibili con b<span class=\"_ _1\"></span>reve pre<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iso (nel ca<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze s<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>iori a tre m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i \u00e8 prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attualme<span class=\"_ _1\"></span>nte la pront<span class=\"_ _1\"></span>a liquidabilit<span class=\"_ _1\"></span>\u00e0 sen<span class=\"_ _1\"></span>za p<span class=\"_ _1\"></span>enali) e di neut<span class=\"_ _1\"></span>raliz<span class=\"_ _2\"></span>zare il ris<span class=\"_ _1\"></span>chio di pe<span class=\"_ _1\"></span>rdita di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale ev<span class=\"_ _1\"></span>itan<span class=\"_ _1\"></span>do op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di tip<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>eculati<span class=\"_ _1\"></span>vo. \u00c8 st<span class=\"_ _1\"></span>ato inoltre e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuato un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurativo in p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidab<span class=\"_ _1\"></span>ile, ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato dalla soci<span class=\"_ _1\"></span>et\u00e0 S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. per Euro 10.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia in ott<span class=\"_ _1\"></span>ica di mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rata di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di ave<span class=\"_ _1\"></span>re una ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a e liquidit\u00e0 p<span class=\"_ _1\"></span>i\u00f9 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a li<span class=\"_ _1\"></span>vello di G<span class=\"_ _1\"></span>ruppo, la S<span class=\"_ _1\"></span>al<span class=\"ls0 ws0\">-</span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 inolt<span class=\"_ _1\"></span>re entrat<span class=\"_ _1\"></span>a in un contrat<span class=\"_ _1\"></span>to di <span class=\"ff79 ls8 ws6e\">ca<span class=\"_ _1\"></span>shp<span class=\"_ _1\"></span>ooling<span class=\"_ _1\"></span></span> con alcune s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>ntrollate.Que<span class=\"_ _1\"></span>ste s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>e, che t<span class=\"_ _1\"></span>engono co<span class=\"_ _1\"></span>nto anche de<span class=\"_ _1\"></span>lla preve<span class=\"_ _1\"></span>dibile dinamic<span class=\"_ _1\"></span>a futura de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, insie<span class=\"_ _1\"></span>me ad una te<span class=\"_ _1\"></span>m<span class=\"ls0 ws0\">-</span>pe<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>va at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di rin<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle linee di cr<span class=\"_ _1\"></span>edito, anch<span class=\"_ _1\"></span>e prima de<span class=\"_ _1\"></span>lla loro naturale s<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za, co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>ntono di ri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>durre in maniera s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio in e<span class=\"_ _1\"></span>sam<span class=\"_ _1\"></span>e e di ade<span class=\"_ _1\"></span>guare il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto alle miglior<span class=\"_ _1\"></span>i condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato. Il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente mante<span class=\"_ _1\"></span>nuto l<span class=\"_ _1\"></span>\u2019acces<span class=\"_ _1\"></span>so a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>ampia gamma di fonti di f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to a cos<span class=\"_ _1\"></span>ti comp<span class=\"_ _1\"></span>etit<span class=\"_ _1\"></span>ivi, n<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>tante il qua<span class=\"_ _1\"></span>dro di riferime<span class=\"_ _1\"></span>nto es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rno, nel quale p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mangono rigidit<span class=\"_ _1\"></span>\u00e0 ne<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l credito<span class=\"_ _1\"></span>. Nono<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante l<span class=\"_ _1\"></span>\u2019elevat<span class=\"_ _1\"></span>a cap<span class=\"_ _1\"></span>acit\u00e0 di ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>rrente op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, avere semp<span class=\"_ _1\"></span>re mantenuto la dis<span class=\"_ _1\"></span>ponib<span class=\"_ _1\"></span>ilit\u00e0 di un cong<span class=\"_ _1\"></span>ruo ammont<span class=\"_ _1\"></span>are di line<span class=\"_ _1\"></span>e <span class=\"ff79 ws19\">committe<span class=\"_ _1\"></span>d</span> ha pe<span class=\"_ _1\"></span>rme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di fronte<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>giare co<span class=\"_ _1\"></span>n sicure<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a le fas<span class=\"_ _1\"></span>i di mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>e turbol<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>i merc<span class=\"_ _1\"></span>ati e di eventual<span class=\"_ _1\"></span>e volatilit\u00e0 n<span class=\"_ _1\"></span>ella disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di capit<span class=\"_ _1\"></span>ale di pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tito sul merc<span class=\"_ _1\"></span>ato. Con c<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a men<span class=\"_ _1\"></span>sile v<span class=\"_ _1\"></span>iene mo<span class=\"_ _1\"></span>nitorat<span class=\"_ _1\"></span>a la po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iva di o<span class=\"_ _1\"></span>gni singola s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e quella de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo comp<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o, e confrontat<span class=\"_ _1\"></span>a con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultima prev<span class=\"_ _1\"></span>isio<span class=\"_ _1\"></span>ne di <span class=\"ff79 lsa ws6\">Budget<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">/</span><span class=\"ff79 ws19\">Forec<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span></span>. Il <span class=\"ff79 lsa ws6\">management</span><span class=\"ls0 ws0\"> </span>ritien<span class=\"_ _1\"></span>e che i fondi e l<span class=\"_ _1\"></span>e linee di cre<span class=\"_ _1\"></span>dito at<span class=\"_ _1\"></span>tualmente di<span class=\"_ _1\"></span>sponib<span class=\"_ _1\"></span>ili, con l<span class=\"_ _1\"></span>\u2019aggiunt<span class=\"_ _1\"></span>a dei fon<span class=\"_ _1\"></span>di che si pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e sarann<span class=\"_ _1\"></span>o gene<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rati dall<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 co<span class=\"_ _1\"></span>rrente op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, cons<span class=\"_ _1\"></span>entirann<span class=\"_ _1\"></span>o al Grupp<span class=\"_ _1\"></span>o di fare fronte c<span class=\"_ _1\"></span>on tran<span class=\"_ _1\"></span>quillit\u00e0 al rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>gli utiliz<span class=\"_ _2\"></span>zi dei f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti alla lo<span class=\"_ _1\"></span>ro naturale sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e a so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fare i fab<span class=\"_ _1\"></span>biso<span class=\"_ _1\"></span>gni der<span class=\"_ _1\"></span>ivanti dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 di inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento e di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale circolante op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativo.31 dicembr<span class=\"_ _4\"></span>e 2022(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>165.065 <span class=\"_ _ac\"> </span>8.951 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _97\"> </span>174.016 Debiti verso banche <span class=\"_ _b0\"> </span>29.343 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _fe\"> </span>29.343 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _d7\"> </span>2 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _ee\"> </span>2 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.888 <span class=\"_ _16f\"> </span>86.820 <span class=\"_ _15d\"> </span>356.035 <span class=\"_ _97\"> </span>158.934 <span class=\"_ _15d\"> </span>633.677 Depositi cauzionali<span class=\"_ _290\"> </span>171 <span class=\"_ _d4\"> </span>- <span class=\"_ _27\"> </span>70 <span class=\"_ _cf\"> </span>184 <span class=\"_ _118\"> </span>425 Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _1bd\"> </span>1.179 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>1.179 Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>5.335 <span class=\"_ _a5\"> </span>2.057 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _a5\"> </span>7.392 T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>232.983 <span class=\"_ _6d\"> </span>97.828 <span class=\"_ _13b\"> </span>356.105 <span class=\"_ _173\"> </span>159.118 <span class=\"_ _13b\"> </span>846.034 31 dicembr<span class=\"_ _4\"></span>e 2021(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>178.983<span class=\"_ _bf\"> </span>4.809<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>183.792Debiti verso banche <span class=\"_ _b0\"> </span>64.743<span class=\"_ _b2\"> </span>11.290<span class=\"_ _b2\"> </span>64.458<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>140.491P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.803<span class=\"_ _b2\"> </span>87.483<span class=\"_ _c5\"> </span>347.011<span class=\"_ _c5\"> </span>183.656<span class=\"_ _c5\"> </span>649.953Depositi cauzionali<span class=\"_ _292\"> </span>74<span class=\"_ _293\"> </span>22<span class=\"_ _146\"> </span>184<span class=\"_ _146\"> </span>110<span class=\"_ _146\"> </span>390Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _d3\"> </span>676<span class=\"_ _d4\"> </span>6<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _146\"> </span>682Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>6.359<span class=\"_ _b2\"> </span>10.897<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _b2\"> </span>17.256T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>282.638<span class=\"_ _75\"> </span>114.507<span class=\"_ _25\"> </span>411.653<span class=\"_ _75\"> </span>183.766<span class=\"_ _25\"> </span>992.564L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle po<span class=\"_ _1\"></span>ste di b<span class=\"_ _1\"></span>ilancio rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ative di pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e mos<span class=\"_ _1\"></span>tra s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite, co<span class=\"_ _1\"></span>n quelle di natura c<span class=\"_ _1\"></span>ommercial<span class=\"_ _1\"></span>e conce<span class=\"_ _1\"></span>ntrate ent<span class=\"_ _1\"></span>ro i tre me<span class=\"_ _1\"></span>si. Per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 i valo<span class=\"_ _1\"></span>ri dei d<span class=\"_ _1\"></span>ebiti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o banche hann<span class=\"_ _1\"></span>o una durata r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>idua mas<span class=\"_ _1\"></span>sima infer<span class=\"_ _1\"></span>iore a 3 m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te in bilancio hann<span class=\"_ _1\"></span>o vit<span class=\"_ _1\"></span>a res<span class=\"_ _1\"></span>idua di pi\u00f9 breve t<span class=\"_ _1\"></span>ermine e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>do in pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nza r<span class=\"_ _1\"></span>elative a di<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>spo<span class=\"_ _1\"></span>nibilit\u00e0 liquid<span class=\"_ _1\"></span>e e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.Rischio di cr<span class=\"_ _0\"></span>editoIl rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dal mancato a<span class=\"_ _1\"></span>dempim<span class=\"_ _1\"></span>ento delle o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zioni as<span class=\"_ _1\"></span>sunte dalle c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i, sia comme<span class=\"_ _1\"></span>rciali che f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta una di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>zione al r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito in ba<span class=\"_ _1\"></span>se alla natura de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 che hanno g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rato il cre<span class=\"_ _1\"></span>dito st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al ris<span class=\"_ _1\"></span>chio di credito c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciale del G<span class=\"_ _1\"></span>ruppo \u00e8 r<span class=\"_ _1\"></span>iferibile all<span class=\"_ _1\"></span>e vendite d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinate all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>ingros<span class=\"_ _1\"></span>so, ai cre<span class=\"_ _1\"></span>diti de<span class=\"_ _1\"></span>rivanti dai r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i prove<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nienti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni immobiliari, ch<span class=\"_ _1\"></span>e insiem<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o circa il 28,<span class=\"_ _1\"></span>3 p<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>nto del f<span class=\"_ _1\"></span>atturat<span class=\"_ _1\"></span>o global<span class=\"_ _1\"></span>e: il rimanente g<span class=\"_ _1\"></span>iro d<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>fari \u00e8 rife<span class=\"_ _1\"></span>ribile alle ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ws3c\">retail</span> co<span class=\"_ _1\"></span>n pagame<span class=\"_ _1\"></span>nto in cont<span class=\"_ _1\"></span>anti o me<span class=\"_ _1\"></span>diante car<span class=\"_ _1\"></span>te di cre<span class=\"_ _1\"></span>dito o di debit<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nzialme<span class=\"_ _1\"></span>nte riferib<span class=\"_ _1\"></span>ili alle vendite <span class=\"ff79 ls38 ws8b\">whole<span class=\"_ _1\"></span>sale</span>, hanno gene<span class=\"_ _1\"></span>ralme<span class=\"_ _1\"></span>nte sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za infe<span class=\"_ _1\"></span>riore a 9<span class=\"_ _1\"></span>0 gio<span class=\"_ _1\"></span>rni. Il Grupp<span class=\"_ _1\"></span>o gen<span class=\"_ _1\"></span>eralme<span class=\"_ _1\"></span>nte pri<span class=\"_ _1\"></span>vile<span class=\"_ _1\"></span>gia rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>mmerciali con cli<span class=\"_ _1\"></span>enti con i quali intrattie<span class=\"_ _1\"></span>ne re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni cons<span class=\"_ _1\"></span>olidate ne<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o. \u00c8 polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>porre i clie<span class=\"_ _1\"></span>nti che ric<span class=\"_ _1\"></span>hiedo<span class=\"_ _1\"></span>no con<span class=\"_ _1\"></span>dizioni di pagame<span class=\"_ _1\"></span>nto dilazio<span class=\"_ _1\"></span>nate a proce<span class=\"_ _1\"></span>dure di ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>ulla relativ<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se di cre<span class=\"_ _1\"></span>dito, sia con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto ad informaz<span class=\"_ _1\"></span>ioni otte<span class=\"_ _1\"></span>nibili da agen<span class=\"_ _1\"></span>zie sp<span class=\"_ _1\"></span>ecializ<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>ia dall<span class=\"_ _1\"></span>\u2019osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e analisi dei dati an<span class=\"_ _1\"></span>dament<span class=\"_ _1\"></span>ali dei clie<span class=\"_ _1\"></span>nti di non nuov<span class=\"_ _1\"></span>a acqui<span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ne. In<span class=\"_ _1\"></span>oltre<span class=\"_ _1\"></span>, il saldo d<span class=\"_ _1\"></span>ei cre<span class=\"_ _1\"></span>diti vi<span class=\"_ _1\"></span>ene co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente monit<span class=\"_ _1\"></span>orato ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio, in mo<span class=\"_ _1\"></span>do da as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are temp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 di inter<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nto e da ridurre il ri<span class=\"_ _1\"></span>schio di p<span class=\"_ _1\"></span>erdite<span class=\"_ _1\"></span>. Il fra<span class=\"_ _1\"></span>zioname<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di cr<span class=\"_ _1\"></span>edito t<span class=\"_ _1\"></span>ra una molte<span class=\"_ _1\"></span>plicit<span class=\"_ _1\"></span>\u00e0 di clienti op<span class=\"_ _1\"></span>era a<span class=\"_ _1\"></span>d ulter<span class=\"_ _1\"></span>iore mitiga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>gett<span class=\"_ _1\"></span>o.I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali sono ril<span class=\"_ _1\"></span>evati in bilan<span class=\"_ _1\"></span>cio al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>timat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio di inad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o le informaz<span class=\"_ _1\"></span>ioni disp<span class=\"_ _1\"></span>onibili sulla so<span class=\"_ _1\"></span>lvib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _1\"></span>l cliente<span class=\"_ _1\"></span>, i dati sto<span class=\"_ _1\"></span>rici e le condizioni economi<span class=\"_ _0\"></span>che previsional<span class=\"_ _0\"></span>i. Oltre all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>otte<span class=\"_ _1\"></span>nimento, ove po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ibile, di g<span class=\"_ _1\"></span>aranzi<span class=\"_ _1\"></span>e da par<span class=\"_ _1\"></span>te dei clie<span class=\"_ _1\"></span>nti <span class=\"ff79 ls38 ws8b\">wholesale<span class=\"_ _1\"></span>r</span> o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>adozion<span class=\"_ _1\"></span>e di modalit<span class=\"_ _1\"></span>\u00e0 di pagam<span class=\"_ _1\"></span>ento pi\u00f9 caute<span class=\"_ _1\"></span>lative p<span class=\"_ _1\"></span>er il cre<span class=\"_ _1\"></span>ditore<span class=\"_ _1\"></span>, quali le let<span class=\"_ _1\"></span>tere di cr<span class=\"_ _1\"></span>edito d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>ntario, un altro s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito comm<span class=\"_ _1\"></span>erciale \u00e8 la s<span class=\"_ _1\"></span>tipula di po<span class=\"_ _1\"></span>liz<span class=\"_ _1\"></span>ze a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurative<span class=\"_ _1\"></span>, con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obiet<span class=\"_ _1\"></span>tivo di pre<span class=\"_ _1\"></span>venire il ris<span class=\"_ _1\"></span>chio di manc<span class=\"_ _1\"></span>ato pagame<span class=\"_ _1\"></span>nto attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so una puntuale s<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio clie<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a congiunt<span class=\"_ _1\"></span>amente co<span class=\"_ _1\"></span>n le comp<span class=\"_ _1\"></span>agnie di ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, che si imp<span class=\"_ _1\"></span>egnan<span class=\"_ _1\"></span>o a garantire l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo in c<span class=\"_ _1\"></span>aso di in<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za.In gene<span class=\"_ _1\"></span>rale la S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ritie<span class=\"_ _1\"></span>ne che l<span class=\"_ _1\"></span>e politi<span class=\"_ _1\"></span>che di <span class=\"ff79\">credit risk manage<span class=\"_ _1\"></span>ment</span> ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ate abbiano p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>ontene<span class=\"_ _1\"></span>re entro limiti accet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abili lo sc<span class=\"_ _1\"></span>aduto e l<span class=\"_ _1\"></span>e inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>ze pe<span class=\"_ _1\"></span>r le quali \u00e8 st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ario rico<span class=\"_ _1\"></span>rrere a mis<span class=\"_ _1\"></span>ure leg<span class=\"_ _1\"></span>ali di recup<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Il rischio di cr<span class=\"_ _1\"></span>edito c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>ento, inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto e ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di cambi<span class=\"_ _1\"></span>o \u00e8 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dalla inc<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>emitt<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari a a<span class=\"_ _1\"></span>dempie<span class=\"_ _1\"></span>re alle pro<span class=\"_ _1\"></span>prie obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni contr<span class=\"_ _1\"></span>attuali, co<span class=\"_ _1\"></span>s\u00ec det<span class=\"_ _1\"></span>to ris<span class=\"_ _1\"></span>chio di contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce ques<span class=\"_ _1\"></span>to tipo di risch<span class=\"_ _0\"></span>io selezionando contr<span class=\"_ _0\"></span>oparti con elevato <span class=\"ff79 ls5f ws7\">stan<span class=\"_ _1\"></span>ding</span><span class=\"ls4 wsc1\"> credit<span class=\"_ _1\"></span>izio, co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>rate s<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ibili dal merc<span class=\"_ _1\"></span>ato e con le quali </span>tratt<span class=\"_ _1\"></span>iene o<span class=\"_ _1\"></span>rdinari e continuati<span class=\"_ _1\"></span>vi rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciali e di ser<span class=\"_ _2\"></span>vizio b<span class=\"_ _1\"></span>ancari, e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ando la valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span>nominaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne della li<span class=\"_ _1\"></span>quidit\u00e0 in e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o. Con tut<span class=\"_ _1\"></span>te le co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 in de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>goziati e stipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i quadro se<span class=\"_ _1\"></span>condo g<span class=\"_ _1\"></span>li <span class=\"ff79 ws3c\">standard</span><span class=\"ls5 wsc\"> inter<span class=\"_ _1\"></span>nazi<span class=\"_ _1\"></span>onali (ISDA <span class=\"ff79 ls2e ws8\">Master<span class=\"_ _0\"></span> Agreemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws0\">), al fin<span class=\"_ _1\"></span>e di regolare l<span class=\"_ _1\"></span>e varie fat<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie. </span></span></span>Il rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>iguardante le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po che co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi equiv<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>i, atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato e al<span class=\"_ _1\"></span>cuni str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un ris<span class=\"_ _1\"></span>chio pari al v<span class=\"_ _1\"></span>alore contab<span class=\"_ _1\"></span>ile di ques<span class=\"_ _1\"></span>te at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 in c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di insol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>lla controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te.31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _73\"> </span>31 dicembre 2021Quota Quota Quota Quota (In migliaia di Euro)cor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>renteCr<span class=\"_ _0\"></span>editi e finanziamentiCr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _294\"> </span>94.490 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>112.670 <span class=\"_ _267\"> </span>- Cr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _f2\"> </span>15.576 <span class=\"_ _26d\"> </span>- <span class=\"_ _171\"> </span>12.359 <span class=\"_ _267\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _28c\"> </span>391.354 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>511.796 <span class=\"_ _267\"> </span>- Depositi cauzionali<span class=\"_ _df\"> </span>- <span class=\"_ _65\"> </span>15.570 <span class=\"_ _295\"> </span>- <span class=\"_ _153\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _dc\"> </span>9.999 <span class=\"_ _26d\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- Derivati<span class=\"_ _22\"> </span>7.507 <span class=\"_ _26d\"> </span>- <span class=\"_ _141\"> </span>922 <span class=\"_ _273\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>518.926 <span class=\"_ _146\"> </span>15.570 <span class=\"_ _e2\"> </span>637.747 <span class=\"_ _27\"> </span>15.659 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra co<span class=\"_ _1\"></span>me l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di cre<span class=\"_ _1\"></span>dito, sia comme<span class=\"_ _1\"></span>rciale che di co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, \u00e8 rappre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ata dal v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entati<span class=\"_ _1\"></span>ve di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>, quasi e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, limit<span class=\"_ _1\"></span>ata alla quot<span class=\"_ _1\"></span>a cor<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>. La quot<span class=\"_ _1\"></span>a non co<span class=\"_ _1\"></span>rrente \u00e8 inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"ls0 ws0\">-</span>tat<span class=\"_ _1\"></span>a dalla voce \u2018<span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti c<span class=\"_ _1\"></span>auzionali<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>, che r<span class=\"_ _1\"></span>icompre<span class=\"_ _1\"></span>nde in ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ima par<span class=\"_ _1\"></span>te i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti in cont<span class=\"_ _1\"></span>anti ver<span class=\"_ _1\"></span>sati da var<span class=\"_ _1\"></span>ie so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 a fronte de<span class=\"_ _1\"></span>i contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di imm<span class=\"_ _1\"></span>obili, qui es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al valore n<span class=\"_ _1\"></span>ominale<span class=\"_ _1\"></span>. (In migliaia di Euro)<span class=\"_ _296\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _20d\"> </span>%<span class=\"_ _16b\"> </span>31 dicembre 2021<span class=\"_ _20b\"> </span>%Italia<span class=\"_ _10\"> </span>15.043 <span class=\"_ _27\"> </span>15,9% <span class=\"_ _171\"> </span>22.336 <span class=\"_ _79\"> </span>19,8% Eur<span class=\"_ _0\"></span>opa<span class=\"_ _5c\"> </span>10.287 <span class=\"_ _27\"> </span>10,9% <span class=\"_ _171\"> </span>12.804 <span class=\"_ _79\"> </span>11,4% Nord-Americ<span class=\"_ _0\"></span>a<span class=\"_ _23e\"> </span>19.143 <span class=\"_ _27\"> </span>20,3% <span class=\"_ _171\"> </span>15.544 <span class=\"_ _79\"> </span>13,8% Giappone<span class=\"_ _12d\"> </span>6.778 <span class=\"_ _21a\"> </span>7,2% <span class=\"_ _1f7\"> </span>7.622 <span class=\"_ _27e\"> </span>6,8% Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _e7\"> </span>35.074 <span class=\"_ _32\"> </span>37,1% <span class=\"_ _27e\"> </span>47.718 <span class=\"_ _79\"> </span>42,3% C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _c3\"> </span>8.165 <span class=\"_ _ee\"> </span>8,6% <span class=\"_ _1f7\"> </span>6.646 <span class=\"_ _27e\"> </span>5,9% T<span class=\"_ _4\"></span>otale<span class=\"_ _15e\"> </span>94.490 <span class=\"_ _101\"> </span>100,0% <span class=\"_ _e2\"> </span>112.670 <span class=\"_ _f3\"> </span>100,0% La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra la con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito co<span class=\"_ _1\"></span>mmerciale p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nei due esercizi considerati.Cr<span class=\"_ _0\"></span>editi non Cr<span class=\"_ _0\"></span>editi scaduti ma non sv<span class=\"_ _0\"></span>alutatiscaduti e non (In migliaia di Euro)svalutatiT<span class=\"_ _4\"></span>otale<span class=\"_ _297\"></span>&lt;30 gg<span class=\"_ _77\"> </span>30-60 gg<span class=\"_ _1c5\"> </span>60-90 gg<span class=\"_ _d0\"> </span>90-120 gg<span class=\"_ _7f\"> </span>&gt;120 gg31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _78\"> </span>82.535 <span class=\"_ _b4\"> </span>7.223 <span class=\"_ _b5\"> </span>2.211 <span class=\"_ _b5\"> </span>1.082 <span class=\"_ _ac\"> </span>423 <span class=\"_ _b4\"> </span>1.016 <span class=\"_ _209\"> </span><span class=\"ff76\">94.490 </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _6b\"> </span>105.456 <span class=\"_ _b5\"> </span>4.204 <span class=\"_ _b4\"> </span>1.091 <span class=\"_ _ac\"> </span>560 <span class=\"_ _eb\"> </span>74 <span class=\"_ _b5\"> </span>1.285 <span class=\"_ _1d2\"> </span><span class=\"ff76\">112.670 </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _27\"> </span>87,3% <span class=\"_ _16f\"> </span>7,7% <span class=\"_ _fe\"> </span>2,3% <span class=\"_ _fe\"> </span>1,1% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _27\"> </span>93,6% <span class=\"_ _16f\"> </span>3,7% <span class=\"_ _fe\"> </span>1,0% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _fe\"> </span>0,1% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>i credit<span class=\"_ _1\"></span>i sc<span class=\"_ _1\"></span>aduti e no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dei tre<span class=\"_ _1\"></span>nta giorni p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chius<span class=\"_ _1\"></span>i al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>.La con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e vendite ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o i princip<span class=\"_ _1\"></span>ali clienti \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante; pe<span class=\"_ _1\"></span>r la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione delle ve<span class=\"_ _1\"></span>ndite p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>i rinvia a quanto e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>appos<span class=\"_ _1\"></span>ito parag<span class=\"_ _1\"></span>rafo:C<span class=\"_ _0\"></span>oncentr<span class=\"_ _0\"></span>azione del rischio di merc<span class=\"_ _0\"></span>ato<span class=\"_ _104\"> </span>2022 <span class=\"_ _1a7\"> </span>2021 P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on il maggior cliente<span class=\"_ _85\"> </span>1,9% <span class=\"_ _1b4\"> </span>1,7% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 3 maggiori clienti<span class=\"_ _139\"> </span>4,7% <span class=\"_ _1b4\"> </span>4,9% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 10 maggiori clienti<span class=\"_ _298\"> </span>10,7% <span class=\"_ _299\"> </span>12,0% Gestione del capit<span class=\"_ _0\"></span>aleL<span class=\"_ _6\"></span>\u2019obietti<span class=\"_ _1\"></span>vo primario d<span class=\"_ _1\"></span>ella ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 garant<span class=\"_ _1\"></span>ire che sia mantenut<span class=\"_ _1\"></span>o un solid<span class=\"_ _1\"></span>o <span class=\"ff79 ls5d ws9f\">rat<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _2\"></span></span><span class=\"ls2c ws9d\">cre<span class=\"_ _1\"></span>ditizio </span>e ade<span class=\"_ _1\"></span>guati live<span class=\"_ _1\"></span>lli degli in<span class=\"_ _1\"></span>dicator<span class=\"_ _1\"></span>i di capit<span class=\"_ _1\"></span>ale in mo<span class=\"_ _1\"></span>do da sup<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e ma<span class=\"_ _1\"></span>ssimi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are il valore p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li azioni<span class=\"_ _1\"></span>sti. Il Grupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce la st<span class=\"_ _1\"></span>rutt<span class=\"_ _1\"></span>ura del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale e la mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica in f<span class=\"_ _1\"></span>unzion<span class=\"_ _1\"></span>e di variaz<span class=\"_ _1\"></span>ioni ne<span class=\"_ _1\"></span>lle condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche. Pe<span class=\"_ _1\"></span>r mantene<span class=\"_ _1\"></span>re o ade<span class=\"_ _1\"></span>guare la s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o pu\u00f2 ad<span class=\"_ _1\"></span>eguare i di<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>endi p<span class=\"_ _1\"></span>agati agli a<span class=\"_ _1\"></span>zionis<span class=\"_ _1\"></span>ti, rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>are il capit<span class=\"_ _1\"></span>ale o e<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere nuove a<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span>. Nes<span class=\"_ _1\"></span>suna v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne \u00e8 st<span class=\"_ _1\"></span>ata ap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ag<span class=\"_ _1\"></span>li obiet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i, alle po<span class=\"_ _1\"></span>litiche o alle p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>dure durante gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Allo s<span class=\"_ _1\"></span>copo di c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>guire que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>to obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo, la ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo mir<span class=\"_ _1\"></span>a, tra le alt<span class=\"_ _1\"></span>re cos<span class=\"_ _1\"></span>e, ad a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurare che siano ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tati i <span class=\"ff79 ls65 ws106\">c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>nant<span class=\"_ _2\"></span>s</span>, le<span class=\"_ _1\"></span>gati ai de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari ver<span class=\"_ _1\"></span>so banc<span class=\"_ _1\"></span>he, che d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inisc<span class=\"_ _1\"></span>ono i re<span class=\"_ _1\"></span>quisiti di s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura patr<span class=\"_ _1\"></span>imoniale. Il Grupp<span class=\"_ _1\"></span>o include ne<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>bito net<span class=\"_ _1\"></span>to, f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti one<span class=\"_ _1\"></span>rosi, p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, altri de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari, debit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ciali ed altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i, al net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e dispo<span class=\"_ _1\"></span>nibilit\u00e0 liqui<span class=\"_ _1\"></span>de e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.Nella vo<span class=\"_ _1\"></span>ce altri de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari son<span class=\"_ _1\"></span>o inclusi la v<span class=\"_ _1\"></span>alori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e deg<span class=\"_ _1\"></span>li accordi di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>o di quote di minoran<span class=\"_ _1\"></span>za (vedas<span class=\"_ _1\"></span>i nota 4<span class=\"_ _0\"></span>1 Accordi di <span class=\"ff79 ls66 ws127\">Put<span class=\"_ _1\"></span></span> e <span class=\"ff79 ws3c\">Call</span> su Intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nze di Minor<span class=\"_ _1\"></span>anza), sebb<span class=\"_ _1\"></span>ene di va<span class=\"_ _1\"></span>lore pari a ze<span class=\"_ _1\"></span>ro al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1.<span class=\"_ _0\"></span> Nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla non ve<span class=\"_ _1\"></span>ngono inclus<span class=\"_ _1\"></span>i i valori e<span class=\"_ _1\"></span>d i re<span class=\"_ _1\"></span>lativi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti dai d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati utiliz<span class=\"_ _2\"></span>zati p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l rischio di cambio.(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 2021Finanziamenti onerosi<span class=\"_ _148\"> </span>29.264 <span class=\"_ _79\"> </span>139.120 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _29a\"> </span></span>575.323 <span class=\"_ _79\"> </span>597.242 Altri debiti finanziari<span class=\"_ _29b\"> </span>- <span class=\"_ _295\"> </span>- Debiti commer<span class=\"_ _0\"></span>ciali ed altri debiti (al netto degli Strumenti derivati di copertur<span class=\"_ _4\"></span>a)<span class=\"_ _dd\"> </span>245.665 <span class=\"_ _79\"> </span>227.515 Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _145\"> </span>391.354 <span class=\"_ _79\"> </span>511.796 Debito netto<span class=\"_ _29c\"> </span>458.898 <span class=\"_ _1cf\"> </span>452.081 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto di Gruppo (al netto della Riserva di <span class=\"ff77\">cash flow hedge</span>)<span class=\"_ _277\"> </span>744.594 <span class=\"_ _128\"> </span>770.717 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto di terzi<span class=\"_ _29d\"> </span>23.599 <span class=\"_ _171\"> </span>21.566 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto (al netto della Riserva di <span class=\"ff78\">cash flow hedge</span>)<span class=\"_ _29e\"> </span>768.193 <span class=\"_ _1cf\"> </span>792.283 Capitale e debito netto<span class=\"_ _3b\"> </span>1.227.091 <span class=\"_ _1ad\"> </span>1.244.364 Debito netto/P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto<span class=\"_ _29f\"> </span>59,7% <span class=\"_ _229\"> </span>57,1% 4. <span class=\"_ _4\"></span> <span class=\"_ _1a2\"></span>Aggr<span class=\"_ _4\"></span>egazioni di impr<span class=\"_ _4\"></span>ese (<span class=\"ff79\">business c<span class=\"_ _4\"></span>ombination<span class=\"ff71\">) ed </span></span>ac<span class=\"_ _0\"></span>quisti di interessenz<span class=\"_ _4\"></span>e di minor<span class=\"_ _4\"></span>anza Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 non v<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ate ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zioni di impre<span class=\"_ _1\"></span>se (<span class=\"ff79 ls5f ws7\">busine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span><span class=\"ls0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls2c ws9d\">combination<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">).</span></span></span>Si se<span class=\"_ _1\"></span>gnala che in data 27 luglio 2022 S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. ha sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o n. 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 nuove az<span class=\"_ _1\"></span>ioni em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se dalla soci<span class=\"_ _1\"></span>et\u00e0 F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r un corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo total<span class=\"_ _1\"></span>e di 3.<span class=\"_ _1\"></span>573.01<span class=\"_ _4\"></span>9 migliaia JPY (Euro 25,6 milioni). In seguit<span class=\"_ _1\"></span>o a tale ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. ha increme<span class=\"_ _1\"></span>ntato la pro<span class=\"_ _1\"></span>pria par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e social<span class=\"_ _1\"></span>e della co<span class=\"_ _1\"></span>ntrol<span class=\"ls0 ws0\">-</span>lata giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, pas<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>do dal 71<span class=\"_ _4\"></span>,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>89,<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>3% del relati<span class=\"_ _1\"></span>vo capit<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>ociale<span class=\"_ _1\"></span>. Commen<span class=\"_ _0\"></span>ti alle prin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span> voci de<span class=\"_ _1\"></span>ll<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span> situ<span class=\"_ _0\"></span>azione<span class=\"_ _1\"></span> pa<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>moni<span class=\"_ _4\"></span>ale e<span class=\"_ _1\"></span> f<span class=\"_ _2\"></span>in<span class=\"_ _0\"></span>anzi<span class=\"_ _0\"></span>ari<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span> (<span class=\"_ _5\"></span>attiv<span class=\"_ _1\"></span>it\u00e0,<span class=\"_ _1\"></span> pa<span class=\"_ _0\"></span>trim<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>o net<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> e pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0<span class=\"_ _6\"></span>)5. Immobili, impianti e mac<span class=\"_ _0\"></span>chinariLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e degli Imm<span class=\"_ _1\"></span>obili, impianti e macchinari s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>entali al 31 dicembre 2022 e 202<span class=\"_ _0\"></span>1 \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l seg<span class=\"_ _1\"></span>uente p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021Fondo Fondo C<span class=\"_ _0\"></span>osto Amm.to eV<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto Amm.to eV<span class=\"_ _0\"></span>alore (In migliaia di Euro)StoricoRid. di valorenettoStoricoRid. di valorenettoT<span class=\"_ _4\"></span>erreni <span class=\"_ _1fe\"> </span>29.613<span class=\"_ _225\"> </span>-<span class=\"_ _a7\"> </span>29.613<span class=\"_ _b9\"> </span>29.371<span class=\"_ _153\"> </span>-<span class=\"_ _173\"> </span>29.371F<span class=\"_ _0\"></span>abbricati<span class=\"_ _7d\"> </span>100.277<span class=\"_ _173\"> </span>45.127<span class=\"_ _a7\"> </span>55.150<span class=\"_ _b2\"> </span>98.960<span class=\"_ _173\"> </span>42.280<span class=\"_ _173\"> </span>56.680Impianti e macchinari<span class=\"_ _181\"> </span>59.086<span class=\"_ _173\"> </span>45.030<span class=\"_ _a7\"> </span>14.056<span class=\"_ _b9\"> </span>57.626<span class=\"_ _97\"> </span>40.485<span class=\"_ _173\"> </span>17.141Attrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _72\"> </span>130.273<span class=\"_ _5e\"> </span>108.300<span class=\"_ _a7\"> </span>21.973<span class=\"_ _25\"> </span>124.940<span class=\"_ _5e\"> </span>104.632<span class=\"_ _173\"> </span>20.308Altri beni<span class=\"_ _c2\"> </span>83.051<span class=\"_ _173\"> </span>74.511<span class=\"_ _75\"> </span>8.540<span class=\"_ _b2\"> </span>79.773<span class=\"_ _173\"> </span>71.281<span class=\"_ _6d\"> </span>8.492Migliorie su beni di terzi<span class=\"_ _17f\"> </span>293.632<span class=\"_ _5e\"> </span>239.699<span class=\"_ _83\"> </span>53.933<span class=\"_ _c5\"> </span>290.761<span class=\"_ _5e\"> </span>243.845<span class=\"_ _173\"> </span>46.916Attivit\u00e0 materiali in c<span class=\"_ _0\"></span>orso ed ac<span class=\"_ _4\"></span>conti<span class=\"_ _67\"> </span>8.299<span class=\"_ _153\"> </span>-<span class=\"_ _15d\"> </span>8.299<span class=\"_ _fa\"> </span>7.946<span class=\"_ _153\"> </span>-<span class=\"_ _6d\"> </span>7.946T<span class=\"_ _4\"></span>otale<span class=\"_ _a3\"> </span>704.231 <span class=\"_ _77\"> </span>512.667 <span class=\"_ _16e\"> </span>191.564 <span class=\"_ _173\"> </span>689.377 <span class=\"_ _77\"> </span>502.523 <span class=\"_ _77\"> </span>186.854 Le tab<span class=\"_ _1\"></span>elle ch<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uono e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e degli imm<span class=\"_ _1\"></span>obili, impianti e macchinari p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di Rid. ne di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _16d\"> </span>Incr<span class=\"_ _6\"></span>.ti<span class=\"_ _cc\"> </span>Decr<span class=\"_ _4\"></span>.ti<span class=\"_ _1c6\"> </span>Amm.ti<span class=\"_ _c9\"> </span>Riclass.valor<span class=\"_ _0\"></span>e31.12.2022T<span class=\"_ _4\"></span>erreni <span class=\"_ _28f\"> </span>29.371 <span class=\"_ _1c5\"> </span>242 <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _b5\"> </span>- <span class=\"_ _d0\"> </span>29.613 F<span class=\"_ _0\"></span>abbricati<span class=\"_ _163\"> </span>56.680 <span class=\"_ _1c5\"> </span>237 <span class=\"_ _1c5\"> </span>842 <span class=\"_ _83\"> </span>(6) <span class=\"_ _c9\"> </span>(2.603) <span class=\"_ _b4\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _d0\"> </span>55.150 Impianti e macchinari<span class=\"_ _180\"> </span>17.141 <span class=\"_ _75\"> </span>2 <span class=\"_ _1ac\"> </span>1.529 <span class=\"_ _b5\"> </span>- <span class=\"_ _c9\"> </span>(4.616) <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _d0\"> </span>14.056 Attrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali <span class=\"_ _21a\"> </span>20.308 <span class=\"_ _204\"> </span>268 <span class=\"_ _ce\"> </span>10.074 <span class=\"_ _16d\"> </span>(481) <span class=\"_ _1c6\"> </span>(8.045) <span class=\"_ _16a\"> </span>(68) <span class=\"_ _16a\"> </span>(83) <span class=\"_ _d0\"> </span>21.973 Altri beni<span class=\"_ _27f\"> </span>8.492 <span class=\"_ _a7\"> </span>45 <span class=\"_ _1ac\"> </span>4.460 <span class=\"_ _16a\"> </span>(47) <span class=\"_ _1c6\"> </span>(4.478) <span class=\"_ _a7\"> </span>68 <span class=\"_ _b5\"> </span>- <span class=\"_ _77\"> </span>8.540 Migliorie su beni di terzi <span class=\"_ _14a\"> </span>46.916 <span class=\"_ _1c5\"> </span>911 <span class=\"_ _ce\"> </span>25.487 <span class=\"_ _16d\"> </span>(727) <span class=\"_ _1a9\"> </span>(18.351) <span class=\"_ _1fb\"> </span>- <span class=\"_ _16d\"> </span>(303) <span class=\"_ _d0\"> </span>53.933 Attivit\u00e0 materiali in c<span class=\"_ _0\"></span>orso ed ac<span class=\"_ _4\"></span>conti<span class=\"_ _66\"> </span>7.946 <span class=\"_ _1c5\"> </span>254 <span class=\"_ _1d2\"> </span>9.126 <span class=\"_ _1c6\"> </span>(9.027) <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _b5\"> </span>- <span class=\"_ _77\"> </span>8.299 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a0\"> </span>186.854 <span class=\"_ _1c4\"> </span>1.959 <span class=\"_ _1c6\"> </span>51.518 <span class=\"_ _1c7\"> </span>(10.288) <span class=\"_ _268\"> </span>(38.093) <span class=\"_ _b5\"> </span>- <span class=\"_ _1d2\"> </span>(386) <span class=\"_ _cb\"> </span>191.564 V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di Rid. ne di Attivit\u00e0 V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _c8\"> </span>Incr<span class=\"_ _4\"></span>.ti<span class=\"_ _1a0\"> </span>Decr<span class=\"_ _0\"></span>.ti<span class=\"_ _1ab\"> </span>Amm<span class=\"_ _1\"></span>.ti<span class=\"_ _11\"> </span>Riclass.valor<span class=\"_ _0\"></span>edismesse31.12.2021T<span class=\"_ _4\"></span>erreni <span class=\"_ _7d\"> </span>29.144<span class=\"_ _1d4\"> </span>227<span class=\"_ _25\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _ce\"> </span>29.371F<span class=\"_ _0\"></span>abbricati<span class=\"_ _276\"> </span>58.719<span class=\"_ _5d\"> </span>315<span class=\"_ _5d\"> </span>520<span class=\"_ _25\"> </span>- <span class=\"_ _1ce\"> </span>(2.874)<span class=\"_ _84\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _ce\"> </span>56.680Impianti e macchinari<span class=\"_ _17d\"> </span>21.361<span class=\"_ _173\"> </span>8<span class=\"_ _5d\"> </span>714<span class=\"_ _75\"> </span>- <span class=\"_ _70\"> </span>(4.942)<span class=\"_ _84\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _ce\"> </span>17.141Attrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _32\"> </span>21.697<span class=\"_ _1a6\"> </span>1.000<span class=\"_ _1a6\"> </span>8.076<span class=\"_ _1c4\"> </span>(294)<span class=\"_ _245\"> </span>(7.459)<span class=\"_ _84\"> </span>- <span class=\"_ _d0\"> </span>(37)<span class=\"_ _245\"> </span>(2.675)<span class=\"_ _1f9\"> </span>20.308Altri beni<span class=\"_ _269\"> </span>10.647<span class=\"_ _5d\"> </span>143<span class=\"_ _1a6\"> </span>2.774<span class=\"_ _1a8\"> </span>(39)<span class=\"_ _8\"> </span>(5.033)<span class=\"_ _84\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _1ac\"> </span>8.492Migliorie su beni di terzi<span class=\"_ _1d1\"> </span>35.898<span class=\"_ _1a6\"> </span>2.086<span class=\"_ _1c8\"> </span>27.016<span class=\"_ _1c4\"> </span>(471)<span class=\"_ _ca\"> </span>(17.585)<span class=\"_ _1f9\"> </span>(28)<span class=\"_ _75\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _ce\"> </span>46.916Attivit\u00e0 materiali in c<span class=\"_ _0\"></span>orso ed ac<span class=\"_ _4\"></span>conti<span class=\"_ _21b\"> </span>5.655<span class=\"_ _1d4\"> </span>448<span class=\"_ _1c8\"> </span>11.138<span class=\"_ _8\"> </span>(9.295)<span class=\"_ _75\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _1ac\"> </span>7.946T<span class=\"_ _4\"></span>otale<span class=\"_ _150\"> </span>183.121<span class=\"_ _cc\"> </span>4.227<span class=\"_ _245\"> </span>50.238<span class=\"_ _1cd\"> </span>(10.099)<span class=\"_ _74\"> </span>(37.893)<span class=\"_ _1ae\"> </span>(28)<span class=\"_ _16e\"> </span>(37)<span class=\"_ _1a1\"> </span>(2.675)<span class=\"_ _1cb\"> </span>186.854L<span class=\"_ _6\"></span>\u2019incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto, al nett<span class=\"_ _1\"></span>o del de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>lle Att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mate<span class=\"_ _1\"></span>riali in cor<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>nti:<span class=\"_ _0\"></span> \u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>delle vo<span class=\"_ _1\"></span>ci fabbr<span class=\"_ _1\"></span>icati, impianti e ma<span class=\"_ _1\"></span>cchinari si rifer<span class=\"_ _1\"></span>isce p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte ad alcuni lavor<span class=\"_ _1\"></span>i di miglioria s<span class=\"_ _1\"></span>volti n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o lo st<span class=\"_ _1\"></span>abilime<span class=\"_ _1\"></span>nto di Os<span class=\"_ _1\"></span>mannoro \u2013 S<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>to Fiore<span class=\"_ _1\"></span>ntino, di propr<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>\u00e0 della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. e pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019imm<span class=\"_ _1\"></span>obile di pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0 della F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo US<span class=\"_ _1\"></span>A Inc.; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>delle at<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature indus<span class=\"_ _1\"></span>triali e co<span class=\"_ _1\"></span>mmerciali \u00e8 re<span class=\"_ _1\"></span>lativo princ<span class=\"_ _1\"></span>ipalmente all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>aper<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a e rist<span class=\"_ _1\"></span>rut<span class=\"_ _1\"></span>turaz<span class=\"_ _1\"></span>ione di punti ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a (Euro 1<span class=\"_ _4\"></span>0.<span class=\"_ _1\"></span>07<span class=\"_ _4\"></span>4 migliaia<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>de<span class=\"_ _1\"></span>gli altri b<span class=\"_ _1\"></span>eni riguar<span class=\"_ _1\"></span>da preval<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>mente at<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature informatiche (Euro 3.44<span class=\"_ _1\"></span>4 migliaia) e mobili e arredi (Euro 882 migliaia);\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>delle migli<span class=\"_ _1\"></span>orie su b<span class=\"_ _1\"></span>eni di te<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>i si rifer<span class=\"_ _1\"></span>isce p<span class=\"_ _1\"></span>reval<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente a lavori e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuati p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>aper<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a o ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>turaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i punti ven<span class=\"_ _1\"></span>dita;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mate<span class=\"_ _1\"></span>riali in cor<span class=\"_ _1\"></span>so e acc<span class=\"_ _1\"></span>onti si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e in buona par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nute e acconti e<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>ati, inere<span class=\"_ _1\"></span>nti rinnovi e ap<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture di p<span class=\"_ _1\"></span>unti vendit<span class=\"_ _1\"></span>a non anc<span class=\"_ _1\"></span>ora op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativi alla dat<span class=\"_ _1\"></span>a di chiusura d<span class=\"_ _1\"></span>el bilanci<span class=\"_ _1\"></span>o e alla realiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione di ope<span class=\"_ _1\"></span>re di miglioria pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so lo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abilimento di O<span class=\"_ _1\"></span>smanno<span class=\"_ _1\"></span>ro \u2013 Se<span class=\"_ _1\"></span>sto F<span class=\"_ _1\"></span>iorentin<span class=\"_ _1\"></span>o della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., t<span class=\"_ _1\"></span>ra cui l<span class=\"_ _1\"></span>\u2019allestim<span class=\"_ _1\"></span>ento di un nuovo re<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>to ateli<span class=\"_ _0\"></span>er<span class=\"ff71 ls0 ws0\"> </span>Ready<span class=\"_ _4\"></span>-<span class=\"_ _0\"></span>T<span class=\"_ _6\"></span>o-Wea<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">.</span>Da seg<span class=\"_ _1\"></span>nalare che ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto delle At<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali ne<span class=\"_ _1\"></span>lla voce Migli<span class=\"_ _1\"></span>orie su b<span class=\"_ _1\"></span>eni di te<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>i (<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ccanto<span class=\"_ _1\"></span>nati in contropar<span class=\"ls0 ws0\">-</span>tita al F<span class=\"_ _1\"></span>ondo p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>schi e on<span class=\"_ _1\"></span>eri futur<span class=\"_ _1\"></span>i di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e, not<span class=\"_ _1\"></span>a 2<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), sono inclu<span class=\"_ _1\"></span>si i cos<span class=\"_ _1\"></span>ti di rip<span class=\"_ _1\"></span>rist<span class=\"_ _1\"></span>ino loc<span class=\"_ _1\"></span>ali in af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto da t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zi, pe<span class=\"_ _1\"></span>r il 2022 pari a Euro 8<span class=\"_ _1\"></span>83 migliaia (<span class=\"_ _0\"></span>nel 202<span class=\"_ _0\"></span>1 pari a Euro 4.47<span class=\"_ _4\"></span>6 migliaia)<span class=\"_ _0\"></span>. I decre<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nti si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nzialm<span class=\"_ _1\"></span>ente alla dismi<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>one di ce<span class=\"_ _1\"></span>spiti (non comple<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati) di punti vendit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>turati o chius<span class=\"_ _1\"></span>i nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io. Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Grup<span class=\"_ _1\"></span>po si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"ws0\">-</span>ta v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eventuale pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di indicato<span class=\"_ _1\"></span>ri di <span class=\"ff79 ls53 wseb\">impa<span class=\"_ _1\"></span>irment</span> r<span class=\"_ _1\"></span>intracciabili t<span class=\"_ _1\"></span>ramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rne di infor<span class=\"_ _0\"></span><span class=\"ws0\">-</span>mazio<span class=\"_ _1\"></span>ne, date anch<span class=\"_ _1\"></span>e le ridu<span class=\"_ _1\"></span>zioni di val<span class=\"_ _1\"></span>ore reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rate al 3<span class=\"_ _0\"></span>1 dicembre 2020 su Immo<span class=\"_ _1\"></span>bili, impianti e macchinari e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>se dall\u2019esecuzione degli <span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> <span class=\"_ _24\"></span><span class=\"ff79 ls4d wse\">test</span><span class=\"wsb9\">. T<span class=\"_ _1\"></span>ipicam<span class=\"_ _1\"></span>ente fonti e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>erne p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cos<span class=\"_ _1\"></span>tituite da m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>ntes<span class=\"_ _1\"></span>to </span></span>tecn<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>co, eco<span class=\"_ _1\"></span>nomico e le<span class=\"_ _1\"></span>gale in cui o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra, me<span class=\"_ _1\"></span>ntre le fonti inte<span class=\"_ _1\"></span>rne so<span class=\"_ _1\"></span>no rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndali che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no camb<span class=\"_ _1\"></span>iare o meno la d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinazi<span class=\"_ _1\"></span>one di utiliz<span class=\"_ _2\"></span>zo dei b<span class=\"_ _1\"></span>eni. Il Gr<span class=\"_ _1\"></span>uppo mo<span class=\"_ _1\"></span>nitora co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente le ult<span class=\"_ _1\"></span>ime normati<span class=\"_ _1\"></span>ve governati<span class=\"_ _1\"></span>ve in materia di te<span class=\"_ _1\"></span>mi leg<span class=\"_ _1\"></span>ati al clima. Al m<span class=\"_ _1\"></span>omento n<span class=\"_ _1\"></span>on \u00e8 st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a approvat<span class=\"_ _1\"></span>a alcuna nor<span class=\"_ _1\"></span>mativa ch<span class=\"_ _1\"></span>e abbia impatt<span class=\"_ _1\"></span>i signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi s<span class=\"_ _1\"></span>ul Grupp<span class=\"_ _1\"></span>o; qualora fos<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>aria una mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>ca il Gr<span class=\"_ _1\"></span>uppo ad<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>er\u00e0 l<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni chiave utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e. L<span class=\"_ _1\"></span>a riduzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla voce At<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature indus<span class=\"_ _1\"></span>triali e comm<span class=\"_ _1\"></span>erciali e Migliori<span class=\"_ _1\"></span>e su be<span class=\"_ _1\"></span>ni di ter<span class=\"_ _1\"></span>zi, par<span class=\"_ _1\"></span>i a totali Euro 38<span class=\"_ _1\"></span>6 mi<span class=\"ws0\">-</span>gliaia,<span class=\"_ _1\"></span> rapp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 wseb\">impairme<span class=\"_ _1\"></span>nt</span><span class=\"ls0 wse1\"> re<span class=\"_ _1\"></span>gist<span class=\"_ _1\"></span>rato su b<span class=\"_ _1\"></span>eni mate<span class=\"_ _1\"></span>riali di un punto vendit<span class=\"_ _1\"></span>a in re<span class=\"_ _1\"></span>lazion<span class=\"_ _1\"></span>e alla sua pros<span class=\"_ _1\"></span>sima chius<span class=\"_ _1\"></span>ura. </span>Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare ulter<span class=\"_ _1\"></span>iori <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> n\u00e9 ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni su tali vo<span class=\"_ _1\"></span>ci di bilancio. 6. In<span class=\"_ _0\"></span>vestimenti immobiliariLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e degli Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti immo<span class=\"_ _1\"></span>biliari al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 \u00e8 e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iata ne<span class=\"_ _1\"></span>l seg<span class=\"_ _1\"></span>uente p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021(In migliaia di Euro)<span class=\"_ _20c\"> </span>C<span class=\"_ _4\"></span>osto Storico<span class=\"_ _50\"> </span><span class=\"ws83\">Fondo Amm.to<span class=\"_ _268\"> </span></span>Valor<span class=\"_ _4\"></span>e netto<span class=\"_ _247\"> </span>Costo Storic<span class=\"_ _4\"></span>o<span class=\"_ _14\"> </span><span class=\"ws83\">F<span class=\"_ _0\"></span>ondo Amm.to<span class=\"_ _1fd\"> </span><span class=\"ws0\">Valore netto</span></span>T<span class=\"_ _4\"></span>erreni <span class=\"_ _12\"> </span>5.247<span class=\"_ _153\"> </span>-<span class=\"_ _75\"> </span>5.247<span class=\"_ _fa\"> </span>4.942<span class=\"_ _2a1\"> </span>-<span class=\"_ _6d\"> </span>4.942F<span class=\"_ _0\"></span>abbricati<span class=\"_ _b0\"> </span>12.359<span class=\"_ _97\"> </span>12.254<span class=\"_ _61\"> </span>105<span class=\"_ _b2\"> </span>11.639<span class=\"_ _173\"> </span>11.402<span class=\"_ _bf\"> </span>237Attivit\u00e0 per diritto d'uso - F<span class=\"_ _4\"></span>abbricati<span class=\"_ _2a2\"> </span>104.975<span class=\"_ _173\"> </span>82.580<span class=\"_ _83\"> </span>22.395<span class=\"_ _b2\"> </span>98.858<span class=\"_ _97\"> </span>73.814<span class=\"_ _173\"> </span>25.044T<span class=\"_ _4\"></span>otale<span class=\"_ _a3\"> </span>122.581 <span class=\"_ _1d0\"> </span>94.834 <span class=\"_ _7f\"> </span>27.747 <span class=\"_ _13b\"> </span>115.439 <span class=\"_ _1d0\"> </span>85.216 <span class=\"_ _1d0\"> </span>30.223 Gli inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>cono n<span class=\"_ _1\"></span>ella tot<span class=\"_ _1\"></span>alit\u00e0 a e<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ici sit<span class=\"_ _1\"></span>uati negli St<span class=\"_ _1\"></span>ati Uniti. Si ricorda ch<span class=\"_ _1\"></span>e le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso che r<span class=\"_ _1\"></span>ientran<span class=\"_ _1\"></span>o nella de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inizion<span class=\"_ _1\"></span>e di inves<span class=\"_ _1\"></span>timenti in at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immobiliari so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate n<span class=\"_ _1\"></span>ella pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte voce di bilan<span class=\"_ _1\"></span>cio e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 son<span class=\"_ _1\"></span>o pari a Euro 22<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>395 migliaia.Le tab<span class=\"_ _1\"></span>elle ch<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uono e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nzian<span class=\"_ _1\"></span>o la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>egli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immob<span class=\"_ _1\"></span>iliari per g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>:V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022<span class=\"_ _14\"> </span>D<span class=\"_ _1\"></span>iff. di c<span class=\"_ _0\"></span>onv<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2022T<span class=\"_ _4\"></span>erreni <span class=\"_ _8b\"> </span>4.942 <span class=\"_ _c6\"> </span>305 <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _b5\"> </span>5.247 F<span class=\"_ _0\"></span>abbricati<span class=\"_ _102\"> </span>237 <span class=\"_ _62\"> </span>17 <span class=\"_ _be\"> </span>- <span class=\"_ _e0\"> </span>(149) <span class=\"_ _ac\"> </span>105 Attivit\u00e0 per diritto d'uso: - F<span class=\"_ _4\"></span>abbricati<span class=\"_ _da\"> </span>25.044 <span class=\"_ _b5\"> </span>1.604 <span class=\"_ _be\"> </span>- <span class=\"_ _1d0\"> </span>(4.253) <span class=\"_ _1f6\"> </span>22.395 T<span class=\"_ _4\"></span>otale<span class=\"_ _11d\"> </span>30.223 <span class=\"_ _25\"> </span>1.926 <span class=\"_ _be\"> </span>- <span class=\"_ _a7\"> </span>(4.402) <span class=\"_ _1d0\"> </span>27.747 V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021<span class=\"_ _14\"> </span>D<span class=\"_ _1\"></span>iff. di c<span class=\"_ _0\"></span>onv<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2021T<span class=\"_ _4\"></span>erreni <span class=\"_ _8b\"> </span>4.561<span class=\"_ _179\"> </span>381<span class=\"_ _2a1\"> </span>-<span class=\"_ _153\"> </span>-<span class=\"_ _6d\"> </span>4.942F<span class=\"_ _0\"></span>abbricati<span class=\"_ _102\"> </span>498<span class=\"_ _101\"> </span>29<span class=\"_ _2a1\"> </span>-<span class=\"_ _26\"> </span>(290)<span class=\"_ _bf\"> </span>237Attivit\u00e0 per diritto d'uso: - F<span class=\"_ _4\"></span>abbricati<span class=\"_ _da\"> </span>26.765<span class=\"_ _6d\"> </span>2.065<span class=\"_ _153\"> </span>-<span class=\"_ _1d9\"> </span>(3.786)<span class=\"_ _97\"> </span>25.044T<span class=\"_ _4\"></span>otale<span class=\"_ _11d\"> </span>31.824<span class=\"_ _a8\"> </span>2.475<span class=\"_ _2a1\"> </span>-<span class=\"_ _1da\"> </span>(4.076)<span class=\"_ _13b\"> </span>30.223Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di informa<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econ<span class=\"_ _1\"></span>omico e le<span class=\"_ _1\"></span>gale in cui ope<span class=\"_ _1\"></span>ra, me<span class=\"_ _1\"></span>ntre le fonti inte<span class=\"_ _1\"></span>rne s<span class=\"_ _1\"></span>ono rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ie azie<span class=\"_ _1\"></span>ndali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>son<span class=\"_ _1\"></span>o cambiare o m<span class=\"_ _1\"></span>eno la de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>stina<span class=\"_ _1\"></span>zione di ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>ni. Dalle analisi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuate n<span class=\"_ _1\"></span>on son<span class=\"_ _1\"></span>o eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i indicato<span class=\"_ _1\"></span>ri di <span class=\"ff79 ls5f ws7\">impair<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilanc<span class=\"_ _1\"></span>io. Il Grupp<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tua, inoltr<span class=\"_ _1\"></span>e, pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicame<span class=\"_ _1\"></span>nte de<span class=\"_ _1\"></span>lle valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni sui <span class=\"ff79\">fair value</span> degli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immob<span class=\"_ _1\"></span>iliari iscrit<span class=\"_ _1\"></span>ti in bilancio; sulla base di qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te st<span class=\"_ _1\"></span>ime t<span class=\"_ _1\"></span>ali <span class=\"ff79\">fair value</span><span class=\"lsd wse\"> risul<span class=\"_ _0\"></span>tano superiori ai valori contabili. </span>7. AvviamentoIl valore d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019A<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento \u00e8 s<span class=\"_ _1\"></span>tato inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte acquis<span class=\"_ _1\"></span>ito durante l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2020 att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne az<span class=\"_ _1\"></span>iendal<span class=\"_ _1\"></span>e di Ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>.r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. e Aura 1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.l<span class=\"_ _1\"></span>. ed \u00e8 at<span class=\"_ _1\"></span>tribuibile a<span class=\"_ _1\"></span>lle sine<span class=\"_ _1\"></span>rgie e altr<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>ci deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 ac<span class=\"_ _1\"></span>quisite co<span class=\"_ _1\"></span>n quelle d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alla pro<span class=\"_ _1\"></span>gett<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione e re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one del pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>alzature u<span class=\"_ _1\"></span>omo. A<span class=\"_ _1\"></span>l nett<span class=\"_ _1\"></span>o del<span class=\"ff79\"> fair value</span> dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 acquisit<span class=\"_ _1\"></span>e, il valo<span class=\"_ _1\"></span>re res<span class=\"_ _1\"></span>iduo allo<span class=\"_ _1\"></span>cato a<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne ammont<span class=\"_ _1\"></span>a a Euro 6.679 migliaia. T<span class=\"_ _4\"></span>ale vo<span class=\"_ _1\"></span>ce non ha s<span class=\"_ _1\"></span>ubito varia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _1\"></span>2.31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021C<span class=\"_ _0\"></span>osto Riduzioni di V<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto Riduzioni di V<span class=\"_ _0\"></span>alore (In migliaia di Euro)Storicovalor<span class=\"_ _0\"></span>enettoStoricovalor<span class=\"_ _0\"></span>enettoAvviamento<span class=\"_ _f4\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _75\"> </span>6.679<span class=\"_ _fa\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _6d\"> </span>6.679T<span class=\"_ _4\"></span>otale<span class=\"_ _2a3\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _1da\"> </span>6.679 <span class=\"_ _ac\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>6.679 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che se<span class=\"_ _1\"></span>gue ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nzia la mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>ntaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto per g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>:V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022<span class=\"_ _a8\"> </span>Incr<span class=\"_ _4\"></span>.ti<span class=\"_ _97\"> </span>Decr<span class=\"_ _4\"></span>.ti31.12.2022Avviamento<span class=\"_ _22b\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _b5\"> </span>6.679 T<span class=\"_ _4\"></span>otale<span class=\"_ _19b\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>6.679 V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021<span class=\"_ _a8\"> </span>Incr<span class=\"_ _4\"></span>.ti<span class=\"_ _97\"> </span>Decr<span class=\"_ _4\"></span>.ti31.12.2021Avviamento<span class=\"_ _22b\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _153\"> </span>-<span class=\"_ _6d\"> </span>6.679T<span class=\"_ _4\"></span>otale<span class=\"_ _19b\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _2a1\"> </span>-<span class=\"_ _e0\"> </span>6.679Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Grup<span class=\"_ _1\"></span>po si \u00e8 d<span class=\"_ _1\"></span>otato, annualme<span class=\"_ _1\"></span>nte l<span class=\"_ _1\"></span>\u2019av<span class=\"ls0\">-</span>viame<span class=\"_ _1\"></span>nto vie<span class=\"_ _1\"></span>ne as<span class=\"_ _1\"></span>sog<span class=\"_ _2\"></span>gett<span class=\"_ _1\"></span>ato a valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er det<span class=\"_ _1\"></span>erminare il val<span class=\"_ _1\"></span>ore rec<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019<span class=\"ff79 ls5f ws3c\">impairment<span class=\"_ _1\"></span> te<span class=\"_ _1\"></span>st</span><span class=\"ls8 ws19\"> \u00e8 st<span class=\"_ _1\"></span>ato condotto </span>rag<span class=\"_ _1\"></span>grup<span class=\"_ _1\"></span>pando l<span class=\"_ _1\"></span>e CGU a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so.Nel ri<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>ere i pro<span class=\"_ _1\"></span>pri indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, il Gr<span class=\"_ _1\"></span>uppo pre<span class=\"_ _1\"></span>nde in c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, tra g<span class=\"_ _1\"></span>li altri fat<span class=\"_ _1\"></span>tori, la re<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>one tra la propria c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one di me<span class=\"_ _1\"></span>rcato e il pro<span class=\"_ _1\"></span>prio val<span class=\"_ _1\"></span>ore cont<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, la c<span class=\"_ _1\"></span>apitali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di merc<span class=\"_ _1\"></span>ato del G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>ra ampiame<span class=\"_ _1\"></span>nte al di so<span class=\"_ _1\"></span>pra de<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile del p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne che e<span class=\"_ _1\"></span>sclud<span class=\"_ _1\"></span>e la pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di un indic<span class=\"_ _1\"></span>atore di p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di val<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>.La conf<span class=\"_ _1\"></span>igur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re utiliz<span class=\"_ _2\"></span>zata p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>terminare il v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile d<span class=\"_ _1\"></span>ella CGU \u00e8 st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a stimat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari atte<span class=\"_ _1\"></span>si e sulla lo<span class=\"_ _1\"></span>ro attualiz<span class=\"_ _2\"></span>za<span class=\"_ _1\"></span>zione in ba<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>d un oppo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tuno ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sco<span class=\"_ _1\"></span>nto (<span class=\"ff79 lsd wsbc\">Discoun<span class=\"_ _0\"></span>ted cash-flow </span>analysis - D<span class=\"_ _1\"></span>CF analysis<span class=\"ff71 ls0\">).</span>La DC<span class=\"_ _1\"></span>F <span class=\"ff79 ws3c\">analys<span class=\"_ _1\"></span>is</span> \u00e8 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>labor<span class=\"_ _1\"></span>ata utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2023 il <span class=\"ff79 ls47 ws9\">budget</span> (<span class=\"_ _0\"></span>approvat<span class=\"_ _1\"></span>o da Consig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. in dat<span class=\"_ _1\"></span>a 1<span class=\"_ _4\"></span>3 dicemb<span class=\"_ _1\"></span>re 2022) e per i due anni di pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sione e<span class=\"_ _1\"></span>spli<span class=\"_ _1\"></span>cita su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vi (202<span class=\"_ _4\"></span>4 \u2013 2025) il piano strate<span class=\"_ _1\"></span>gico (approvato dal Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., i cui highlight<span class=\"_ _2\"></span>s<span class=\"ff71 ls4 wse8\"> sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati al me<span class=\"_ _1\"></span>rcato in dat<span class=\"_ _1\"></span>a 1<span class=\"_ _0\"></span>0 mag<span class=\"_ _1\"></span>gio 2022) e che rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o la miglior s<span class=\"_ _1\"></span>tima ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuabile </span>dal Gru<span class=\"_ _0\"></span>ppo sulle cond<span class=\"_ _0\"></span>izioni economiche<span class=\"_ _0\"></span> previste nel periodo. Le ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni principali p<span class=\"_ _1\"></span>er la de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile s<span class=\"_ _1\"></span>ono di se<span class=\"_ _1\"></span>guito rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate:\u2022 <span class=\"_\"> </span> <span class=\"_ _1c2\"></span>T<span class=\"_ _4\"></span>as<span class=\"_ _1\"></span>so di cre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cita \u201cg<span class=\"_ _1\"></span>\u201d: 2,03% che \u00e8 stato a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unto pari all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zione at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>sa ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>dio \u2013 lungo pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o nei pr<span class=\"_ _1\"></span>incipali merc<span class=\"_ _1\"></span>ati in cui il Grupp<span class=\"_ _1\"></span>o op<span class=\"_ _1\"></span>era; \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>T<span class=\"_ _4\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto (<span class=\"ff79\">Weighted Average Cost of Capital</span>, W<span class=\"_ _0\"></span>ACC): pari a 1<span class=\"_ _4\"></span>0,<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9<span class=\"_ _1\"></span>%; in con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne (<span class=\"ff79 lsc ws5\">sur<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span>plus<span class=\"ff71 ls4 wsf1\">) finanziar<span class=\"_ _1\"></span>ia nett<span class=\"_ _1\"></span>a </span><span class=\"lsd ws75\">adjusted<span class=\"ff71 ls4 wsf1\"> pos<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo, \u00e8 ba<span class=\"_ _1\"></span>sato s<span class=\"_ _1\"></span>ul rendime<span class=\"_ _1\"></span>nto dei t<span class=\"_ _1\"></span>itoli di Stat<span class=\"_ _1\"></span>o dei prin<span class=\"_ _1\"></span>cipali merc<span class=\"_ _1\"></span>ati </span></span>di riferime<span class=\"_ _1\"></span>nto in cui op<span class=\"_ _1\"></span>era il G<span class=\"_ _1\"></span>ruppo, ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>nto sia del p<span class=\"_ _1\"></span>remio p<span class=\"_ _1\"></span>er il ris<span class=\"_ _1\"></span>chio att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>o dagli inves<span class=\"_ _1\"></span>titor<span class=\"_ _1\"></span>i sullo sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ico inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento in t<span class=\"_ _1\"></span>itoli di cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e sia della co<span class=\"_ _1\"></span>rrela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di tali tit<span class=\"_ _1\"></span>oli al merc<span class=\"_ _1\"></span>ato di rifer<span class=\"_ _1\"></span>imento.Il <span class=\"ff79 ls4 ws9d\">T<span class=\"_ _4\"></span>erminal V<span class=\"_ _0\"></span>alue <span class=\"ff71\">\u00e8 st<span class=\"_ _1\"></span>ato det<span class=\"_ _1\"></span>erminato con il m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>do della re<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>rpe<span class=\"_ _1\"></span>tua ad un t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a \u201cg\u201d di lungo p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do </span></span>e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale, all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo anno di proi<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione, di t<span class=\"_ _1\"></span>utti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa f<span class=\"_ _1\"></span>uturi atte<span class=\"_ _1\"></span>si.Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare <span class=\"ff79 ls5f ws7\">impa<span class=\"_ _1\"></span>irment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilan<span class=\"_ _1\"></span>cio.La <span class=\"ff79 ws127\">s<span class=\"_ _1\"></span>ensiti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>y analy<span class=\"_ _1\"></span>sis<span class=\"ff71\"> delle ip<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>si rile<span class=\"_ _1\"></span>vanti so<span class=\"_ _1\"></span>pra me<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>nate utiliz<span class=\"_ _2\"></span>zate pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l valore r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erab<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span></span></span>le, co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento, non ha e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iato risult<span class=\"_ _1\"></span>ati dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nti sul valo<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>abile, anch<span class=\"_ _1\"></span>e a fronte di var<span class=\"_ _1\"></span>iazioni consistenti dei parametri. 8. <span class=\"_ _4\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 per diritto d\u2019uso La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019uso al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 e 2021 \u00e8 eviden<span class=\"_ _1\"></span>ziata n<span class=\"_ _1\"></span>el se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021C<span class=\"_ _0\"></span>osto Fondo V<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto Fondo V<span class=\"_ _0\"></span>alore (In migliaia di Euro)StoricoAmm.tonettoStoricoAmm.tonettoF<span class=\"_ _0\"></span>abbricati<span class=\"_ _7d\"> </span>833.408 <span class=\"_ _80\"> </span>355.907 <span class=\"_ _1d4\"> </span>477.501 <span class=\"_ _15d\"> </span>812.842 <span class=\"_ _80\"> </span>314.910 <span class=\"_ _80\"> </span>497.932 Veic<span class=\"_ _0\"></span>oli<span class=\"_ _e3\"> </span>5.220 <span class=\"_ _b4\"> </span>3.007 <span class=\"_ _173\"> </span>2.213 <span class=\"_ _ac\"> </span>4.334 <span class=\"_ _b5\"> </span>2.298 <span class=\"_ _b5\"> </span>2.036 Attrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _13d\"> </span>494 <span class=\"_ _ac\"> </span>484 <span class=\"_ _179\"> </span>10 <span class=\"_ _cf\"> </span>788 <span class=\"_ _ac\"> </span>709 <span class=\"_ _eb\"> </span>79 T<span class=\"_ _4\"></span>otale<span class=\"_ _a3\"> </span>839.122 <span class=\"_ _77\"> </span>359.398 <span class=\"_ _16e\"> </span>479.724 <span class=\"_ _173\"> </span>817.964 <span class=\"_ _77\"> </span>317.917 <span class=\"_ _77\"> </span>500.047 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che se<span class=\"_ _1\"></span>gue rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 2022<span class=\"_ _1\"></span> e 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _c9\"> </span>Decrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2022F<span class=\"_ _0\"></span>abbricati<span class=\"_ _221\"> </span>497.932<span class=\"_ _6d\"> </span>8.033<span class=\"_ _5e\"> </span>101.751<span class=\"_ _84\"> </span>(15.687)<span class=\"_ _1d4\"> </span>(114.528)<span class=\"_ _5e\"> </span>477.501Veic<span class=\"_ _0\"></span>oli<span class=\"_ _14b\"> </span>2.036<span class=\"_ _32\"> </span>4<span class=\"_ _6d\"> </span>1.648<span class=\"_ _1ef\"> </span>(37)<span class=\"_ _13b\"> </span>(1.438)<span class=\"_ _6d\"> </span>2.213Attrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _2a4\"> </span>79 <span class=\"_ _be\"> </span>- <span class=\"_ _62\"> </span>21 <span class=\"_ _65\"> </span>1 <span class=\"_ _a9\"> </span>(91) <span class=\"_ _eb\"> </span>10 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>500.047 <span class=\"_ _c5\"> </span>8.037 <span class=\"_ _77\"> </span>103.420 <span class=\"_ _1c5\"> </span>(15.723) <span class=\"_ _1ed\"> </span>(116.057) <span class=\"_ _77\"> </span>479.724 V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _c9\"> </span>Decrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2021F<span class=\"_ _0\"></span>abbricati<span class=\"_ _221\"> </span>472.291<span class=\"_ _173\"> </span>21.615<span class=\"_ _5e\"> </span>119.789<span class=\"_ _84\"> </span>(10.928)<span class=\"_ _1a8\"> </span>(104.835)<span class=\"_ _5e\"> </span>497.932Veic<span class=\"_ _0\"></span>oli<span class=\"_ _14b\"> </span>2.606<span class=\"_ _32\"> </span>4<span class=\"_ _179\"> </span>919<span class=\"_ _101\"> </span>(5)<span class=\"_ _1d9\"> </span>(1.488)<span class=\"_ _6d\"> </span>2.036Attrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _1e0\"> </span>343<span class=\"_ _be\"> </span>1<span class=\"_ _be\"> </span>2<span class=\"_ _2a1\"> </span>-<span class=\"_ _26\"> </span>(267)<span class=\"_ _cf\"> </span>79T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>475.240<span class=\"_ _13b\"> </span>21.620<span class=\"_ _84\"> </span>120.710<span class=\"_ _80\"> </span>(10.933)<span class=\"_ _263\"> </span>(106.590)<span class=\"_ _84\"> </span>500.047La voc<span class=\"_ _1\"></span>e Fabbric<span class=\"_ _1\"></span>ati include At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso re<span class=\"_ _1\"></span>lative p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di negozi (<span class=\"_ _1\"></span>pari a circa il 92% delle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso Fabbr<span class=\"_ _1\"></span>icati) e in misur<span class=\"_ _1\"></span>a resi<span class=\"_ _1\"></span>duale relati<span class=\"_ _1\"></span>ve a contr<span class=\"_ _1\"></span>atti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to di uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici, fores<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rie e altri spa<span class=\"_ _1\"></span>zi. I p<span class=\"_ _1\"></span>rincipali incre<span class=\"_ _1\"></span>menti re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trati n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o a nuovi co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>ti nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do, princ<span class=\"_ _1\"></span>ipalmente p<span class=\"_ _1\"></span>er i punti ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a, me<span class=\"_ _1\"></span>ntre i principali de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>menti s<span class=\"_ _1\"></span>ono re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i a contrat<span class=\"_ _1\"></span>ti ter<span class=\"_ _1\"></span>minati in via anticipata o p<span class=\"_ _1\"></span>er i quali \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a contrat<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata una ridu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei can<span class=\"_ _1\"></span>oni di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto f<span class=\"_ _1\"></span>uturi. Da seg<span class=\"_ _1\"></span>nalare che ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto delle At<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritto d<span class=\"_ _2\"></span>\u2019uso \u2013 Fabbricat<span class=\"_ _1\"></span>i, e accanto<span class=\"_ _1\"></span>nati in contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ita al F<span class=\"_ _1\"></span>ondo per r<span class=\"_ _1\"></span>ischi e on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>uturi di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span>nota 21<span class=\"_ _6\"></span>), so<span class=\"_ _1\"></span>no inclusi i c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti di ripris<span class=\"_ _1\"></span>tino l<span class=\"_ _1\"></span>ocali in af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to da te<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>i per c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, pari a Euro 69<span class=\"_ _1\"></span>9 migliaia nell<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 (p<span class=\"_ _1\"></span>ari a Euro 93<span class=\"_ _0\"></span>3 migliaia nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>e<span class=\"ls0 ws0\">-</span>serci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>). Inoltre<span class=\"_ _1\"></span>, si se<span class=\"_ _1\"></span>gnala che l<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lle Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso \u2013 Fabbric<span class=\"_ _1\"></span>ati includ<span class=\"_ _1\"></span>e i cos<span class=\"_ _1\"></span>ti iniziali dirett<span class=\"_ _1\"></span>i sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nuti nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 prin<span class=\"_ _1\"></span>cipalmente dalla s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Bras<span class=\"_ _1\"></span>il Roupa<span class=\"_ _1\"></span>s e Aces<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>rios Ltda<span class=\"_ _1\"></span>. (Euro 0,<span class=\"_ _0\"></span>7 milioni) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ottenim<span class=\"_ _1\"></span>ento di un pi\u00f9 ampio s<span class=\"_ _1\"></span>paz<span class=\"_ _1\"></span>io in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to in uno d<span class=\"_ _1\"></span>ei ne<span class=\"_ _1\"></span>gozi a San Paolo.Per mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ui flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari in us<span class=\"_ _1\"></span>cit<span class=\"_ _1\"></span>a relati<span class=\"_ _1\"></span>vi ai contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e si rimanda alle n<span class=\"_ _1\"></span>ote 2<span class=\"_ _0\"></span>4 Pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws0\"> e 34 Co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r natura dell<span class=\"_ _1\"></span>e voci di cos<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico.</span>Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di informa<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econ<span class=\"_ _1\"></span>omico e le<span class=\"_ _1\"></span>gale in cui ope<span class=\"_ _1\"></span>ra. Le fonti inte<span class=\"_ _1\"></span>rne s<span class=\"_ _1\"></span>ono rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ie azi<span class=\"_ _1\"></span>endali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no cambiare o m<span class=\"_ _1\"></span>eno le d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ioni sulla loc<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i punti ven<span class=\"_ _1\"></span>dita<span class=\"_ _1\"></span>. Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare <span class=\"ff79 ls5f ws7\">impa<span class=\"_ _1\"></span>irment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilan<span class=\"_ _1\"></span>cio. 9. <span class=\"_ _4\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 immateriali a vita utile definitaLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita al 31 dicembre 2022 e 202<span class=\"_ _0\"></span>1 \u00e8 evid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to se<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e: 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _2a6\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021Fondo Fondo Amm.to Amm.to C<span class=\"_ _0\"></span>osto e Rid. di V<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto e Rid. di V<span class=\"_ _0\"></span>alore (In migliaia di Euro)Storicovalor<span class=\"_ _0\"></span>enettoStoricovalor<span class=\"_ _0\"></span>enettoDiritti di brevetto e di utilizzazione delle oper<span class=\"_ _0\"></span>e dell'ingegno<span class=\"_ _c6\"> </span>29.916 <span class=\"_ _d0\"> </span>28.831 <span class=\"_ _263\"> </span>1.085 <span class=\"_ _84\"> </span>29.019 <span class=\"_ _d0\"> </span>27.996 <span class=\"_ _77\"> </span>1.023 C<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _f2\"> </span>9.239 <span class=\"_ _77\"> </span>7.727 <span class=\"_ _263\"> </span>1.512 <span class=\"_ _173\"> </span>9.028 <span class=\"_ _1c5\"> </span>7.370 <span class=\"_ _77\"> </span>1.658 C<span class=\"_ _0\"></span>osti di sviluppo<span class=\"_ _e1\"> </span>95.323 <span class=\"_ _d0\"> </span>73.619 <span class=\"_ _1f2\"> </span>21.704 <span class=\"_ _84\"> </span>85.028 <span class=\"_ _d0\"> </span>63.928 <span class=\"_ _d0\"> </span>21.100 Altre <span class=\"_ _1b1\"> </span>23.714 <span class=\"_ _d0\"> </span>18.030 <span class=\"_ _263\"> </span>5.684 <span class=\"_ _82\"> </span>28.455 <span class=\"_ _d0\"> </span>22.155 <span class=\"_ _1c5\"> </span>6.300 Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita in cor<span class=\"_ _0\"></span>so<span class=\"_ _1e9\"> </span>4.918 <span class=\"_ _1ef\"> </span>- <span class=\"_ _263\"> </span>4.918 <span class=\"_ _13b\"> </span>3.342 <span class=\"_ _a5\"> </span>- <span class=\"_ _77\"> </span>3.342 T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>163.110 <span class=\"_ _cb\"> </span>128.207 <span class=\"_ _1a6\"> </span>34.903 <span class=\"_ _263\"> </span>154.872 <span class=\"_ _cb\"> </span>121.449 <span class=\"_ _1ed\"> </span>33.423 Le tab<span class=\"_ _1\"></span>elle ch<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uono e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>:V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1ca\"> </span>Incrementi<span class=\"_ _183\"> </span>Decrementi<span class=\"_ _16d\"> </span>Amm.ti31.12.2022Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _0\"></span>e dell'ingegno<span class=\"_ _1ad\"> </span>1.023 <span class=\"_ _b4\"> </span>(5) <span class=\"_ _1d9\"> </span>826 <span class=\"_ _1da\"> </span>(47) <span class=\"_ _80\"> </span>(712) <span class=\"_ _77\"> </span>1.085 C<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _2a7\"> </span>1.658 <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>211 <span class=\"_ _a5\"> </span>- <span class=\"_ _80\"> </span>(357)<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>1.512 C<span class=\"_ _0\"></span>osti di sviluppo<span class=\"_ _2a8\"> </span>21.100 <span class=\"_ _a5\"> </span>- <span class=\"_ _d0\"> </span>10.296 <span class=\"_ _b5\"> </span>(2) <span class=\"_ _1ed\"> </span>(9.690) <span class=\"_ _2a9\"> </span>21.704 Altre <span class=\"_ _2aa\"> </span>6.300 <span class=\"_ _a8\"> </span>52 <span class=\"_ _1d9\"> </span>607 <span class=\"_ _1f6\"> </span>(10) <span class=\"_ _1ed\"> </span>(1.265) <span class=\"_ _77\"> </span>5.684 Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita in cor<span class=\"_ _0\"></span>so<span class=\"_ _18\"> </span>3.342 <span class=\"_ _ab\"> </span>1 <span class=\"_ _d0\"> </span>11.928 <span class=\"_ _1f9\"> </span>(10.353) <span class=\"_ _a5\"> </span>- <span class=\"_ _77\"> </span>4.918 T<span class=\"_ _4\"></span>otale<span class=\"_ _1b1\"> </span>33.423 <span class=\"_ _b5\"> </span>48 <span class=\"_ _1ed\"> </span>23.868 <span class=\"_ _247\"> </span>(10.412) <span class=\"_ _247\"> </span>(12.024) <span class=\"_ _1ed\"> </span>34.903 V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza Rid. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1ca\"> </span>Incrementi<span class=\"_ _183\"> </span>Decrementi<span class=\"_ _16d\"> </span>Amm.ti<span class=\"_ _1ed\"> </span>Riclass.di valor<span class=\"_ _0\"></span>e31.12.2021Diritti di brevetto e di utilizzazione delle opere dell'ingegno<span class=\"_ _20b\"> </span>2.034<span class=\"_ _26\"> </span>17<span class=\"_ _15d\"> </span>344<span class=\"_ _fa\"> </span>-<span class=\"_ _263\"> </span>(1.194)<span class=\"_ _26\"> </span>28<span class=\"_ _5e\"> </span>(206)<span class=\"_ _84\"> </span>1.023C<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _153\"> </span>1.686<span class=\"_ _fa\"> </span>-<span class=\"_ _75\"> </span>340<span class=\"_ _fa\"> </span>-<span class=\"_ _5e\"> </span>(368)<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _84\"> </span>1.658C<span class=\"_ _0\"></span>osti di sviluppo<span class=\"_ _226\"> </span>25.107<span class=\"_ _fa\"> </span>-<span class=\"_ _84\"> </span>6.178<span class=\"_ _6d\"> </span>(1)<span class=\"_ _1f2\"> </span>(10.184)<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _1a8\"> </span>21.100Altre <span class=\"_ _c1\"> </span>7.265<span class=\"_ _26\"> </span>74<span class=\"_ _15d\"> </span>285<span class=\"_ _fa\"> </span>-<span class=\"_ _263\"> </span>(1.324)<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _84\"> </span>6.300Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita in cor<span class=\"_ _0\"></span>so<span class=\"_ _1bd\"> </span>2.799<span class=\"_ _a5\"> </span>1<span class=\"_ _84\"> </span>7.497<span class=\"_ _16b\"> </span>(6.955)<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _84\"> </span>3.342T<span class=\"_ _4\"></span>otale<span class=\"_ _1e0\"> </span>38.891<span class=\"_ _16f\"> </span>92<span class=\"_ _263\"> </span>14.644<span class=\"_ _d0\"> </span>(6.956)<span class=\"_ _cc\"> </span>(13.070)<span class=\"_ _fe\"> </span>28<span class=\"_ _82\"> </span>(206)<span class=\"_ _263\"> </span>33.423Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a si increm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano, al net<span class=\"_ _1\"></span>to del d<span class=\"_ _1\"></span>ecre<span class=\"_ _1\"></span>mento d<span class=\"_ _1\"></span>elle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a in cor<span class=\"_ _1\"></span>so, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r nuovi inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti in co<span class=\"_ _1\"></span>sti di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo p<span class=\"_ _1\"></span>er app<span class=\"_ _1\"></span>licati<span class=\"_ _1\"></span>vi sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware<span class=\"ff71 ws85\"> (iscrit<span class=\"_ _1\"></span>ti n<span class=\"_ _1\"></span>ella voce \u201c<span class=\"_ _1\"></span>Cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>) e s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>er lice<span class=\"_ _1\"></span>nze di utiliz<span class=\"_ _2\"></span>zo </span>sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware<span class=\"ff71 ws85\"> (voce \u201cD<span class=\"_ _1\"></span>iritti di b<span class=\"_ _1\"></span>revet<span class=\"_ _1\"></span>to e di </span>utilizza<span class=\"_ _1\"></span>zione delle opere dell<span class=\"_ _1\"></span>\u2019ingegno\u201d<span class=\"_ _1\"></span>), al netto dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>ammor<span class=\"_ _1\"></span>tamento di periodo.La voc<span class=\"_ _1\"></span>e \u201ccosti di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo<span class=\"_ _1\"></span>\u201d comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>e preval<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>mente la c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o degli ap<span class=\"_ _1\"></span>plica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span><span class=\"ff79\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span><span class=\"ws6a\"> azie<span class=\"_ _1\"></span>ndali (SAP sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ma cont<span class=\"_ _1\"></span>abile, ERP ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione pro<span class=\"_ _1\"></span>duz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, sis<span class=\"_ _1\"></span>temi di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, co<span class=\"_ _1\"></span>sti di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo de<span class=\"_ _1\"></span>lla </span>piatt<span class=\"_ _1\"></span>aforma informatic<span class=\"_ _1\"></span>a per il c<span class=\"_ _1\"></span>ommerci<span class=\"_ _1\"></span>o elet<span class=\"_ _1\"></span>tronic<span class=\"_ _1\"></span>o, di un nuovo sist<span class=\"_ _1\"></span>ema log<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ico/distributi<span class=\"_ _1\"></span>vo su piatt<span class=\"_ _1\"></span>aforma SA<span class=\"_ _1\"></span>P)<span class=\"_ _0\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, il Grup<span class=\"_ _1\"></span>po non p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dallo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o interno.La voc<span class=\"_ _1\"></span>e \u201caltre\u201d in<span class=\"_ _1\"></span>clude pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte il <span class=\"ff79\">Know \u2013 how</span>, derivante dalla v<span class=\"_ _1\"></span>alori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a <span class=\"ff79\">fair value</span> delle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 acquis<span class=\"_ _1\"></span>ite nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne azi<span class=\"_ _1\"></span>endal<span class=\"_ _1\"></span>e con Ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>.r<span class=\"_ _0\"></span>.l. e Aura 1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l., av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuta n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o del 2020 (par<span class=\"_ _1\"></span>i al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2022 ad un va<span class=\"_ _1\"></span>lore net<span class=\"_ _1\"></span>to di Euro 4.<span class=\"_ _4\"></span>187 migliai<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>); la voce \u201caltre<span class=\"_ _1\"></span>\u201d include anch<span class=\"_ _1\"></span>e il cosi<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>to<span class=\"ff79 ls2c wse8\"> key money<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws133\">, os<span class=\"_ _1\"></span>sia le so<span class=\"_ _1\"></span>mme </span></span>pagate p<span class=\"_ _1\"></span>er ot<span class=\"_ _1\"></span>tene<span class=\"_ _1\"></span>re la disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di immobili in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ube<span class=\"_ _1\"></span>ntrando a c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti o<span class=\"_ _1\"></span>d otte<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do il re<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so dei co<span class=\"_ _1\"></span>ndutt<span class=\"_ _1\"></span>ori, in mo<span class=\"_ _1\"></span>do da pote<span class=\"_ _1\"></span>r ott<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re nuovi c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti con i lo<span class=\"_ _1\"></span>cato<span class=\"_ _1\"></span>ri (p<span class=\"_ _1\"></span>ari al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 ad un val<span class=\"_ _1\"></span>ore net<span class=\"_ _1\"></span>to di Euro 399 migliaia<span class=\"_ _0\"></span>). Nella tab<span class=\"_ _1\"></span>ella se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte si forni<span class=\"_ _1\"></span>sce il det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aglio, pe<span class=\"_ _1\"></span>r area ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afic<span class=\"_ _1\"></span>a, de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla voce <span class=\"_ _1\"></span><span class=\"ff79 ls2c ws73\">key money</span><span class=\"ls4 ws0\"> al 3<span class=\"_ _4\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>: </span>(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 2021Eur<span class=\"_ _0\"></span>opa<span class=\"_ _25e\"> </span>399<span class=\"_ _1ee\"> </span>424Nord Americ<span class=\"_ _0\"></span>a<span class=\"_ _2ab\"> </span><span class=\"ws0\">-<span class=\"_ _1ee\"> </span>178</span>T<span class=\"_ _4\"></span>otale<span class=\"_ _e\"> </span>399 <span class=\"_ _6f\"> </span>602 Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di infor<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mazio<span class=\"_ _1\"></span>ne, anch<span class=\"_ _1\"></span>e in seg<span class=\"_ _1\"></span>uito alle ri<span class=\"_ _1\"></span>duzioni di v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trate al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2020 sulle Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>inita e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>cuzion<span class=\"_ _1\"></span>e deg<span class=\"_ _1\"></span>li <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 lsd ws75\">tes<span class=\"_ _1\"></span>t</span></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>di<span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econo<span class=\"_ _1\"></span>mico e le<span class=\"_ _1\"></span>gale in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a. Le fonti inter<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o rappre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>entate dall<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>ategie azie<span class=\"_ _1\"></span>ndali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono c<span class=\"_ _1\"></span>ambiare o me<span class=\"_ _1\"></span>no la de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inazion<span class=\"_ _1\"></span>e di utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0 intell<span class=\"_ _1\"></span>ettuali e d<span class=\"_ _1\"></span>ei <span class=\"ff79 ws3c\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span>, e p<span class=\"_ _1\"></span>er quanto riguarda i <span class=\"ff79 ls2c ws103\">key money<span class=\"_ _4\"></span><span class=\"ff71 ls4 wsf2\">, dal be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>icio e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico di Grup<span class=\"_ _1\"></span>po rico<span class=\"_ _1\"></span>nducibile alla zona ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vita dal n<span class=\"_ _1\"></span>egozio </span></span>per il qual<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ato so<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nuto t<span class=\"_ _1\"></span>ale one<span class=\"_ _1\"></span>re. Dalle anali<span class=\"_ _1\"></span>si ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate non \u00e8 e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>sa la n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di regis<span class=\"_ _1\"></span>trar<span class=\"_ _1\"></span>e <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> </span>n\u00e9 riv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni su t<span class=\"_ _1\"></span>ali voc<span class=\"_ _1\"></span>i di bilancio.10. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 non c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle alt<span class=\"_ _1\"></span>re atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non co<span class=\"_ _1\"></span>rrenti al 31 dicembre 2022 e al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 \u00e8 e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>spetto se<span class=\"_ _1\"></span>guente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi ver<span class=\"_ _0\"></span>so Er<span class=\"_ _0\"></span>ario<span class=\"_ _275\"> </span>2.292 <span class=\"_ _1f7\"> </span>1.915 <span class=\"_ _282\"> </span>377 Altre attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti <span class=\"_ _15c\"> </span>3.568 <span class=\"_ _1f7\"> </span>3.817 <span class=\"_ _283\"> </span>(249) T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>5.860 <span class=\"_ _282\"> </span>5.732 <span class=\"_ _b3\"> </span>128 I Crediti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o Erario s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>cono p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte alla quota n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nte de<span class=\"_ _1\"></span>l credit<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>er R<span class=\"_ _1\"></span>icerc<span class=\"_ _1\"></span>a e Svi<span class=\"ls0 ws0\">-</span>luppo, <span class=\"_ _20\"> </span><span class=\"ff79 ls48 wsd1\">d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign</span><span class=\"ls4 ws1a3\"> e ide<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>tica e<span class=\"_ _1\"></span>d innov<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e tec<span class=\"_ _1\"></span>nolog<span class=\"_ _1\"></span>ica no<span class=\"_ _1\"></span>nch\u00e9 alla quot<span class=\"_ _1\"></span>a non co<span class=\"_ _1\"></span>rrente de<span class=\"_ _1\"></span>l Credit<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale </span>deri<span class=\"_ _1\"></span>vante dalle e<span class=\"_ _1\"></span>roga<span class=\"_ _1\"></span>zioni lib<span class=\"_ _1\"></span>erali a s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tegn<span class=\"_ _1\"></span>o della cultur<span class=\"_ _1\"></span>a - c.d<span class=\"_ _1\"></span>. \u201c<span class=\"_ _4\"></span><span class=\"ff79 ls5f wseb\">Ar<span class=\"_ _1\"></span>t B<span class=\"_ _1\"></span>onus<span class=\"_ _2\"></span><span class=\"ff71 ls4 ws0\">\u201d<span class=\"_ _4\"></span>, di cui b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>icia la Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o.</span></span>La voc<span class=\"_ _1\"></span>e \u201caltre attiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d ac<span class=\"_ _1\"></span>coglie p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte, p<span class=\"_ _1\"></span>er Euro 2.75<span class=\"_ _0\"></span>7 migliaia (pari a Euro 3.0<span class=\"_ _1\"></span>91 migliaia al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>), la quota a lungo dei co<span class=\"_ _1\"></span>ntributi a clie<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r alles<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti negozi e<span class=\"_ _1\"></span>/o spazi p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sonaliz<span class=\"_ _2\"></span>zati mo<span class=\"_ _1\"></span>nomarca e<span class=\"_ _1\"></span>, per Euro 81<span class=\"_ _6\"></span>1 migliaia (pari a Euro 726 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>) gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>lativi alla imp<span class=\"_ _1\"></span>uta<span class=\"_ _1\"></span>zione in quot<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>tanti dei co<span class=\"_ _1\"></span>ntratti at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>rativo d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti dagli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immob<span class=\"_ _1\"></span>iliari negli US<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>me pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dai princip<span class=\"_ _1\"></span>i di riferim<span class=\"_ _1\"></span>ento.11. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 finanziarie non c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa voc<span class=\"_ _1\"></span>e \u201caltre attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie non c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>, pari a Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _1\"></span>570 migliaia (<span class=\"_ _4\"></span>al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 E<span class=\"_ _0\"></span>uro 1<span class=\"_ _4\"></span>5.6<span class=\"_ _1\"></span>59 migliaia<span class=\"_ _4\"></span>), si riferis<span class=\"_ _1\"></span>ce a de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali, pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte per c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivo in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>, contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in bas<span class=\"_ _1\"></span>e al criter<span class=\"_ _1\"></span>io del costo ammortiz<span class=\"_ _2\"></span>zato.<span class=\"_ _0\"></span> 12. Rimanenze Le rimanen<span class=\"_ _1\"></span>ze di magaz<span class=\"_ _2\"></span>zino comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono le s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021V<span class=\"_ _0\"></span>alore lor<span class=\"_ _0\"></span>do materie prime, sussidiarie e di consumo<span class=\"_ _130\"> </span>25.566 <span class=\"_ _171\"> </span>41.069 <span class=\"_ _1ad\"> </span>(15.503)Fondo svalutazione<span class=\"_ _2ac\"> </span>(2.781)<span class=\"_ _f5\"> </span>(4.010)<span class=\"_ _26a\"> </span>1.229 Materie prime, sussidiarie e di consumo<span class=\"_ _2ad\"> </span>22.785 <span class=\"_ _26a\"> </span>37.059 <span class=\"_ _cf\"> </span>(14.274)V<span class=\"_ _0\"></span>alore lor<span class=\"_ _0\"></span>do prodotti finiti e mer<span class=\"_ _0\"></span>ci<span class=\"_ _126\"> </span>317.965 <span class=\"_ _79\"> </span>309.359 <span class=\"_ _246\"> </span>8.606 Fondo svalutazione<span class=\"_ _2ae\"> </span>(65.427)<span class=\"_ _ee\"> </span>(71.852)<span class=\"_ _171\"> </span>6.425 Pr<span class=\"_ _4\"></span>odotti finiti e merci<span class=\"_ _95\"> </span>252.538 <span class=\"_ _e2\"> </span>237.507 <span class=\"_ _27\"> </span>15.031 T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>275.323 <span class=\"_ _e2\"> </span>274.566 <span class=\"_ _b3\"> </span>757 La var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e delle mate<span class=\"_ _1\"></span>rie pr<span class=\"_ _1\"></span>ime, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1, \u00e8 funzionale ai volumi di pro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o e il relati<span class=\"_ _1\"></span>vo fondo rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obso<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>nza di mate<span class=\"_ _1\"></span>rie prim<span class=\"_ _1\"></span>e (pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>llami e acce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ori) rite<span class=\"_ _1\"></span>nute non pi\u00f9 i<span class=\"_ _1\"></span>done<span class=\"_ _1\"></span>e ai piani produt<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi az<span class=\"_ _1\"></span>iendali<span class=\"_ _1\"></span>. Le giacen<span class=\"_ _1\"></span>ze di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>initi son<span class=\"_ _1\"></span>o in aumento di Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _1\"></span>03<span class=\"_ _0\"></span>1 migliaia rispe<span class=\"_ _1\"></span>tto al 31 dicembre 202<span class=\"_ _4\"></span>1 (<span class=\"_ _4\"></span>+6,<span class=\"_ _1\"></span>3%<span class=\"_ _4\"></span>). Per una miglio<span class=\"_ _1\"></span>re compre<span class=\"_ _1\"></span>nsio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle modalit<span class=\"_ _1\"></span>\u00e0 di det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i fondi s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>opra p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ati si riman<span class=\"_ _1\"></span>da alla nota 2 \u201c<span class=\"_ _1\"></span>Criteri di re<span class=\"_ _1\"></span>daz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>aragrafo Valutazi<span class=\"_ _1\"></span>oni discre<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>onali, stim<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ili ed a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative.Gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o (<span class=\"_ _4\"></span>utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi) net<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l fondo s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle riman<span class=\"_ _1\"></span>enze s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati i s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uenti (<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _4\"></span>1 al n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>egli a<span class=\"_ _1\"></span>ccantonam<span class=\"_ _1\"></span>enti / (<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i) legati a<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s</span> p<span class=\"_ _1\"></span>rofumi iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el R<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ato net<span class=\"_ _1\"></span>to da atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>va cessa<span class=\"_ _4\"></span>ta<span class=\"_ _0\"></span>):<span class=\"_ _4\"></span> V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Materie P<span class=\"_ _0\"></span>rime<span class=\"_ _f\"> </span>(1.229)<span class=\"_ _f5\"> </span>(1.260)<span class=\"_ _6f\"> </span>31Pr<span class=\"_ _4\"></span>odotti Finiti<span class=\"_ _35\"> </span>(7.475)<span class=\"_ _28d\"> </span>(6.930)<span class=\"_ _72\"> </span>(545)T<span class=\"_ _4\"></span>otale<span class=\"_ _2af\"> </span>(8.704) <span class=\"_ _284\"> </span>(8.190) <span class=\"_ _284\"> </span>(514) 13. Diritti di r<span class=\"_ _4\"></span>ecuper<span class=\"_ _4\"></span>o prodotti da clienti per r<span class=\"_ _6\"></span>esi Con rife<span class=\"_ _1\"></span>rimento al dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>so di cui ai \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i da contrat<span class=\"_ _1\"></span>ti con clie<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d, la v<span class=\"_ _0\"></span>oce \u201c<span class=\"_ _1\"></span>Dirit<span class=\"_ _1\"></span>ti di re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>ro pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i da clienti per r<span class=\"_ _1\"></span>esi<span class=\"_ _2\"></span>\u201d \u00e8 pari a Euro 5.7<span class=\"_ _0\"></span>03 migliaia (pari a Euro 5.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), ed includ<span class=\"_ _1\"></span>e la stima d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore di cos<span class=\"_ _1\"></span>to dei p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti, che s<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>sume s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uiti, valor<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata al mino<span class=\"_ _1\"></span>re tra il pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte valore di c<span class=\"_ _1\"></span>arico di ma<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _2\"></span>zino (stima del co<span class=\"_ _1\"></span>sto di p<span class=\"_ _1\"></span>rodu<span class=\"_ _1\"></span>zione) ed il valo<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to di reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, e diminuita di e<span class=\"_ _1\"></span>ventuali cos<span class=\"_ _1\"></span>ti futur<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r il loro recup<span class=\"_ _1\"></span>ero.14. C<span class=\"_ _4\"></span>r<span class=\"_ _0\"></span>editi c<span class=\"_ _4\"></span>ommercialiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi commer<span class=\"_ _4\"></span>ciali<span class=\"_ _108\"> </span>98.069<span class=\"_ _250\"> </span>115.972<span class=\"_ _f3\"> </span>(17.903)Fondo svalutazione c<span class=\"_ _0\"></span>rediti<span class=\"_ _159\"> </span>(3.579)<span class=\"_ _f5\"> </span>(3.302)<span class=\"_ _72\"> </span>(277<span class=\"_ _1\"></span>)T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>94.490 <span class=\"_ _1cf\"> </span>112.670 <span class=\"_ _cf\"> </span>(18.180) I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali es<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>zialme<span class=\"_ _1\"></span>nte riferibili alle ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ls38 ws8b\">whole<span class=\"_ _1\"></span>sale</span> son<span class=\"_ _1\"></span>o in diminuzione r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>; sono infr<span class=\"_ _1\"></span>uttife<span class=\"_ _1\"></span>ri di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si e hanno gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a inferio<span class=\"_ _1\"></span>re a 90 g<span class=\"_ _1\"></span>iorni. Il re<span class=\"_ _1\"></span>lativo fon<span class=\"_ _1\"></span>do s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne cre<span class=\"_ _1\"></span>diti \u00e8 ritenut<span class=\"_ _1\"></span>o congru<span class=\"_ _1\"></span>o per f<span class=\"_ _1\"></span>ronteg<span class=\"_ _2\"></span>giare eventuali ins<span class=\"_ _1\"></span>olve<span class=\"_ _1\"></span>nze<span class=\"_ _1\"></span>. Inoltre<span class=\"_ _1\"></span>, da evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziare che ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio s<span class=\"_ _1\"></span>ono st<span class=\"_ _1\"></span>ate reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rate pe<span class=\"_ _1\"></span>rdite su cre<span class=\"_ _1\"></span>diti p<span class=\"_ _1\"></span>er Euro 384 mig<span class=\"_ _1\"></span>liaia a seguit<span class=\"_ _1\"></span>o di str<span class=\"_ _1\"></span>alcio (<span class=\"_ _0\"></span><span class=\"ff79 ls3a wsa\">write-<span class=\"_ _2\"></span>off<span class=\"_ _20\"> </span><span class=\"ff71 ls4 ws12c\">) di cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali ine<span class=\"_ _1\"></span>sigib<span class=\"_ _1\"></span>ili.</span></span>La mov<span class=\"_ _1\"></span>iment<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l fondo s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>diti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 \u00e8 st<span class=\"_ _1\"></span>ata la s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente: V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _11\"> </span>Accantonamenti<span class=\"_ _84\"> </span>Utiliz<span class=\"_ _1\"></span>zi31.12.2022Fondo svalutazione c<span class=\"_ _0\"></span>rediti<span class=\"_ _4e\"> </span>3.302 <span class=\"_ _179\"> </span>84 <span class=\"_ _118\"> </span>850 <span class=\"_ _97\"> </span>(657) <span class=\"_ _b4\"> </span>3.579 Per l<span class=\"_ _1\"></span>\u2019analisi dei cre<span class=\"_ _1\"></span>diti comme<span class=\"_ _1\"></span>rciali sc<span class=\"_ _1\"></span>aduti no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 3 Ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>inanziari \u2013 R<span class=\"_ _1\"></span>ischio di credit<span class=\"_ _1\"></span>o.15. C<span class=\"_ _4\"></span>r<span class=\"_ _0\"></span>editi tributariLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi ver<span class=\"_ _0\"></span>so Er<span class=\"_ _0\"></span>ario (<span class=\"_ _2\"></span>imposta sul valore ag<span class=\"_ _0\"></span>giunto e altre imposte)<span class=\"_ _6c\"> </span>22.289 <span class=\"_ _171\"> </span>21.495 <span class=\"_ _1f7\"> </span>794 Cr<span class=\"_ _0\"></span>editi ver<span class=\"_ _0\"></span>so Er<span class=\"_ _0\"></span>ario per imposte dirette<span class=\"_ _e6\"> </span>8.292 <span class=\"_ _ed\"> </span>6.017 <span class=\"_ _246\"> </span>2.275 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>30.581 <span class=\"_ _283\"> </span>27.512 <span class=\"_ _250\"> </span>3.069 I credit<span class=\"_ _1\"></span>i tribut<span class=\"_ _1\"></span>ari si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono prin<span class=\"_ _1\"></span>cipalmente a cr<span class=\"_ _1\"></span>editi p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ta sul v<span class=\"_ _1\"></span>alore ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iunto e crediti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o er<span class=\"_ _1\"></span>ario pe<span class=\"_ _1\"></span>r im<span class=\"ls0 ws0\">-</span>pos<span class=\"_ _1\"></span>te sul re<span class=\"_ _1\"></span>ddito in r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto agli acco<span class=\"_ _1\"></span>nti ver<span class=\"_ _1\"></span>sati n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio, e e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nzian<span class=\"_ _1\"></span>o un increme<span class=\"_ _1\"></span>nto ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019e<span class=\"ls0 ws0\">-</span>serci<span class=\"_ _1\"></span>zio pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>, pari a Euro 3.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9 migliaia, relati<span class=\"_ _1\"></span>vo principalme<span class=\"_ _1\"></span>nte al cre<span class=\"_ _1\"></span>dito ver<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>rario p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e sul re<span class=\"_ _1\"></span>ddito. 16. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>enti La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle alt<span class=\"_ _1\"></span>re atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti \u00e8 ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito ne<span class=\"_ _1\"></span>lla se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte tab<span class=\"_ _1\"></span>ella:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi diver<span class=\"_ _0\"></span>si <span class=\"_ _f\"> </span>24.875<span class=\"_ _229\"> </span>22.255<span class=\"_ _26a\"> </span>2.620Ratei attivi<span class=\"_ _2b0\"> </span>281<span class=\"_ _1ee\"> </span>253<span class=\"_ _1f8\"> </span>28Risconti attivi<span class=\"_ _24c\"> </span>9.040<span class=\"_ _272\"> </span>9.772<span class=\"_ _72\"> </span>(732)Strumenti derivati di copert<span class=\"_ _0\"></span>ura a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _c2\"> </span>7.251<span class=\"_ _1ee\"> </span>326<span class=\"_ _26a\"> </span>6.925T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>41.447 <span class=\"_ _283\"> </span>32.606 <span class=\"_ _250\"> </span>8.841 Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 la voce cre<span class=\"_ _1\"></span>diti di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si acc<span class=\"_ _1\"></span>oglie prin<span class=\"_ _1\"></span>cipalmente:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>credit<span class=\"_ _1\"></span>i ver<span class=\"_ _1\"></span>so le s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 di ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle car<span class=\"_ _1\"></span>te di cr<span class=\"_ _1\"></span>edito p<span class=\"_ _1\"></span>er ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ws3c\">ret<span class=\"_ _1\"></span>ail</span> pari a Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _1\"></span>576 migliaia (<span class=\"_ _6\"></span>al 31 dicembre 202<span class=\"_ _4\"></span>1 Euro 1<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>359 mi<span class=\"_ _0\"></span>gliaia<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>il cre<span class=\"_ _1\"></span>dito de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., pari a Euro 2,<span class=\"_ _1\"></span>3 milioni, ver<span class=\"_ _1\"></span>so la Re<span class=\"_ _1\"></span>gion<span class=\"_ _1\"></span>e T<span class=\"_ _4\"></span>osc<span class=\"_ _1\"></span>ana e il Minist<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>llo Sviluppo Econ<span class=\"_ _1\"></span>omico, relati<span class=\"_ _1\"></span>vo all<span class=\"_ _1\"></span>\u2019acconto pe<span class=\"_ _1\"></span>r gli Incenti<span class=\"_ _1\"></span>vi p<span class=\"_ _1\"></span>er la Cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a So<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nibile (<span class=\"_ _1\"></span>proget<span class=\"_ _1\"></span>to I<span class=\"_ _1\"></span>-SUCCEED<span class=\"_ _0\"></span>), per i cui det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>i rimanda alla Rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla Ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, al paragr<span class=\"_ _1\"></span>afo \u201cFatti di r<span class=\"_ _1\"></span>ilievo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>anti<span class=\"_ _1\"></span>cipi a fornitor<span class=\"_ _1\"></span>i pari a Euro 2.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>5 migliaia (<span class=\"_ _4\"></span>al 31 dicembre 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>rano p<span class=\"_ _1\"></span>ari a Euro 2.<span class=\"_ _1\"></span>33<span class=\"_ _4\"></span>1 migliaia<span class=\"_ _0\"></span>).I risconti a<span class=\"_ _0\"></span>ttivi comprendono princi<span class=\"_ _0\"></span>palmente<span class=\"_ _0\"></span> contribu<span class=\"_ _0\"></span>ti a cl<span class=\"_ _0\"></span>ienti per al<span class=\"_ _0\"></span>lestimenti negozi e/<span class=\"_ _4\"></span>o spazi per<span class=\"_ _1\"></span>sonalizz<span class=\"_ _1\"></span>ati mo<span class=\"ls0 ws0\">-</span>nomarca p<span class=\"_ _1\"></span>er Euro 4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>72 migliaia, premi as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>03<span class=\"_ _4\"></span>1 mig<span class=\"_ _1\"></span>liaia ed in par<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>sidual<span class=\"_ _1\"></span>e ad af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>i, non rie<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>tranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito del nuovo prin<span class=\"_ _1\"></span>cipio IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>02 migliaia. La voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _1\"></span>Strume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura a breve t<span class=\"_ _1\"></span>ermine<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>ari ad Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>251 migliai<span class=\"_ _0\"></span>a (Euro 3<span class=\"_ _4\"></span>26 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>) accoglie la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span><span class=\"lsb ws112\"> (<span class=\"_ _4\"></span>valore equo<span class=\"_ _4\"></span>) dei contratti derivati (<span class=\"_ _6\"></span>componente di copertura<span class=\"_ _0\"></span>) in essere, </span>stip<span class=\"_ _1\"></span>ulati dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o per la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io sulle ve<span class=\"_ _1\"></span>ndite in div<span class=\"_ _1\"></span>ise di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro. 17. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>ltre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie cor<span class=\"_ _1\"></span>renti<span class=\"_ _2\"></span>\u201d \u00e8 evide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iata ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Strumenti derivati<span class=\"_ _ff\"> </span>256<span class=\"_ _1ee\"> </span>596<span class=\"_ _f5\"> </span>(340)Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _15f\"> </span>9.999<span class=\"_ _8a\"> </span>-<span class=\"_ _171\"> </span>9.999T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>10.255 <span class=\"_ _6f\"> </span>596 <span class=\"_ _21a\"> </span>9.659 La voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>ltre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie cor<span class=\"_ _1\"></span>renti<span class=\"_ _1\"></span>\u201d, pari a Euro 1<span class=\"_ _4\"></span>0.<span class=\"_ _1\"></span>255 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2, si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e per Euro 256 migliaia (Euro 5<span class=\"_ _0\"></span>96 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>) alla valuta<span class=\"_ _1\"></span>zione al <span class=\"ff79\">fair value</span> deg<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la com<span class=\"ls0 ws0\">-</span>pone<span class=\"_ _1\"></span>nte non di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e p<span class=\"_ _1\"></span>er Euro 9.9<span class=\"_ _1\"></span>99 migliaia ad un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>curativo p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidabile<span class=\"_ _1\"></span>, ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uato dalla socie<span class=\"_ _1\"></span>t\u00e0 S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. in ottic<span class=\"_ _1\"></span>a di mo<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ella ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a.18. Disponibilit\u00e0 liquide e mez<span class=\"_ _1\"></span>zi equ<span class=\"_ _1\"></span>iv<span class=\"_ _0\"></span>alenti La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Depositi bancari a br<span class=\"_ _0\"></span>eve<span class=\"_ _99\"> </span>91.042<span class=\"_ _229\"> </span>39.988<span class=\"_ _e2\"> </span>51.054Depositi bancari e postali a vista <span class=\"_ _13f\"> </span>298.571<span class=\"_ _250\"> </span>470.487<span class=\"_ _eb\"> </span>(171.916)Denaro e v<span class=\"_ _0\"></span>alori in cassa <span class=\"_ _89\"> </span>1.741<span class=\"_ _272\"> </span>1.321<span class=\"_ _1a7\"> </span>420T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>391.354 <span class=\"_ _e2\"> </span>511.796 <span class=\"_ _bf\"> </span>(120.442) I dep<span class=\"_ _1\"></span>ositi b<span class=\"_ _1\"></span>ancari a b<span class=\"_ _1\"></span>reve (<span class=\"_ _0\"></span><span class=\"ff79 lsb ws6\">time deposit<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws75\">) p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so g<span class=\"_ _1\"></span>li ist<span class=\"_ _1\"></span>ituti di rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e hanno sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze var<span class=\"_ _1\"></span>iabili tra un gio<span class=\"_ _1\"></span>rno e 2<span class=\"_ _0\"></span>4 me<span class=\"_ _1\"></span>si </span></span>e si car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _2\"></span>zano in ogni c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o per la p<span class=\"_ _1\"></span>ronta liqui<span class=\"_ _1\"></span>dabilit\u00e0 in as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di pe<span class=\"_ _1\"></span>nali. I dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i bancar<span class=\"_ _1\"></span>i e pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>no disp<span class=\"_ _1\"></span>onibilit\u00e0 t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e, de<span class=\"_ _1\"></span>tenute p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a fronte di pag<span class=\"_ _1\"></span>amenti immin<span class=\"_ _1\"></span>enti. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, la p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata que<span class=\"_ _1\"></span>lla di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una par<span class=\"_ _1\"></span>te co<span class=\"_ _1\"></span>nsis<span class=\"_ _1\"></span>tente d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>roprie ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa p<span class=\"_ _1\"></span>er att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento sul me<span class=\"_ _1\"></span>rcato in de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti ban<span class=\"_ _1\"></span>cari a bre<span class=\"_ _1\"></span>ve (<span class=\"_ _0\"></span><span class=\"ff79 lsb ws12c\">time deposit<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws99\">, oltre che p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>c<span class=\"ls0 ws0\">-</span></span></span>cend<span class=\"_ _1\"></span>ere pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>titi <span class=\"ff79 ls80 ws119\">int<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws7\">, regolat<span class=\"_ _1\"></span>i a condiz<span class=\"_ _1\"></span>ioni cor<span class=\"_ _1\"></span>renti di me<span class=\"_ _1\"></span>rcato, co<span class=\"_ _1\"></span>s\u00ec da conte<span class=\"_ _1\"></span>nere l<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla propria </span></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e debit<span class=\"_ _1\"></span>oria ver<span class=\"_ _1\"></span>so il s<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario.Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di ave<span class=\"_ _1\"></span>re una ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a e liquidit\u00e0 p<span class=\"_ _1\"></span>i\u00f9 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a li<span class=\"_ _1\"></span>vello di G<span class=\"_ _1\"></span>ruppo, la S<span class=\"_ _1\"></span>alva<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 inoltre e<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>a in un contrat<span class=\"_ _1\"></span>to di <span class=\"ff79 ls5f ws7\">ca<span class=\"_ _1\"></span>shpo<span class=\"_ _1\"></span>oling</span> c<span class=\"_ _1\"></span>on alcune s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>rollate.Se<span class=\"_ _1\"></span>mpre con l<span class=\"_ _2\"></span>\u2019intento di cont<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitoria n<span class=\"_ _1\"></span>ei confro<span class=\"_ _1\"></span>nti del si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2022, il Grupp<span class=\"_ _1\"></span>o ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato rimbo<span class=\"_ _1\"></span>rsi anti<span class=\"_ _1\"></span>cipati pe<span class=\"_ _1\"></span>r tota<span class=\"_ _1\"></span>li Euro 85 milioni sui principali f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti a m<span class=\"_ _1\"></span>edio lungo te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 il Grupp<span class=\"_ _1\"></span>o ha line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o non utiliz<span class=\"_ _2\"></span>zate p<span class=\"_ _1\"></span>er Euro 782.852 migliaia; al 3<span class=\"_ _6\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 le linee di credito n<span class=\"_ _1\"></span>on utiliz<span class=\"_ _2\"></span>zate ammont<span class=\"_ _1\"></span>avano a Euro 7<span class=\"_ _4\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span>6 migliaia. Per mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si riman<span class=\"_ _1\"></span>da alla nota 20 Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti.Ai f<span class=\"_ _1\"></span>ini de<span class=\"_ _1\"></span>l rendic<span class=\"_ _1\"></span>onto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>olidato la voc<span class=\"_ _1\"></span>e disp<span class=\"_ _1\"></span>onibilit\u00e0 li<span class=\"_ _1\"></span>quide e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i equiv<span class=\"_ _1\"></span>alenti a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 si compone come<span class=\"_ _0\"></span> segue:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cassa e depositi bancari a vista<span class=\"_ _2b1\"> </span>300.312<span class=\"_ _21a\"> </span>471.808<span class=\"_ _20f\"> </span>(171.496)Depositi bancari a br<span class=\"_ _0\"></span>eve<span class=\"_ _99\"> </span>91.042<span class=\"_ _229\"> </span>39.988<span class=\"_ _e2\"> </span>51.054T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>391.354 <span class=\"_ _e2\"> </span>511.796 <span class=\"_ _bf\"> </span>(120.442) Di se<span class=\"_ _1\"></span>guito la ric<span class=\"_ _1\"></span>onciliazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 deri<span class=\"_ _1\"></span>vanti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento, co<span class=\"_ _1\"></span>s\u00ec com<span class=\"_ _1\"></span>e ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>l rendic<span class=\"_ _1\"></span>onto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o, per gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.Flusso di c<span class=\"_ _0\"></span>assaper rimborsi/ per interessi Nuovi V<span class=\"_ _0\"></span>alore al incassi pagati/D<span class=\"_ _1\"></span>ifferenza contr<span class=\"_ _0\"></span>atti di Altri mov<span class=\"_ _4\"></span>. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022capitaleincassatidi con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.neleasingnon di cassa31.12.2022Pr<span class=\"_ _4\"></span>estiti e finanziamenti non correnti<span class=\"_ _285\"> </span>63.516 <span class=\"_ _1ac\"> </span>(62.879)<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>(664) <span class=\"_ _80\"> </span>(637) <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>664 <span class=\"_ _1ef\"> </span>- Pr<span class=\"_ _4\"></span>estiti e finanziamenti correnti (ad esclusione degli scoperti bancari)<span class=\"_ _db\"> </span>75.604 <span class=\"_ _1d2\"> </span>(46.386) <span class=\"_ _80\"> </span>(637) <span class=\"_ _a8\"> </span>46 <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>637 <span class=\"_ _d0\"> </span>29.264 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> non corr<span class=\"_ _0\"></span>enti <span class=\"_ _67\"> </span>487.230 <span class=\"_ _62\"> </span>- <span class=\"_ _a5\"> </span>- <span class=\"_ _d0\"> </span>11.208 <span class=\"_ _c8\"> </span>101.956 <span class=\"_ _1a1\"> </span>(131.657) <span class=\"_ _c8\"> </span>468.737 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> corr<span class=\"_ _0\"></span>enti<span class=\"_ _226\"> </span>110.012 <span class=\"_ _247\"> </span>(114.610) <span class=\"_ _cb\"> </span>(14.632) <span class=\"_ _77\"> </span>1.805 <span class=\"_ _a5\"> </span>- <span class=\"_ _cc\"> </span>124.011 <span class=\"_ _c8\"> </span>106.586 T<span class=\"_ _4\"></span>otale passivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _c5\"> </span>736.362 <span class=\"_ _1c6\"> </span>(223.875) <span class=\"_ _247\"> </span>(15.933) <span class=\"_ _1ed\"> </span>12.422 <span class=\"_ _1ae\"> </span>101.956 <span class=\"_ _16d\"> </span>(6.345) <span class=\"_ _1ae\"> </span>604.587 Flusso di c<span class=\"_ _0\"></span>assaper rimborsi/ per interessi Nuovi V<span class=\"_ _0\"></span>alore al incassi pagati/D<span class=\"_ _1\"></span>ifferenza contr<span class=\"_ _0\"></span>atti di Altri mov<span class=\"_ _4\"></span>. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021capitaleincassatidi con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.neleasingnon di cassa31.12.2021Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _2b2\"> </span>279<span class=\"_ _1d9\"> </span>(291)<span class=\"_ _fa\"> </span>-<span class=\"_ _fe\"> </span>12<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-T<span class=\"_ _4\"></span>otale attivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _e2\"> </span>279<span class=\"_ _1da\"> </span>(291)<span class=\"_ _fa\"> </span>-<span class=\"_ _fe\"> </span>12<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-Pr<span class=\"_ _4\"></span>estiti e finanziamenti non correnti<span class=\"_ _26c\"> </span>129.302<span class=\"_ _d0\"> </span>(54.391)<span class=\"_ _16b\"> </span>(1.000)<span class=\"_ _5e\"> </span>(457)<span class=\"_ _119\"> </span>-<span class=\"_ _263\"> </span>(9.938)<span class=\"_ _1a8\"> </span>63.516Pr<span class=\"_ _4\"></span>estiti e finanziamenti correnti (ad esclusione degli scoperti bancari)<span class=\"_ _db\"> </span>56.698<span class=\"_ _1d0\"> </span>7.239<span class=\"_ _5e\"> </span>(486)<span class=\"_ _75\"> </span>730<span class=\"_ _fa\"> </span>-<span class=\"_ _16e\"> </span>11.423<span class=\"_ _1a8\"> </span>75.604P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> non corr<span class=\"_ _0\"></span>enti<span class=\"_ _1e6\"> </span>464.400<span class=\"_ _101\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _1a8\"> </span>22.814<span class=\"_ _1c4\"> </span>119.782<span class=\"_ _1a0\"> </span>(119.766)<span class=\"_ _1c4\"> </span>487.230P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> corr<span class=\"_ _0\"></span>enti<span class=\"_ _226\"> </span>103.509<span class=\"_ _c8\"> </span>(100.669)<span class=\"_ _1f2\"> </span>(13.754)<span class=\"_ _84\"> </span>5.371<span class=\"_ _fa\"> </span>-<span class=\"_ _1c4\"> </span>115.555<span class=\"_ _1c4\"> </span>110.012T<span class=\"_ _4\"></span>otale passivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _c5\"> </span>753.909<span class=\"_ _247\"> </span>(147.821)<span class=\"_ _cc\"> </span>(15.240)<span class=\"_ _263\"> </span>28.458<span class=\"_ _1f2\"> </span>119.782<span class=\"_ _2a9\"> </span>(2.726)<span class=\"_ _1f2\"> </span>736.362La col<span class=\"_ _1\"></span>onna Flus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa p<span class=\"_ _1\"></span>er rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>i di capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle Pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> corre<span class=\"_ _1\"></span>nti, \u00e8 pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntata al net<span class=\"_ _1\"></span>to dei p<span class=\"_ _1\"></span>roventi re<span class=\"_ _1\"></span>lativi all<span class=\"_ _1\"></span>e riduzi<span class=\"_ _1\"></span>oni di cano<span class=\"_ _1\"></span>ne ott<span class=\"_ _1\"></span>enute dalle n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>oni, pe<span class=\"_ _1\"></span>r rive<span class=\"_ _1\"></span>dere l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche dei co<span class=\"_ _1\"></span>ntratti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ropria ret<span class=\"_ _1\"></span>e distr<span class=\"_ _1\"></span>ibutiv<span class=\"_ _1\"></span>a, pari a Euro 2.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>90 mig<span class=\"_ _1\"></span>liaia per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 (Euro 6.785<span class=\"_ _0\"></span> migliaia nel 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>). La col<span class=\"_ _1\"></span>onna \u201c<span class=\"_ _0\"></span>Altri mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>nti non di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d include la ri<span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>bito tra qu<span class=\"_ _1\"></span>ota no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nte e quota c<span class=\"_ _1\"></span>orrente dei Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e Finanziame<span class=\"_ _1\"></span>nti e de<span class=\"_ _1\"></span>lle Pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si su Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e Finanziame<span class=\"_ _1\"></span>nti e sulle Pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws112\"> maturati n<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do, i proventi r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>i alle ridu<span class=\"_ _1\"></span>zioni di c<span class=\"_ _1\"></span>anone ot<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nute dalle ne<span class=\"_ _1\"></span>goziazioni, p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>vede<span class=\"_ _1\"></span>re le </span>condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>he dei co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla propria re<span class=\"_ _1\"></span>te dist<span class=\"_ _1\"></span>ributi<span class=\"_ _1\"></span>va, e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetto s<span class=\"_ _1\"></span>ulla Pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls0 ws0\"> </span>di alcuni cas<span class=\"_ _1\"></span>i di es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione anticipat<span class=\"_ _1\"></span>a di contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e o della co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione di una ridu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei can<span class=\"_ _1\"></span>oni di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to fut<span class=\"_ _1\"></span>uri.19. C<span class=\"_ _4\"></span>apitale sociale e riser<span class=\"_ _1\"></span>veIl capit<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>ociale de<span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>rato, sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e ver<span class=\"_ _1\"></span>sato de<span class=\"_ _1\"></span>lla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 ammont<span class=\"_ _1\"></span>a a Euro 1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>879.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0, ed \u00e8 co<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uito da 1<span class=\"_ _0\"></span>68<span class=\"_ _1\"></span>.790.0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>0 azioni o<span class=\"_ _1\"></span>rdinarie de<span class=\"_ _1\"></span>l valore n<span class=\"_ _1\"></span>ominale di Euro 0,<span class=\"_ _4\"></span>10 cadauna. Nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022, non v<span class=\"_ _1\"></span>i so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>l numero di a<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e.La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va pe<span class=\"_ _1\"></span>r azio<span class=\"_ _1\"></span>ni propri<span class=\"_ _1\"></span>e, pari a Euro 58<span class=\"_ _1\"></span>.202 migliaia, \u00e8 comp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ta da num<span class=\"_ _1\"></span>ero 3.<span class=\"_ _1\"></span>37<span class=\"_ _0\"></span>5.<span class=\"_ _1\"></span>80<span class=\"_ _2\"></span>0 azioni d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l 201<span class=\"_ _4\"></span>8 (<span class=\"_ _0\"></span>nr<span class=\"_ _4\"></span>. 1<span class=\"_ _4\"></span>4.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0), nel cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>el 201<span class=\"_ _4\"></span>9 (nr<span class=\"_ _6\"></span>. 1<span class=\"_ _4\"></span>36<span class=\"_ _1\"></span>.0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>0), nel cors<span class=\"_ _1\"></span>o del 2021 (<span class=\"_ _4\"></span>nr<span class=\"_ _4\"></span>. 62<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>63<span class=\"_ _4\"></span>) e n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 (<span class=\"_ _0\"></span>nr<span class=\"_ _4\"></span>. 2.6<span class=\"_ _1\"></span>01<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>637), ad un pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo me<span class=\"_ _1\"></span>dio unitar<span class=\"_ _1\"></span>io di Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4.I ver<span class=\"_ _1\"></span>same<span class=\"_ _1\"></span>nti in conto c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale, par<span class=\"_ _1\"></span>i a Euro 2.9<span class=\"_ _1\"></span>95 migliaia, interam<span class=\"_ _1\"></span>ente rife<span class=\"_ _1\"></span>ribili alla Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o, son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati es<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uiti in un\u2019unica so<span class=\"_ _1\"></span>luzion<span class=\"_ _1\"></span>e nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 20<span class=\"_ _1\"></span>03 dalla controllante Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Finanziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e si s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i, per s<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e, nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 20<span class=\"_ _1\"></span>07<span class=\"_ _6\"></span>.La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va leg<span class=\"_ _1\"></span>ale, p<span class=\"_ _1\"></span>ari a Euro 4.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>88 migliaia, inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte riferit<span class=\"_ _1\"></span>a alla so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o, si \u00e8 cos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a in anni pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>enti. La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va st<span class=\"_ _1\"></span>raordinaria, p<span class=\"_ _1\"></span>ari ad Euro 570.585 migliaia, inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte riferibil<span class=\"_ _1\"></span>e alla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o, \u00e8 cost<span class=\"_ _1\"></span>ituita c<span class=\"_ _1\"></span>on utili non dis<span class=\"_ _1\"></span>tribuiti; la varia<span class=\"_ _1\"></span>zione re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata det<span class=\"_ _1\"></span>erminat<span class=\"_ _1\"></span>a da un increme<span class=\"_ _1\"></span>nto di Euro 32.8<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia, rela<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tivo all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1 della Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. Il d<span class=\"_ _1\"></span>ecre<span class=\"_ _1\"></span>mento di Euro 56<span class=\"_ _1\"></span>.73<span class=\"_ _0\"></span>5 migliaia si riferi<span class=\"_ _1\"></span>sce alla dist<span class=\"_ _1\"></span>ribuzio<span class=\"_ _1\"></span>ne di div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi, delib<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ati nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 da Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>low h<span class=\"_ _1\"></span>edge</span>, p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>iva p<span class=\"_ _1\"></span>er Euro 7<span class=\"_ _4\"></span>.21<span class=\"_ _4\"></span>6 migliaia, \u00e8 dete<span class=\"_ _1\"></span>rminata dalla v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>egli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziari def<span class=\"_ _1\"></span>initi c<span class=\"_ _1\"></span>ome <span class=\"ff79\">cash f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ow hedg<span class=\"_ _1\"></span>e</span> al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2, a fronte de<span class=\"_ _1\"></span>lle op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l rischio di c<span class=\"_ _1\"></span>ambio e<span class=\"_ _1\"></span>d \u00e8 ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>.La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne, ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>va p<span class=\"_ _1\"></span>er Euro 6.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>65 migliaia, rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te le var<span class=\"_ _1\"></span>iazioni di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla quota di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o del pa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>trimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidate, dov<span class=\"_ _1\"></span>ute alle v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io delle v<span class=\"_ _1\"></span>alute fun<span class=\"_ _1\"></span>zionali de<span class=\"_ _1\"></span>lle st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se soci<span class=\"_ _1\"></span>et\u00e0 r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o alla valuta di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del b<span class=\"_ _1\"></span>ilancio con<span class=\"_ _1\"></span>solidato. La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va utili indiv<span class=\"_ _1\"></span>isi, p<span class=\"_ _1\"></span>ari a Euro 1<span class=\"_ _4\"></span>38.<span class=\"_ _1\"></span>387 migliaia, re<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>isce i r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ati patrimoniali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati n<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>mpo, te<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do op<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>tunam<span class=\"_ _1\"></span>ente conto d<span class=\"_ _1\"></span>elle ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e di cons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto, in par<span class=\"_ _1\"></span>ticolar<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile non re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato sulle r<span class=\"_ _1\"></span>imanen<span class=\"_ _1\"></span>ze. T<span class=\"_ _4\"></span>ale rise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, ri<span class=\"_ _1\"></span>sente d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ef<span class=\"_ _1\"></span>fetto di p<span class=\"_ _1\"></span>i\u00f9 fatto<span class=\"_ _1\"></span>ri: si increme<span class=\"_ _1\"></span>nta di Euro 45.<span class=\"_ _1\"></span>847 migliaia per ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to della patr<span class=\"_ _1\"></span>imonializ<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, al ne<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>ultato de<span class=\"_ _1\"></span>lla so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o alloc<span class=\"_ _1\"></span>ato alla rise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va s<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ordinaria e pe<span class=\"_ _1\"></span>r Euro 47<span class=\"_ _4\"></span>1 migliaia pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti minori; si de<span class=\"_ _1\"></span>crem<span class=\"_ _1\"></span>enta di Euro 6<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>07 migliaia per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fetto dell<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. nel c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>ciale de<span class=\"_ _1\"></span>lla Ferr<span class=\"_ _1\"></span>agamo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., che pas<span class=\"_ _1\"></span>sa dal 71<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>89,<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>3% de<span class=\"_ _1\"></span>l relati<span class=\"_ _1\"></span>vo capit<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>ociale<span class=\"_ _1\"></span>, av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuto att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so la s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>zione di n<span class=\"_ _1\"></span>. 5.0<span class=\"_ _2\"></span>00 nu<span class=\"_ _1\"></span>ove azio<span class=\"_ _1\"></span>ni della contro<span class=\"_ _1\"></span>llata giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r i cui det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li si veda la Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e al paragr<span class=\"_ _1\"></span>afo \u201cFatti di r<span class=\"_ _1\"></span>ilievo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>\u201d e la nota 4 \u201cAg<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni di impres<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>d acquis<span class=\"_ _1\"></span>ti di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>ze di minoran<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>l presente Bilancio<span class=\"_ _0\"></span> Consolidato.Le voci \u201caltre rise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>\u201d e \u201cef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to IA<span class=\"_ _1\"></span>S 19 <span class=\"ff79 ls4a ws73\">equit<span class=\"_ _1\"></span>y<span class=\"_ _24\"></span></span>\u201d pe<span class=\"_ _1\"></span>r un total<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to di Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>01<span class=\"_ _4\"></span>8 migliaia compre<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2022 i valo<span class=\"_ _1\"></span>ri iscr<span class=\"_ _1\"></span>itti a f<span class=\"_ _1\"></span>ronte de<span class=\"_ _1\"></span>lle dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze di valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one richie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e dai principi IFR<span class=\"_ _1\"></span>S risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to ai princip<span class=\"_ _1\"></span>i loc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo. T<span class=\"_ _4\"></span>ale vo<span class=\"_ _1\"></span>ce acco<span class=\"_ _1\"></span>glie la ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">Stock Grant</span> per i due p<span class=\"_ _1\"></span>iani di incenti<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione al <span class=\"ff79 ls38 ws8b\">top</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff79 ls47 ws9\">management</span> </span>in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re alla data de<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2, pe<span class=\"_ _1\"></span>r Euro 5.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>3 migliaia, per i c<span class=\"_ _1\"></span>ui dett<span class=\"_ _1\"></span>agli s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 4<span class=\"_ _1\"></span>0 Pagamenti bas<span class=\"_ _1\"></span>ati su azi<span class=\"_ _1\"></span>oni. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>increm<span class=\"_ _1\"></span>ento di Euro 1<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>83 migliaia si riferi<span class=\"_ _1\"></span>sce alla v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione at<span class=\"_ _1\"></span>tuariale de<span class=\"_ _1\"></span>i piani a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re in alcune s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o.Gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o al net<span class=\"_ _1\"></span>to deg<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali ove applic<span class=\"_ _1\"></span>abili.Le variaz<span class=\"_ _1\"></span>ioni ne<span class=\"_ _1\"></span>lle compo<span class=\"_ _1\"></span>nenti d<span class=\"_ _1\"></span>el patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to av<span class=\"_ _2\"></span>venute ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 2021 sono evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziate nei re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti. Di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o si ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta una t<span class=\"_ _1\"></span>avola di det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aglio relati<span class=\"_ _1\"></span>va alle ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>ve ed ut<span class=\"_ _1\"></span>ili indiv<span class=\"_ _1\"></span>isi:Riserve formate Riserva con<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>sione (In migliaia di Euro)con utilicambi<span class=\"_ _c5\"> </span>Altre riserve<span class=\"_ _21a\"> </span>T<span class=\"_ _6\"></span>otale31 dicembr<span class=\"_ _0\"></span>e 2022Riserva azioni proprie<span class=\"_ _21e\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _1ad\"> </span>(58.202) <span class=\"_ _1ad\"> </span>(58.202) Ver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>amenti in conto capit<span class=\"_ _0\"></span>ale<span class=\"_ _241\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>2.995 <span class=\"_ _d4\"> </span>2.995 Riserva Legale<span class=\"_ _e4\"> </span>4.188 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>4.188 Riserva straor<span class=\"_ _0\"></span>dinaria<span class=\"_ _2a5\"> </span>570.585 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _146\"> </span>570.585 Riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _1ec\"> </span></span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>7.216 <span class=\"_ _d4\"> </span>7.216 Riserva di con<span class=\"_ _0\"></span>versione<span class=\"_ _f1\"> </span>- <span class=\"_ _27\"> </span>(6.865) <span class=\"_ _267\"> </span>- <span class=\"_ _225\"> </span>(6.865) Utili indivisi<span class=\"_ _e5\"> </span>138.387 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _1aa\"> </span>138.387 Altre riserve<span class=\"_ _4d\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>7.018 <span class=\"_ _d4\"> </span>7.018 T<span class=\"_ _4\"></span>otale<span class=\"_ _2d\"> </span>713.160 <span class=\"_ _be\"> </span>(6.865) <span class=\"_ _118\"> </span>(40.973) <span class=\"_ _118\"> </span>665.322 31 dicembr<span class=\"_ _0\"></span>e 2021Riserva azioni proprie<span class=\"_ _21e\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _1ad\"> </span>(15.532) <span class=\"_ _1ad\"> </span>(15.532) Ver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>amenti in conto capit<span class=\"_ _0\"></span>ale<span class=\"_ _241\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>2.995 <span class=\"_ _d4\"> </span>2.995 Riserva Legale<span class=\"_ _e4\"> </span>4.188 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>4.188 Riserva straor<span class=\"_ _0\"></span>dinaria<span class=\"_ _2a5\"> </span>594.520 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _146\"> </span>594.520 Riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _1ec\"> </span></span>- <span class=\"_ _267\"> </span>- <span class=\"_ _225\"> </span>(6.404) <span class=\"_ _225\"> </span>(6.404) Riserva di con<span class=\"_ _0\"></span>versione<span class=\"_ _f1\"> </span>- <span class=\"_ _177\"> </span>(10.418) <span class=\"_ _267\"> </span>- <span class=\"_ _1ad\"> </span>(10.418) Utili indivisi<span class=\"_ _2b3\"> </span>98.676 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _153\"> </span>98.676 Altre riserve<span class=\"_ _4d\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _1f7\"> </span>762 <span class=\"_ _282\"> </span>762 T<span class=\"_ _4\"></span>otale<span class=\"_ _2d\"> </span>697.384 <span class=\"_ _101\"> </span>(10.418) <span class=\"_ _118\"> </span>(18.179) <span class=\"_ _118\"> </span>668.787 20. P<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>estiti e finanziamentiSi ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito un d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e dei f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti c<span class=\"_ _1\"></span>orrenti e n<span class=\"_ _1\"></span>on corr<span class=\"_ _1\"></span>enti:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti finanziari verso banche a medio lungo ter<span class=\"_ _0\"></span>mine<span class=\"_ _27f\"> </span>- <span class=\"_ _171\"> </span>63.516<span class=\"_ _7a\"> </span>(63.516)Debiti finanziari verso banche a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _bd\"> </span>29.264<span class=\"_ _299\"> </span>75.604<span class=\"_ _7a\"> </span>(46.340)T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>29.264 <span class=\"_ _1cf\"> </span>139.120 <span class=\"_ _bf\"> </span>(109.856) Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, alla luce d<span class=\"_ _1\"></span>ella ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a gen<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a dal Grupp<span class=\"_ _1\"></span>o e dell<span class=\"_ _1\"></span>e migliorate c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni gene<span class=\"_ _1\"></span>rali de<span class=\"_ _1\"></span>l mer<span class=\"ls0 ws0\">-</span>cato de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito, si \u00e8 proc<span class=\"_ _1\"></span>eduto al r<span class=\"_ _1\"></span>imbor<span class=\"_ _1\"></span>so anticip<span class=\"_ _1\"></span>ato dei pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>titi a s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a non c<span class=\"_ _1\"></span>orrenti (<span class=\"ff79\">term loan<span class=\"_ _0\"></span><span class=\"ff71\">), acces<span class=\"_ _1\"></span>i dal 2020, </span></span>quando, in cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lla pande<span class=\"_ _1\"></span>mia da Covid<span class=\"_ _1\"></span>-<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>9, il Gruppo ave<span class=\"_ _1\"></span>va rite<span class=\"_ _1\"></span>nuto opp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tuno r<span class=\"_ _1\"></span>affo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>are ulterio<span class=\"_ _1\"></span>rment<span class=\"_ _1\"></span>e la propria s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria proce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ndo co<span class=\"_ _1\"></span>n un increme<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>lle linee <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span><span class=\"lsb ws94\"> con contropa<span class=\"_ _0\"></span>rti </span>diver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cate<span class=\"_ _1\"></span>. In continuit<span class=\"_ _1\"></span>\u00e0 con il pas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ato \u00e8 st<span class=\"_ _1\"></span>ata utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata una par<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>onsis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nte delle p<span class=\"_ _1\"></span>roprie e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r acce<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>re prestiti <span class=\"ff79 ls80 ws119\">inte<span class=\"_ _1\"></span>rcom<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws75\">, re<span class=\"_ _1\"></span>golati a co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni corre<span class=\"_ _1\"></span>nti di merc<span class=\"_ _1\"></span>ato. Al 31 dicembre 2022 non s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto in es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere a li<span class=\"ls0 ws0\">-</span></span></span>vello di Gr<span class=\"_ _1\"></span>uppo pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>titi a s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a (<span class=\"_ _0\"></span><span class=\"ff79\">term loan<span class=\"ff71\">) utiliz<span class=\"_ _1\"></span>zati, b<span class=\"_ _1\"></span>ench\u00e9 r<span class=\"_ _1\"></span>imanga in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re un ammont<span class=\"_ _1\"></span>are rite<span class=\"_ _1\"></span>nuto congr<span class=\"_ _1\"></span>uo di </span></span>linee di cre<span class=\"_ _1\"></span>dito utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>abili in cas<span class=\"_ _1\"></span>o di ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0. I f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti e l<span class=\"_ _1\"></span>e linee di cre<span class=\"_ _1\"></span>dito co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e al Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o regolati a ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o variabile<span class=\"_ _1\"></span>. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto \u00e8 parame<span class=\"_ _1\"></span>trato al t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di me<span class=\"_ _1\"></span>rcato di p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo (<span class=\"_ _2\"></span>gene<span class=\"_ _1\"></span>ralme<span class=\"_ _1\"></span>nte euribo<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>/libo<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>/sofr o il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di rife<span class=\"_ _1\"></span>rimento s<span class=\"_ _1\"></span>ul merc<span class=\"_ _1\"></span>ato interban<span class=\"_ _1\"></span>cario s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico de<span class=\"_ _1\"></span>lla valuta in cui il f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento \u00e8 d<span class=\"_ _1\"></span>enominato) pi\u00f9 uno <span class=\"_ _2\"></span><span class=\"ff79 ls4 ws3c\">spread<span class=\"ff71 ws6b\"> dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ziato sulla bas<span class=\"_ _1\"></span>e della t<span class=\"_ _1\"></span>ipolo<span class=\"_ _1\"></span>gia di linea di cre<span class=\"_ _1\"></span>dito. I mar<span class=\"_ _1\"></span>gini applic<span class=\"_ _1\"></span>abili son<span class=\"_ _1\"></span>o in linea con i mig<span class=\"_ _1\"></span>liori </span></span>standard<span class=\"ff71 ls0 ws2d\"> di m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>o. </span>Gli strumenti d<span class=\"_ _0\"></span>i finanziamen<span class=\"_ _0\"></span>to utilizzati sono rappresentati da<span class=\"_ _4\"></span>: i) <span class=\"_ _20\"> </span> <span class=\"_ _45\"></span>line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e a dispo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>a e nel p<span class=\"_ _1\"></span>aes<span class=\"_ _1\"></span>e di res<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della singola s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>opp<span class=\"_ _1\"></span>erire a ne<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e a breve s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a coll<span class=\"_ _1\"></span>egate alla ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione de<span class=\"_ _1\"></span>l cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e circolante, a re<span class=\"_ _1\"></span>voc<span class=\"_ _1\"></span>a (<span class=\"_ _4\"></span><span class=\"ff79 ws3c\">unco<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span><span class=\"ff71 ls48 wsd1\">);</span></span>ii) <span class=\"_ _3\"></span> <span class=\"_ _1c2\"></span>linee di cr<span class=\"_ _1\"></span>edito a b<span class=\"_ _1\"></span>reve e me<span class=\"_ _1\"></span>dio<span class=\"_ _1\"></span>-lungo te<span class=\"_ _1\"></span>rmine <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted</span>, ne<span class=\"_ _1\"></span>lla forma <span class=\"ff79 ws3c\">revol<span class=\"_ _1\"></span>ving <span class=\"_ _24\"></span></span><span class=\"ls0 ws0\">o</span><span class=\"ff79\"> te<span class=\"_ _1\"></span>rm loan</span>, negoziate su b<span class=\"_ _1\"></span>ase bilateral<span class=\"_ _1\"></span>e dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">committ<span class=\"_ _1\"></span>ed</span><span class=\"ls5 ws127\"> hanno una dur<span class=\"_ _1\"></span>ata re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dua mas<span class=\"_ _1\"></span>sima di quarantot<span class=\"_ _1\"></span>to m<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span> e una durata r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dua </span>media p<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a di ventiquat<span class=\"_ _1\"></span>tro me<span class=\"_ _1\"></span>si. Le line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o e la relati<span class=\"_ _1\"></span>va att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria sono di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite fra i pr<span class=\"_ _1\"></span>incipali ist<span class=\"_ _1\"></span>ituti banc<span class=\"_ _1\"></span>ari naz<span class=\"_ _1\"></span>ionali e interna<span class=\"_ _1\"></span>zionali. A<span class=\"_ _1\"></span>lla data di chius<span class=\"_ _1\"></span>ura del p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente bilan<span class=\"_ _1\"></span>cio non s<span class=\"_ _1\"></span>ono in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi sulle line<span class=\"_ _1\"></span>e <span class=\"ff79 ls4 ws3c\">commit<span class=\"_ _1\"></span>ted</span><span class=\"lsb wsa\"> mentre quelli<span class=\"_ _0\"></span> presenti sulle l<span class=\"_ _0\"></span>inee <span class=\"ff79 ls4 ws3c\">uncommitte<span class=\"_ _1\"></span>d</span><span class=\"lsd wse\"> sono inferiori all\u2019a<span class=\"_ _0\"></span>nno.</span></span>Per ulteri<span class=\"_ _1\"></span>ore det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>lio dei d<span class=\"_ _1\"></span>ebiti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ver<span class=\"_ _1\"></span>so b<span class=\"_ _1\"></span>anche, i f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>di accordati p<span class=\"_ _1\"></span>er il G<span class=\"_ _1\"></span>ruppo e g<span class=\"_ _1\"></span>li utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i delle lin<span class=\"_ _1\"></span>ee di cre<span class=\"_ _1\"></span>dito, suddivise per tipologia, sono cos\u00ec rappr<span class=\"_ _0\"></span>esentati:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _71\"> </span>31 dicembre 2021(In migliaia di Euro)<span class=\"_ _124\"> </span>A<span class=\"_ _0\"></span>ccor<span class=\"_ _4\"></span>dato<span class=\"_ _204\"> </span>Utilizzato<span class=\"_ _97\"> </span>Acc<span class=\"_ _0\"></span>ordato<span class=\"_ _82\"> </span>UtilizzatoLinee C<span class=\"_ _4\"></span>ommitted<span class=\"_ _2b4\"> </span>365.000 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e2\"> </span>442.072 <span class=\"_ _16f\"> </span>89.785 Revolving<span class=\"_ _199\"> </span>365.000 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e2\"> </span>356.505 <span class=\"_ _a5\"> </span>4.218 T<span class=\"_ _4\"></span>erm Loan<span class=\"_ _11a\"> </span>- <span class=\"_ _1cf\"> </span>- <span class=\"_ _119\"> </span>85.567 <span class=\"_ _fe\"> </span>85.567 Linee a Revoc<span class=\"_ _0\"></span>a<span class=\"_ _2b5\"> </span>447.058 <span class=\"_ _25\"> </span>29.206 <span class=\"_ _1e2\"> </span>438.596 <span class=\"_ _fe\"> </span>49.197 T<span class=\"_ _4\"></span>otale<span class=\"_ _87\"> </span>812.058 <span class=\"_ _75\"> </span>29.206 <span class=\"_ _b9\"> </span>880.668 <span class=\"_ _13b\"> </span>138.982 Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio de<span class=\"_ _1\"></span>lla comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione e v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla posi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziaria net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 espos<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo lo s<span class=\"_ _1\"></span>chema d<span class=\"_ _1\"></span>ella Comunic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione Con<span class=\"_ _1\"></span>sob n<span class=\"_ _1\"></span>. DEM/60<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4293 del 28 luglio 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6, integrato d<span class=\"_ _0\"></span>al Richi<span class=\"_ _0\"></span>amo d<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>Attenzione di Consob n.<span class=\"_ _1\"></span>5/2<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span> V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021A<span class=\"_ _1\"></span>. Disponibilit\u00e0 liquide<span class=\"_ _2b6\"> </span>300.312 <span class=\"_ _79\"> </span>471.808 <span class=\"_ _ea\"> </span>(171.496) B. Mezzi equivalenti a disponibilit\u00e0 liquide <span class=\"_ _290\"> </span>91.042 <span class=\"_ _171\"> </span>39.988 <span class=\"_ _153\"> </span>51.054 C. Altr<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie cor<span class=\"_ _0\"></span>renti <span class=\"_ _e7\"> </span>10.255 <span class=\"_ _6f\"> </span>596 <span class=\"_ _d4\"> </span>9.659 D. Liquidit\u00e0 (A+B+C)<span class=\"_ _95\"> </span>401.609 <span class=\"_ _e2\"> </span>512.392 <span class=\"_ _bf\"> </span>(110.783) E. Debito finanziario corr<span class=\"_ _4\"></span>ente (<span class=\"_ _2\"></span>inclusi gli st<span class=\"_ _1\"></span>rumenti di debito)<span class=\"_ _2b7\"> </span>30.360 <span class=\"_ _171\"> </span>53.955 <span class=\"_ _1ad\"> </span>(23.595) F<span class=\"_ _6\"></span>. Parte c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>ente del debito finanziario non cor<span class=\"_ _0\"></span>rente * <span class=\"_ _de\"> </span>106.586 <span class=\"_ _79\"> </span>132.174 <span class=\"_ _1ad\"> </span>(25.588) G. Indebitamento finanziario cor<span class=\"_ _0\"></span>rente (E+F) <span class=\"_ _221\"> </span>136.946 <span class=\"_ _e2\"> </span>186.129 <span class=\"_ _cf\"> </span>(49.183) H. Indebitamento finanziario cor<span class=\"_ _0\"></span>rente netto (G-D) <span class=\"_ _169\"> </span>(264.663) <span class=\"_ _146\"> </span>(326.263) <span class=\"_ _27\"> </span>61.600 I. Debito finanziario non corr<span class=\"_ _4\"></span>ente (<span class=\"_ _1\"></span>esclusi gli st<span class=\"_ _1\"></span>rumenti di debito)*<span class=\"_ _28c\"> </span>468.737 <span class=\"_ _79\"> </span>550.746 <span class=\"_ _1ad\"> </span>(82.009) J. Strumenti di debito<span class=\"_ _109\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- K. Debiti commerciali e altri debiti c<span class=\"_ _0\"></span>orrenti <span class=\"_ _223\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- L. Indebitamento finanziario non corr<span class=\"_ _0\"></span>ente (I+J+K) <span class=\"_ _17b\"> </span>468.737 <span class=\"_ _e2\"> </span>550.746 <span class=\"_ _cf\"> </span>(82.009) M. Indebitamento finanziario netto (H+L) <span class=\"_ _2b8\"> </span>204.074 <span class=\"_ _1cf\"> </span>224.483 <span class=\"_ _118\"> </span>(20.409) *  <span class=\"_ _6\"></span>Al 31 dic<span class=\"_ _0\"></span>embre 2022, la voc<span class=\"_ _0\"></span>e P<span class=\"_ _4\"></span>arte corr<span class=\"_ _0\"></span>ente del debito finanziario non corr<span class=\"_ _4\"></span>ente si riferisce per Eur<span class=\"_ _0\"></span>o 14.931 migliaia a P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79 ws0\">leasing</span> corr<span class=\"_ _0\"></span>enti verso parti cor<span class=\"_ _0\"></span>relate (Eur<span class=\"_ _4\"></span>o 15.956 migliaia al 31 dicembre 2021). A<span class=\"_ _0\"></span>l 31 dicembr<span class=\"_ _0\"></span>e 2022, la voce Debito finanziario non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>ente si riferisce per E<span class=\"_ _0\"></span>uro 85.042 migliaia a P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79 ws0\">leasing</span> non corr<span class=\"_ _0\"></span>enti ver<span class=\"_ _0\"></span>so parti corr<span class=\"_ _4\"></span>elate (<span class=\"_ _1\"></span>Eur<span class=\"_ _0\"></span>o 88.034 migliaia al 31 dicembr<span class=\"_ _0\"></span>e 2021). P<span class=\"_ _0\"></span>er maggiori dettagli si rimanda alla nota 43 \u201cOper<span class=\"_ _0\"></span>azioni con P<span class=\"_ _4\"></span>arti Cor<span class=\"_ _0\"></span>relate\u201d.L<span class=\"_ _0\"></span>imitazioni all\u2019uso delle risorse finanziarie In gene<span class=\"_ _1\"></span>rale le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted</span> at<span class=\"_ _1\"></span>tualment<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o, sia nella forma <span class=\"ff79 ws3c\">re<span class=\"_ _1\"></span>volving</span> che <span class=\"ff79\">t<span class=\"_ _1\"></span>erm loan</span>, non richi<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>dono il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">co<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ant</span><span class=\"ls5 wsc\"> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari. </span>Fa ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne il contrat<span class=\"_ _1\"></span>to di f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamento s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>to in data 24 luglio 2020 con Intesa S<span class=\"_ _1\"></span>anpaol<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. dove \u00e8 pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sente un <span class=\"ff79 ls48 wsd1\">c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>nant</span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario di ver<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ca de<span class=\"_ _1\"></span>l rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to tr<span class=\"_ _1\"></span>a Inde<span class=\"_ _1\"></span>bitam<span class=\"_ _1\"></span>ento/(<span class=\"ff79 lsc ws5\">surplus<span class=\"_ _0\"></span><span class=\"ff71 ls4 wsf1\">) Finanziario N<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"ff79 lsd ws75\">adjusted</span><span class=\"ls80 ws8\"> ed<span class=\"_ _1\"></span> EBIT<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span></span></span></span>DA <span class=\"ff79 lsc ws5\">res<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ed</span><span class=\"ls4 ws6\"> (EBITDA non inclusivo d<span class=\"_ _1\"></span>egli impat<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dall<span class=\"_ _1\"></span>\u2019intro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l principio c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e IFRS1<span class=\"_ _4\"></span>6) da rilevar<span class=\"_ _1\"></span>si </span>annualmente<span class=\"_ _1\"></span>, ampiamente ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2.Cove<span class=\"_ _1\"></span>nant<span class=\"ff71 ls4 wsa7\"> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no inoltre p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enti in alcuni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto loc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 a<span class=\"_ _1\"></span>siatiche<span class=\"_ _1\"></span>, ancorch\u00e9 </span>si trat<span class=\"_ _1\"></span>ti di line<span class=\"_ _1\"></span>e a revoc<span class=\"_ _1\"></span>a <span class=\"ff79 ws3c\">uncommit<span class=\"_ _1\"></span>ted</span><span class=\"ls0\">. </span>Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 i c<span class=\"ff79 ls48 wsd1\">ov<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ant</span> f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i e non f<span class=\"_ _1\"></span>inanziari s<span class=\"_ _1\"></span>ono r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ati da tut<span class=\"_ _1\"></span>te le s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te.21. F<span class=\"_ _0\"></span>ondi per rischi ed oneriDi se<span class=\"_ _1\"></span>guito si fo<span class=\"_ _1\"></span>rnisce il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio e la mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>ntaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla voce in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to:V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _e0\"> </span>Acc<span class=\"_ _0\"></span>ant.<span class=\"_ _26\"> </span>Utilizzi31.12.2022C<span class=\"_ _0\"></span>ontenziosi legali<span class=\"_ _aa\"> </span>3.282<span class=\"_ _284\"> </span>3<span class=\"_ _bf\"> </span>3.118<span class=\"_ _b9\"> </span>(1.846)<span class=\"_ _bf\"> </span>4.557Diver<span class=\"_ _0\"></span>si<span class=\"_ _1c\"> </span>17.450<span class=\"_ _ea\"> </span>(424)<span class=\"_ _bf\"> </span>1.628 <span class=\"_ _6d\"> </span>(1.960)<span class=\"_ _b2\"> </span>16.694T<span class=\"_ _4\"></span>otale<span class=\"_ _2b9\"> </span>20.732 <span class=\"_ _1ef\"> </span>(421) <span class=\"_ _c6\"> </span>4.746 <span class=\"_ _a8\"> </span>(3.806) <span class=\"_ _6d\"> </span>21.251 I conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i leg<span class=\"_ _1\"></span>ali compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o acc<span class=\"_ _1\"></span>antonamenti a f<span class=\"_ _1\"></span>ronte di probab<span class=\"_ _1\"></span>ili pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e a proce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti intent<span class=\"_ _1\"></span>ati nei co<span class=\"_ _1\"></span>nfronti della C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo e a<span class=\"_ _1\"></span>lcuni proce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti riguardanti le s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>ntrollate, o<span class=\"_ _1\"></span>ltre a controve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ie di lavoro riferite s<span class=\"_ _1\"></span>ia a conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i che a s<span class=\"_ _1\"></span>time di impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti tran<span class=\"_ _1\"></span>satt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o di sos<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la compo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione in fa<span class=\"_ _1\"></span>se pre<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntenz<span class=\"_ _1\"></span>ios<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>l fondo r<span class=\"_ _1\"></span>elativo ai co<span class=\"_ _1\"></span>nten<span class=\"_ _1\"></span>ziosi l<span class=\"_ _1\"></span>egali s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>sce pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte alla chiusura av<span class=\"_ _2\"></span>venut<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di alcuni c<span class=\"_ _1\"></span>onten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i e/o controver<span class=\"_ _1\"></span>sie le<span class=\"_ _1\"></span>gali e de<span class=\"_ _1\"></span>l lavoro riferibili alla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo e a<span class=\"_ _1\"></span>d alcune so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate. Gli ac<span class=\"_ _1\"></span>cantonam<span class=\"_ _1\"></span>enti s<span class=\"_ _1\"></span>ono relat<span class=\"_ _1\"></span>ivi p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a controve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>e del lavoro e le<span class=\"_ _1\"></span>gali s<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l cors<span class=\"_ _0\"></span>o de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _4\"></span>eserci<span class=\"_ _0\"></span>zio<span class=\"_ _4\"></span> 2022<span class=\"_ _0\"></span>.Il fondo p<span class=\"_ _1\"></span>er ris<span class=\"_ _1\"></span>chi e one<span class=\"_ _1\"></span>ri dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i compre<span class=\"_ _1\"></span>nde pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte accanto<span class=\"_ _1\"></span>namenti a fro<span class=\"_ _1\"></span>nte di probab<span class=\"_ _1\"></span>ili pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0, t<span class=\"_ _1\"></span>ra cui la principal<span class=\"_ _1\"></span>e \u00e8 relativ<span class=\"_ _1\"></span>a ai cos<span class=\"_ _1\"></span>ti di ripr<span class=\"_ _1\"></span>istin<span class=\"_ _1\"></span>o loc<span class=\"_ _1\"></span>ali in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to da te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>zi cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli obblig<span class=\"_ _1\"></span>hi contrat<span class=\"_ _1\"></span>tuali pres<span class=\"_ _1\"></span>enti n<span class=\"_ _1\"></span>ei relat<span class=\"_ _1\"></span>ivi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to (Euro 1<span class=\"_ _0\"></span>6.61<span class=\"_ _4\"></span>9 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>33<span class=\"_ _0\"></span>1 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>). L<span class=\"_ _6\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ccanto<span class=\"_ _1\"></span>namento di p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _0\"></span>.628 migliaia ai costi di r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tino lo<span class=\"_ _1\"></span>cali. Per quanto riguarda le pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, per l<span class=\"_ _1\"></span>e quali non son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti, si rimanda alla Rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione \u201c<span class=\"_ _1\"></span>Fatti di rilie<span class=\"_ _1\"></span>vo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio - Verific<span class=\"_ _1\"></span>he e conte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali e doganali<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>.22. P<span class=\"_ _5\"></span>assivit\u00e0 per benefici ai dipendentiLa t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che se<span class=\"_ _1\"></span>gue mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a la comp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici p<span class=\"_ _1\"></span>er i dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 ed al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021P<span class=\"_ _4\"></span>assivit\u00e0 per benefici definiti ai dipendenti<span class=\"_ _2ba\"> </span>7.513 <span class=\"_ _1f7\"> </span>8.846 <span class=\"_ _2a1\"> </span>(1.333) Altre passivit\u00e0 per benefici ai dipendenti <span class=\"_ _a6\"> </span>68 <span class=\"_ _141\"> </span>124 <span class=\"_ _21b\"> </span>(56) T<span class=\"_ _4\"></span>otale <span class=\"_ _1e7\"> </span>7.581 <span class=\"_ _b3\"> </span>8.970 <span class=\"_ _32\"> </span>(1.389)<span class=\"_ _1\"></span> La voc<span class=\"_ _1\"></span>e \u201cpassi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d rico<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>de il valo<span class=\"_ _1\"></span>re del TFR de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e le altre pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti di alcune so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.La mov<span class=\"_ _1\"></span>iment<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>initi a dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti p<span class=\"_ _1\"></span>er il 2022 e 202<span class=\"_ _0\"></span>1 \u00e8 illust<span class=\"_ _1\"></span>rata n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te: 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _2a6\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021P<span class=\"_ _4\"></span>assivit\u00e0 P<span class=\"_ _4\"></span>assivit\u00e0 Obblig. per Fair v<span class=\"_ _4\"></span>alue per benefici Obblig. per Fair v<span class=\"_ _4\"></span>alue<span class=\"ff76\"> </span>per benefici benefici delle attivit\u00e0 definiti a benefici delle attivit\u00e0 definiti a (In migliaia di Euro)a dip.del pianodip.a dip.del pianodip.V<span class=\"_ _0\"></span>alore al 01.01<span class=\"_ _2a8\"> </span>15.220 <span class=\"_ _16d\"> </span>(6.374) <span class=\"_ _d0\"> </span>8.846 <span class=\"_ _84\"> </span>16.173 <span class=\"_ _1d2\"> </span>(4.460) <span class=\"_ _1ed\"> </span>11.713 P<span class=\"_ _0\"></span>assivit\u00e0 dismesse<span class=\"_ _103\"> </span>- <span class=\"_ _a5\"> </span>- <span class=\"_ _b9\"> </span><span class=\"ff76\">- <span class=\"_ _97\"> </span></span>(509) <span class=\"_ _a5\"> </span>- <span class=\"_ _80\"> </span>(509) C<span class=\"_ _0\"></span>osto relativ<span class=\"_ _0\"></span>o alle prestazioni di la<span class=\"_ _4\"></span>voro corr<span class=\"_ _4\"></span>enti<span class=\"_ _28c\"> </span>426 <span class=\"_ _1ef\"> </span>- <span class=\"_ _82\"> </span><span class=\"ff76\">426 <span class=\"_ _2bb\"> </span></span>606 <span class=\"_ _a5\"> </span>- <span class=\"_ _1da\"> </span><span class=\"ff76\">606 </span>Oneri/(proventi) finanziari<span class=\"_ _c2\"> </span>183 <span class=\"_ _1f6\"> </span>(89) <span class=\"_ _97\"> </span><span class=\"ff76\">94 <span class=\"_ _26\"> </span></span>115 <span class=\"_ _1da\"> </span>(71) <span class=\"_ _1fb\"> </span><span class=\"ff76\">44 </span>Var<span class=\"_ _0\"></span>iazioni incluse nel risultato netto del per<span class=\"_ _0\"></span>iodo<span class=\"_ _93\"> </span>609 <span class=\"_ _1d0\"> </span>(89) <span class=\"_ _5e\"> </span>520 <span class=\"_ _26\"> </span>721 <span class=\"_ _1d0\"> </span>(<span class=\"_ _1\"></span>71) <span class=\"_ _1da\"> </span>650 Rendimento delle attivit\u00e0 a servizio del piano<span class=\"_ _22f\"> </span>- <span class=\"_ _1da\"> </span>517 <span class=\"_ _5e\"> </span><span class=\"ff76\">517 <span class=\"_ _177\"> </span></span>- <span class=\"_ _80\"> </span>(185) <span class=\"_ _208\"> </span><span class=\"ff76\">(185)<span class=\"_ _1\"></span> </span>P<span class=\"_ _0\"></span>erdita /(profitto) attuariale deriv<span class=\"_ _0\"></span>ante da:- ipotesi finanziarie<span class=\"_ _2bc\"> </span>(1.835) <span class=\"_ _a5\"> </span>- <span class=\"_ _1f9\"> </span><span class=\"ff76\">(1.835) <span class=\"_ _15d\"> </span></span>(621) <span class=\"_ _a5\"> </span>- <span class=\"_ _208\"> </span><span class=\"ff76\">(621) </span>- ipotesi demografiche<span class=\"_ _207\"> </span>17 <span class=\"_ _a5\"> </span>- <span class=\"_ _173\"> </span><span class=\"ff76\">17 <span class=\"_ _15d\"> </span></span>(226) <span class=\"_ _a5\"> </span>- <span class=\"_ _208\"> </span><span class=\"ff76\">(226) </span>- rettifiche basate sull'esperienza<span class=\"_ _2bd\"> </span>5 <span class=\"_ _a5\"> </span>- <span class=\"_ _16f\"> </span><span class=\"ff76\">5 <span class=\"_ _97\"> </span></span>(418) <span class=\"_ _1ef\"> </span>- <span class=\"_ _208\"> </span><span class=\"ff76\">(418) </span>Differenza di c<span class=\"_ _0\"></span>onver<span class=\"_ _4\"></span>sione<span class=\"_ _2be\"> </span>180 <span class=\"_ _1da\"> </span>(33) <span class=\"_ _82\"> </span><span class=\"ff76\">147 <span class=\"_ _26\"> </span></span>363 <span class=\"_ _7f\"> </span>(190) <span class=\"_ _1da\"> </span><span class=\"ff76\">173 </span>Var<span class=\"_ _0\"></span>iazioni incluse nelle altre c<span class=\"_ _4\"></span>omponenti del conto economic<span class=\"_ _4\"></span>o complessivo<span class=\"_ _103\"> </span>(1.633<span class=\"_ _0\"></span>) <span class=\"_ _1da\"> </span>484 <span class=\"_ _c8\"> </span>(1.149) <span class=\"_ _173\"> </span>(902) <span class=\"_ _80\"> </span>(375) <span class=\"_ _1d2\"> </span>(1.277) C<span class=\"_ _0\"></span>ontributi versati dal datore di l<span class=\"_ _0\"></span>avor<span class=\"_ _0\"></span>o<span class=\"_ _134\"> </span>(91) <span class=\"_ _a8\"> </span>89 <span class=\"_ _13b\"> </span><span class=\"ff76\">(2) <span class=\"_ _177\"> </span></span>- <span class=\"_ _80\"> </span>(359) <span class=\"_ _208\"> </span><span class=\"ff76\">(359) </span>Benefici erogati<span class=\"_ _223\"> </span>(473) <span class=\"_ _80\"> </span>(229) <span class=\"_ _16e\"> </span><span class=\"ff76\">(702) <span class=\"_ _75\"> </span></span>(263<span class=\"_ _0\"></span>) <span class=\"_ _1ed\"> </span>(1.109) <span class=\"_ _1d2\"> </span><span class=\"ff76\">(1.372) </span>Altre v<span class=\"_ _0\"></span>ariazioni<span class=\"_ _23e\"> </span>(564) <span class=\"_ _80\"> </span>(140) <span class=\"_ _16e\"> </span>(<span class=\"_ _1\"></span>704) <span class=\"_ _97\"> </span>(263) <span class=\"_ _1d2\"> </span>(1.468) <span class=\"_ _16d\"> </span>(1.731) V<span class=\"_ _0\"></span>alore alla fine del periodo<span class=\"_ _27a\"> </span>13.632 <span class=\"_ _16d\"> </span>(6.119) <span class=\"_ _16b\"> </span>7.513 <span class=\"_ _80\"> </span>15.220 <span class=\"_ _16d\"> </span>(6.374) <span class=\"_ _16a\"> </span>8.846 La pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi a dipe<span class=\"_ _1\"></span>ndent<span class=\"_ _1\"></span>i di Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. \u00e8 pari a Euro 5.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>0 mig<span class=\"_ _1\"></span>liaia, in diminuzio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne di Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>023 migliaia ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1.<span class=\"_ _0\"></span> Le principali a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie us<span class=\"_ _1\"></span>ate nella d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>l tratt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto di f<span class=\"_ _1\"></span>ine rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to sono di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito illust<span class=\"_ _1\"></span>rate:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021T<span class=\"_ _4\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _fb\"> </span>2,88%<span class=\"_ _b3\"> </span>2,86%T<span class=\"_ _4\"></span>asso annuo di attualizzazione<span class=\"_ _2bf\"> </span>3,18%<span class=\"_ _b3\"> </span>0,45%T<span class=\"_ _4\"></span>asso di inflazione<span class=\"_ _a0\"> </span>2,00%<span class=\"_ _b3\"> </span>1,50%Per quanto riguarda le ip<span class=\"_ _1\"></span>otes<span class=\"_ _1\"></span>i demo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche u<span class=\"_ _1\"></span>tiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi de<span class=\"_ _1\"></span>lla <span class=\"_ _1a2\"></span><span class=\"ls0 ws0\"> </span>Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r il ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di mor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>alit\u00e0 \u00e8 s<span class=\"_ _1\"></span>tato p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>o a riferim<span class=\"_ _1\"></span>ento que<span class=\"_ _1\"></span>llo della p<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne italiana ril<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>vato dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IS<span class=\"_ _1\"></span>T<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>T del 20<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>0, ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l 25%, dis<span class=\"_ _1\"></span>tinto p<span class=\"_ _1\"></span>er et<span class=\"_ _1\"></span>\u00e0 e se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so; mentre il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di pro<span class=\"_ _1\"></span>babilit<span class=\"_ _1\"></span>\u00e0 di uscit<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 lavorativ<span class=\"_ _1\"></span>a \u00e8 st<span class=\"_ _1\"></span>ato st<span class=\"_ _1\"></span>imato pari al 5,<span class=\"_ _1\"></span>26% annuo. La pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi dell<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 n<span class=\"_ _1\"></span>on italian<span class=\"_ _1\"></span>e del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>ce a Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Japan KK<span class=\"_ _1\"></span>, Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Ret<span class=\"_ _1\"></span>ail T<span class=\"_ _6\"></span>ai<span class=\"_ _1\"></span>wan Limite<span class=\"_ _1\"></span>d, Fer<span class=\"_ _1\"></span>ragamo Franc<span class=\"_ _1\"></span>e S.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>., Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Monte<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>arlo S<span class=\"_ _1\"></span>AM, Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Be<span class=\"_ _1\"></span>lgique S<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>, Fer<span class=\"_ _1\"></span>ragamo Me<span class=\"_ _1\"></span>xico S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>L.<span class=\"_ _1\"></span>de C<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>V<span class=\"_ _0\"></span>., Ferrag<span class=\"_ _1\"></span>amo Us<span class=\"_ _1\"></span>a Inc., F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo (<span class=\"_ _1\"></span>Thailand) L<span class=\"_ _1\"></span>imited, F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo (Suiss<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) SA<span class=\"_ _1\"></span>, e<span class=\"_ _1\"></span>d \u00e8 pari a Euro 2.<span class=\"_ _1\"></span>203 migliaia, in diminuzione di Euro 3<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>0 mig<span class=\"_ _1\"></span>liaia rispe<span class=\"_ _1\"></span>tto al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. Il v<span class=\"_ _1\"></span>alore \u00e8 e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l <span class=\"ff79 ls0 ws0\">fair </span>value<span class=\"_ _1\"></span><span class=\"ff71 ls4 ws0\"> delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 al ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>io del pian<span class=\"_ _1\"></span>o, cost<span class=\"_ _1\"></span>ituite pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte da poli<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze as<span class=\"_ _1\"></span>sicurat<span class=\"_ _1\"></span>ive.</span>Le principali a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie us<span class=\"_ _1\"></span>ate nella d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici ai dipe<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>denti s<span class=\"_ _1\"></span>ono di se<span class=\"_ _1\"></span>guito illu<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ate:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021T<span class=\"_ _4\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _102\"> </span>1,86% - 6,02%<span class=\"_ _a8\"> </span>1,78% - 5,50%T<span class=\"_ _4\"></span>asso annuo di attualizzazione<span class=\"_ _f\"> </span>0,95% - 9,00%<span class=\"_ _a8\"> </span>0,33% - 8,01%Per quanto riguarda le ip<span class=\"_ _1\"></span>otes<span class=\"_ _1\"></span>i demo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche u<span class=\"_ _1\"></span>tiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 non it<span class=\"_ _1\"></span>aliane del G<span class=\"_ _1\"></span>ruppo, il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>talit<span class=\"_ _1\"></span>\u00e0 pre<span class=\"_ _1\"></span>so a rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto \u00e8 quello <span class=\"ff79 ws3c\">st<span class=\"_ _1\"></span>andard</span> per o<span class=\"_ _1\"></span>gni pop<span class=\"_ _1\"></span>ola<span class=\"_ _1\"></span>zione l<span class=\"_ _1\"></span>ocal<span class=\"_ _1\"></span>e intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ata, di<span class=\"_ _1\"></span>stinto p<span class=\"_ _1\"></span>er et<span class=\"_ _1\"></span>\u00e0 e s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so; mentre p<span class=\"_ _1\"></span>er il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di rot<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>onale s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate s<span class=\"_ _1\"></span>timate le fr<span class=\"_ _1\"></span>eque<span class=\"_ _1\"></span>nze annue sulla bas<span class=\"_ _1\"></span>e dei s<span class=\"_ _1\"></span>ingoli dati azie<span class=\"_ _1\"></span>ndali. Vie<span class=\"_ _1\"></span>ne di se<span class=\"_ _1\"></span>guito rie<span class=\"_ _1\"></span>pilo<span class=\"_ _1\"></span>gata un<span class=\"_ _1\"></span>\u2019analisi quantitativa d<span class=\"_ _1\"></span>ella se<span class=\"_ _1\"></span>nsit<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er le a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni sig<span class=\"_ _1\"></span>nif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 ed al 31 dicembre 202<span class=\"_ _4\"></span>1 p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici a dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti della S<span class=\"_ _1\"></span>alvat<span class=\"_ _1\"></span>ore Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., che rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019inci<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iore sul v<span class=\"_ _1\"></span>alore tot<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>lle obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi a dipe<span class=\"_ _1\"></span>ndenti: 2022<span class=\"_ _262\"> </span>2021(In migliaia di Euro)<span class=\"_ _27f\"> </span>V<span class=\"_ _4\"></span>ar<span class=\"_ _0\"></span>. %<span class=\"_ _209\"> </span>Incrementi<span class=\"_ _1a6\"> </span>Decrementi<span class=\"_ _1d0\"> </span>Incrementi<span class=\"_ _1ed\"> </span>DecrementiT<span class=\"_ _4\"></span>asso annuo di attualizzazione<span class=\"_ _2c0\"> </span>+/- 0,5% <span class=\"_ _179\"> </span>(192) <span class=\"_ _ea\"> </span>203 <span class=\"_ _146\"> </span>(276) <span class=\"_ _cf\"> </span>295 T<span class=\"_ _4\"></span>asso di mortalit\u00e0<span class=\"_ _2a7\"> </span>+/- 0,025% <span class=\"_ _d4\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _d4\"> </span>(1) <span class=\"_ _ee\"> </span>1 T<span class=\"_ _4\"></span>asso di rotazione del per<span class=\"_ _0\"></span>sonale<span class=\"_ _262\"> </span>+/- 0,5% <span class=\"_ _ee\"> </span>7 <span class=\"_ _177\"> </span>(8) <span class=\"_ _153\"> </span>(27) <span class=\"_ _27\"> </span>29 Le analisi di se<span class=\"_ _1\"></span>nsiti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>pra rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate ipoti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>do camb<span class=\"_ _1\"></span>iamenti r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>voli nell<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sunzio<span class=\"_ _1\"></span>ni chiave nei due p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>di po<span class=\"_ _1\"></span>sti a c<span class=\"_ _1\"></span>onfronto. Il numero m<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>o dei dip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>denti (in te<span class=\"_ _1\"></span>rmini di <span class=\"ff79 ls4 ws0\">full t<span class=\"_ _1\"></span>ime equivale<span class=\"_ _1\"></span>nt<span class=\"ff71\">) per cate<span class=\"_ _1\"></span>goria \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla se<span class=\"_ _1\"></span>guente:</span></span>(Full time equiv<span class=\"_ _0\"></span>alent<span class=\"ff76\">)<span class=\"_ _2c1\"> </span>2022<span class=\"_ _1b6\"> </span>2021</span>Dirigenti, quadri e <span class=\"ff77\">store managers<span class=\"_ _231\"> </span></span>719 <span class=\"_ _141\"> </span>758 Impiegati<span class=\"_ _2c2\"> </span>2.603 <span class=\"_ _1f7\"> </span>2.498 Operai<span class=\"_ _2c3\"> </span>286 <span class=\"_ _141\"> </span>255 P<span class=\"_ _0\"></span>ersonale interinale<span class=\"_ _2c4\"> </span>92 <span class=\"_ _64\"> </span>50 T<span class=\"_ _4\"></span>otale<span class=\"_ _2c5\"> </span>3.700 <span class=\"_ _b3\"> </span>3.561 L<span class=\"_ _6\"></span>\u2019organico me<span class=\"_ _1\"></span>dio \u00e8 in aume<span class=\"_ _1\"></span>nto risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nizzativa. 23. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 non c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti per passivit\u00e0 differite<span class=\"_ _22a\"> </span>15.298 <span class=\"_ _171\"> </span>15.106 <span class=\"_ _1f7\"> </span>192 Altri debiti<span class=\"_ _2c6\"> </span>1.830 <span class=\"_ _141\"> </span>350 <span class=\"_ _246\"> </span>1.480 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>17.128 <span class=\"_ _283\"> </span>15.456 <span class=\"_ _250\"> </span>1.672 La voc<span class=\"_ _1\"></span>e Deb<span class=\"_ _1\"></span>iti pe<span class=\"_ _1\"></span>r pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dif<span class=\"_ _1\"></span>ferite (<span class=\"_ _1\"></span>pari a Euro 1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>.29<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2) si riferisc<span class=\"_ _1\"></span>e principalm<span class=\"_ _1\"></span>ente alla lineari<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei co<span class=\"_ _1\"></span>ntributi ric<span class=\"_ _1\"></span>evut<span class=\"_ _1\"></span>i dai loc<span class=\"_ _1\"></span>atori a fro<span class=\"_ _1\"></span>nte dei co<span class=\"_ _1\"></span>sti s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>alles<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto dei ne<span class=\"_ _1\"></span>gozi. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 la voce \u201cAltri deb<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>\u201d si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce: pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>.4<span class=\"_ _1\"></span>62 migliaia all<span class=\"_ _1\"></span>\u2019is<span class=\"_ _1\"></span>crizi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l deb<span class=\"_ _1\"></span>ito ver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mmini<span class=\"ls0 ws0\">-</span>str<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e per il p<span class=\"_ _1\"></span>iano di incenti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione di m<span class=\"_ _1\"></span>edio<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>lungo termine c<span class=\"_ _1\"></span>on pagam<span class=\"_ _1\"></span>enti ba<span class=\"_ _1\"></span>sati su azio<span class=\"_ _1\"></span>ni, den<span class=\"_ _1\"></span>ominato \u201c<span class=\"ff79 ls4 ws87\">Sp<span class=\"_ _1\"></span>ecial Award <span class=\"ff71\">2022-<span class=\"_ _4\"></span>2026\u201d<span class=\"_ _0\"></span>, per la par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e che pre<span class=\"_ _1\"></span>vede la re<span class=\"_ _1\"></span>gola<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa, p<span class=\"_ _1\"></span>er i cui d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli si </span></span>rimanda alla not<span class=\"_ _1\"></span>a 4<span class=\"_ _1\"></span>0 Pagamenti b<span class=\"_ _1\"></span>asat<span class=\"_ _1\"></span>i su azi<span class=\"_ _1\"></span>oni; e per Euro 254, migliaia a de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali ric<span class=\"_ _1\"></span>evut<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r contrat<span class=\"_ _1\"></span>ti di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tivo (Euro 294 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 2021<span class=\"_ _6\"></span>). 24. P<span class=\"_ _5\"></span>assivit\u00e0 per<span class=\"ff79\"> leasing</span>Di se<span class=\"_ _1\"></span>guito si r<span class=\"_ _1\"></span>ipor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la movim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuta n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1, sud<span class=\"ls0 ws0\">-</span>divi<span class=\"_ _1\"></span>sa tr<span class=\"_ _1\"></span>a quota co<span class=\"_ _1\"></span>rrente e n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nte.P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff78\">leasing</span>(In migliaia di Euro)<span class=\"_ _2b5\"> </span>non cor<span class=\"_ _0\"></span>renti<span class=\"_ _293\"> </span>corr<span class=\"_ _4\"></span>enti<span class=\"_ _21a\"> </span>T<span class=\"_ _4\"></span>otaleV<span class=\"_ _0\"></span>alore al 01.01.2022<span class=\"_ _2f\"> </span>487.230 <span class=\"_ _27\"> </span>110.012 <span class=\"_ _118\"> </span><span class=\"ff76\">597.242 </span>Differenza di c<span class=\"_ _0\"></span>onv<span class=\"_ _6\"></span>.ne<span class=\"_ _1de\"> </span>11.208 <span class=\"_ _f5\"> </span>1.805 <span class=\"_ _27\"> </span><span class=\"ff76\">13.013 </span>Incrementi <span class=\"_ _2c7\"> </span>101.956 <span class=\"_ _1e6\"> </span>- <span class=\"_ _177\"> </span><span class=\"ff76\">101.956 </span>Decrementi<span class=\"_ _24c\"> </span>(19.558) <span class=\"_ _1e6\"> </span>- <span class=\"_ _cf\"> </span><span class=\"ff76\">(19.558) </span>Rimborso delle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _10b\"> </span><span class=\"ff74\">- <span class=\"_ _101\"> </span>(114.610) <span class=\"_ _bf\"> </span><span class=\"ff76\">(114.610) </span></span>Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"ff74\"> pagati <span class=\"_ _291\"> </span>- <span class=\"_ _be\"> </span>(14.632) <span class=\"_ _cf\"> </span><span class=\"ff76\">(14.632) </span></span>Altri movimenti<span class=\"_ _145\"> </span>(112.099) <span class=\"_ _27\"> </span>124.011 <span class=\"_ _27\"> </span><span class=\"ff76\">11.912 </span>V<span class=\"_ _0\"></span>alore a fine periodo<span class=\"_ _2c8\"> </span>468.737 <span class=\"_ _be\"> </span>106.586 <span class=\"_ _177\"> </span>575.323 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff78\">leasing</span>(In migliaia di Euro)<span class=\"_ _2b5\"> </span>non cor<span class=\"_ _0\"></span>renti<span class=\"_ _293\"> </span>corr<span class=\"_ _4\"></span>enti<span class=\"_ _21a\"> </span>T<span class=\"_ _4\"></span>otaleV<span class=\"_ _0\"></span>alore al 01.01.2021<span class=\"_ _2f\"> </span>464.400<span class=\"_ _293\"> </span>103.509<span class=\"_ _65\"> </span><span class=\"ff76\">567.909</span>Differenza di c<span class=\"_ _0\"></span>onv<span class=\"_ _6\"></span>.ne<span class=\"_ _1de\"> </span>22.814<span class=\"_ _239\"> </span>5.371<span class=\"_ _c0\"> </span><span class=\"ff76\">28.185</span>Incrementi<span class=\"_ _156\"> </span>119.782<span class=\"_ _1f5\"> </span>-<span class=\"_ _65\"> </span><span class=\"ff76\">119.782</span>Decrementi<span class=\"_ _24c\"> </span>(11.276)<span class=\"_ _1f5\"> </span>-<span class=\"_ _146\"> </span><span class=\"ff76\">(11.276)</span>Rimborso delle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _10b\"> </span><span class=\"ff74\">-<span class=\"_ _1ad\"> </span>(100.669)<span class=\"_ _bc\"> </span><span class=\"ff76\">(100.669)</span></span>Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"ff74\"> pagati<span class=\"_ _92\"> </span>-<span class=\"_ _2a1\"> </span>(13.754)<span class=\"_ _1aa\"> </span><span class=\"ff76\">(13.754)</span></span>Altri movimenti<span class=\"_ _145\"> </span>(108.490)<span class=\"_ _293\"> </span>115.555<span class=\"_ _283\"> </span><span class=\"ff76\">7.065</span>V<span class=\"_ _0\"></span>alore a fine periodo<span class=\"_ _2c8\"> </span>487.230<span class=\"_ _2a1\"> </span>110.012<span class=\"_ _7a\"> </span>597.242L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IBR me<span class=\"_ _1\"></span>dio pon<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato ai contrat<span class=\"_ _1\"></span>ti in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 \u00e8 st<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l 2,79% (2,48% ne<span class=\"_ _1\"></span>l 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>). Co<span class=\"_ _1\"></span>n riferime<span class=\"_ _1\"></span>nto agli altri f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in us<span class=\"_ _1\"></span>cita re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ai <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 34 Comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>er natura d<span class=\"_ _1\"></span>elle voci di cos<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico.25. Debiti c<span class=\"_ _0\"></span>ommer<span class=\"_ _4\"></span>cialiSi ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti comm<span class=\"_ _1\"></span>erciali:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti commer<span class=\"_ _0\"></span>ciali<span class=\"_ _2c9\"> </span>172.592<span class=\"_ _21a\"> </span>180.751<span class=\"_ _1cf\"> </span>(8.159)Anticipi da clienti<span class=\"_ _8d\"> </span>1.424<span class=\"_ _272\"> </span>3.041<span class=\"_ _c0\"> </span>(1.617)T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>174.016 <span class=\"_ _e2\"> </span>183.792 <span class=\"_ _32\"> </span>(9.776) I debit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali non pro<span class=\"_ _1\"></span>ducono inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi e s<span class=\"_ _1\"></span>ono in pr<span class=\"_ _1\"></span>evale<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a rego<span class=\"_ _1\"></span>lati a 60/9<span class=\"_ _1\"></span>0 gi<span class=\"_ _1\"></span>orni. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e valor<span class=\"_ _1\"></span>e include i de<span class=\"_ _1\"></span>biti re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i al normale s<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lgimento d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>mmerciale da p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te dell<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019acquisto di mate<span class=\"_ _1\"></span>rie prim<span class=\"_ _1\"></span>e, comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti e i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r le lavora<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span>.26. P<span class=\"_ _5\"></span>assivit\u00e0 per r<span class=\"_ _4\"></span>esiCon rife<span class=\"_ _1\"></span>rimento al dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>so di cui ai \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i da contrat<span class=\"_ _1\"></span>ti con clie<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d, la v<span class=\"_ _0\"></span>oce \u201c<span class=\"_ _1\"></span>Pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d risult<span class=\"_ _1\"></span>a pari a Euro 1<span class=\"_ _0\"></span>0.<span class=\"_ _4\"></span>100 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 (Euro 9.3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>) e si rifer<span class=\"_ _1\"></span>isce alla p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>i confronti dei clie<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ammontare dei re<span class=\"_ _1\"></span>si di pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti che s<span class=\"_ _1\"></span>i stima s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituiti. 27. Debiti tributariI debit<span class=\"_ _1\"></span>i tribut<span class=\"_ _1\"></span>ari, pari a Euro 25.<span class=\"_ _1\"></span>21<span class=\"_ _4\"></span>6 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 (Euro 25.732 migliaia al 3<span class=\"_ _6\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _6\"></span>) rig<span class=\"_ _1\"></span>uardano debit<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r impos<span class=\"_ _1\"></span>te sul re<span class=\"_ _1\"></span>ddito di c<span class=\"_ _1\"></span>ompet<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio, impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a sul valo<span class=\"_ _1\"></span>re ag<span class=\"_ _1\"></span>giunto e<span class=\"_ _1\"></span>d altre impo<span class=\"_ _1\"></span>ste d<span class=\"_ _1\"></span>ovute dall<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo e si d<span class=\"_ _1\"></span>ecre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ano, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>, di Euro 5<span class=\"_ _4\"></span>16 m<span class=\"_ _0\"></span>igliaia. 28. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>enti La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e altre pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corr<span class=\"_ _1\"></span>enti \u00e8 ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel pro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o seg<span class=\"_ _1\"></span>uente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti diver<span class=\"_ _0\"></span>si<span class=\"_ _10a\"> </span>62.674 <span class=\"_ _27e\"> </span>34.089 <span class=\"_ _153\"> </span>28.585 Debiti verso istituti pr<span class=\"_ _4\"></span>evidenziali<span class=\"_ _117\"> </span>5.406 <span class=\"_ _1f7\"> </span>4.621 <span class=\"_ _282\"> </span>785 Ratei passivi<span class=\"_ _2c6\"> </span>987 <span class=\"_ _141\"> </span>763 <span class=\"_ _282\"> </span>224 Risconti passivi<span class=\"_ _35\"> </span>2.582 <span class=\"_ _1f7\"> </span>4.250 <span class=\"_ _225\"> </span>(1.668) Strumenti derivati di copert<span class=\"_ _0\"></span>ura<span class=\"_ _5c\"> </span>6.186 <span class=\"_ _171\"> </span>15.206 <span class=\"_ _225\"> </span>(9.020) T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>77.835 <span class=\"_ _283\"> </span>58.929 <span class=\"_ _225\"> </span>18.906 La voc<span class=\"_ _1\"></span>e \u201cdebiti dive<span class=\"_ _1\"></span>rsi<span class=\"_ _2\"></span>\u201d accog<span class=\"_ _1\"></span>lie principalm<span class=\"_ _1\"></span>ente il de<span class=\"_ _1\"></span>bito de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>i dipen<span class=\"_ _1\"></span>denti p<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mpet<span class=\"_ _1\"></span>enze maturate e non anc<span class=\"_ _1\"></span>ora liquidate alla dat<span class=\"_ _1\"></span>a di chiusura d<span class=\"_ _1\"></span>el bilancio (Euro 33.6<span class=\"_ _1\"></span>49 migliaia, in aumento ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto al v<span class=\"_ _1\"></span>alore del 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 202<span class=\"_ _4\"></span>1 p<span class=\"_ _1\"></span>ari a Euro 28.438 migliaia<span class=\"_ _4\"></span>). La vo<span class=\"_ _1\"></span>ce acc<span class=\"_ _1\"></span>oglie il de<span class=\"_ _1\"></span>bito p<span class=\"_ _1\"></span>er IRE<span class=\"_ _1\"></span>S ver<span class=\"_ _1\"></span>so la co<span class=\"_ _1\"></span>ntrollante Fer<span class=\"_ _1\"></span>ragamo Finanziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _0\"></span>9.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>06 mig<span class=\"_ _1\"></span>liaia (<span class=\"_ _4\"></span>al 3<span class=\"_ _0\"></span>1 dicembre 2021 era un credito di Euro 2.<span class=\"_ _1\"></span>567 migliaia)<span class=\"_ _0\"></span>, di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tinen<span class=\"_ _1\"></span>za della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. maturato nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito del c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidato f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale na<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e.La voc<span class=\"_ _1\"></span>e debit<span class=\"_ _1\"></span>i ver<span class=\"_ _1\"></span>so is<span class=\"_ _1\"></span>tituti p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>ziali acco<span class=\"_ _1\"></span>glie de<span class=\"_ _1\"></span>biti ver<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uti di prev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a, liquidati ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>se suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo alla chiusura, re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ai comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>i spe<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>anti ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti. La voc<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al valo<span class=\"_ _1\"></span>re equo (<span class=\"ff79\">fair value<span class=\"_ _4\"></span><span class=\"ff71\">) alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio d<span class=\"_ _1\"></span>egli </span></span>str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati (<span class=\"_ _0\"></span>compon<span class=\"_ _1\"></span>ente di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura<span class=\"_ _0\"></span>), in es<span class=\"_ _1\"></span>sere<span class=\"_ _1\"></span>, st<span class=\"_ _1\"></span>ipulati dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>am<span class=\"ls0 ws0\">-</span>bio. Per mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si rimanda alla not<span class=\"_ _1\"></span>a 30 Strum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari e valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al <span class=\"ff79\">fair value.</span>29. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 finanziarie c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e altre pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e corre<span class=\"_ _1\"></span>nti \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Strumenti derivati a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _1c\"> </span>1.096 <span class=\"_ _141\"> </span>513 <span class=\"_ _282\"> </span>583 T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>1.096 <span class=\"_ _6f\"> </span>513 <span class=\"_ _282\"> </span>583 La voc<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati a breve t<span class=\"_ _1\"></span>ermine ac<span class=\"_ _1\"></span>coglie p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte il <span class=\"ff79\">fair value</span><span class=\"ls8 wsb6\"> degli strumenti<span class=\"_ _0\"></span> finanziari derivati </span>aventi <span class=\"ff79 wseb\">m<span class=\"_ _1\"></span>ark to market<span class=\"ff71\"> negati<span class=\"_ _1\"></span>vo alla data di chiusur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o. Per mag<span class=\"_ _1\"></span>gior d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio s<span class=\"_ _1\"></span>i rinvia alla succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>va not<span class=\"_ _1\"></span>a </span></span>30 Strume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari e v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione al <span class=\"ff79\">fair value</span><span class=\"ls0\">. </span>30. Strumenti finanziari e valutazione al <span class=\"ff79\">fair v<span class=\"_ _4\"></span>alue</span>La clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ottica d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9 \u00e8 tras<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ale a dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e voci di bilan<span class=\"_ _1\"></span>cio. Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>i ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il valo<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>, per c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>goria di appar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>za, pos<span class=\"_ _1\"></span>to a confro<span class=\"_ _1\"></span>nto con i cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>nti valo<span class=\"_ _1\"></span>ri e<span class=\"_ _1\"></span>qui al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 e al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.Classific<span class=\"_ _4\"></span>azione degli st<span class=\"_ _1\"></span>rumenti finanziari e r<span class=\"_ _0\"></span>appr<span class=\"_ _4\"></span>esentazione del loro <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue</span>A<span class=\"_ _4\"></span>TTIVI<span class=\"_ _0\"></span>T<span class=\"_ _4\"></span>\u00c0 FINANZIARIE31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021V<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileV<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileQuotaQuota nonQuotaQuota non(In migliaia di Euro) cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue  cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue Attivit\u00e0 finanziarie al <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff74 ls36 ws84\"> con<span class=\"_ _1\"></span></span><span class=\"ff74\"> </span></span>variazioni imputate a c<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>oDerivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _272\"> </span>256 <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>256 <span class=\"_ _118\"> </span>596 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>596 Attivit\u00e0 v<span class=\"_ _0\"></span>alutate al costo ammortizzatoCr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _d3\"> </span>15.576 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>15.576 <span class=\"_ _16f\"> </span>12.359 <span class=\"_ _be\"> </span>- <span class=\"_ _1da\"> </span>12.359 Cr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _12b\"> </span>94.490 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>94.490 <span class=\"_ _97\"> </span>112.670 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>112.670 Depositi cauzionali<span class=\"_ _27d\"> </span>- <span class=\"_ _1da\"> </span>15.570 <span class=\"_ _16a\"> </span>15.570 <span class=\"_ _246\"> </span>- <span class=\"_ _1da\"> </span>15.659 <span class=\"_ _1f6\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti <span class=\"_ _54\"> </span>9.999 <span class=\"_ _be\"> </span>- <span class=\"_ _81\"> </span>9.999 <span class=\"_ _d4\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _ee\"> </span>391.354 <span class=\"_ _be\"> </span>- <span class=\"_ _16d\"> </span>391.354 <span class=\"_ _97\"> </span>511.796 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>511.796 Attivit\u00e0 finanziarie al <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff74\"> con v<span class=\"_ _0\"></span>ariazioni </span></span>imputate a conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _273\"> </span> <span class=\"_ _c\"> </span> Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a <span class=\"_ _23b\"> </span>7.251 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>7.251 <span class=\"_ _cf\"> </span>326 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>326 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>518.926 <span class=\"_ _1d0\"> </span>15.570 <span class=\"_ _1ac\"> </span>534.496 <span class=\"_ _173\"> </span>637.747 <span class=\"_ _1d0\"> </span>15.659 <span class=\"_ _77\"> </span>653.406 P<span class=\"_ _4\"></span>ASSIVIT<span class=\"_ _6\"></span>\u00c0 FINANZIARIE 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021V<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileV<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileQuotaQuota nonQuotaQuota non(In migliaia di Euro) cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue  cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue P<span class=\"_ _4\"></span>assivit\u00e0 valutate al costo ammortizzatoDebiti verso for<span class=\"_ _0\"></span>nitori e acc<span class=\"_ _0\"></span>onti <span class=\"_ _295\"> </span>174.016 <span class=\"_ _be\"> </span>- <span class=\"_ _16d\"> </span>174.016 <span class=\"_ _15d\"> </span>183.792 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>183.792 Debiti verso banche <span class=\"_ _178\"> </span>29.264 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>29.264 <span class=\"_ _16f\"> </span>75.604 <span class=\"_ _1da\"> </span>63.516 <span class=\"_ _80\"> </span>139.120 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _bb\"> </span>2 <span class=\"_ _be\"> </span>- <span class=\"_ _fa\"> </span>2 <span class=\"_ _d4\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- Depositi cauzionali <span class=\"_ _c1\"> </span>171 <span class=\"_ _ac\"> </span>254 <span class=\"_ _b4\"> </span>425 <span class=\"_ _32\"> </span>96 <span class=\"_ _ac\"> </span>294 <span class=\"_ _ac\"> </span>390 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _db\"> </span></span>106.586 <span class=\"_ _80\"> </span>468.737 <span class=\"_ _15d\"> </span><span class=\"lsc8 ws10b\">n<span class=\"_ _24\"></span>/a<span class=\"_ _1\"></span>*<span class=\"_ _b4\"> </span></span>110.012 <span class=\"_ _80\"> </span>487.230 <span class=\"_ _61\"> </span><span class=\"lsc8 ws10b\">n<span class=\"_ _2\"></span>/a<span class=\"_ _2\"></span>*</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al f<span class=\"ff77\">air value</span> con variazioni imputate a conto ec<span class=\"_ _0\"></span>onomicoDerivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _171\"> </span>1.096 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>1.096 <span class=\"_ _cf\"> </span>513 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>513 P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> con variazioni imputate a conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _0\"></span>omplessivoDerivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _64\"> </span>6.186 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>6.186 <span class=\"_ _16f\"> </span>15.206 <span class=\"_ _be\"> </span>- <span class=\"_ _1f6\"> </span>15.206 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>317.321 <span class=\"_ _77\"> </span>468.991 <span class=\"_ _1d2\"> </span>210.989 <span class=\"_ _13b\"> </span>385.223 <span class=\"_ _208\"> </span>551.040 <span class=\"_ _77\"> </span>339.021 *In applicazione del principio IFRS16 alla P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79\">leasing</span> non si applica il c<span class=\"_ _0\"></span>alcolo del<span class=\"ff79\"> fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\">.</span></span>La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>zia che la gran p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntat<span class=\"_ _1\"></span>a da pos<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>ia<span class=\"ls0 ws0\">-</span>rie atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve a breve<span class=\"_ _1\"></span>, ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g</span>; in c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>dera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della lo<span class=\"_ _1\"></span>ro natura, pe<span class=\"_ _1\"></span>r la mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>lle po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>, il valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile \u00e8 cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rato una ragio<span class=\"_ _1\"></span>nevol<span class=\"_ _1\"></span>e appros<span class=\"_ _1\"></span>sima<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore e<span class=\"_ _1\"></span>quo.In tutti g<span class=\"_ _1\"></span>li altri c<span class=\"_ _1\"></span>asi, la det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore equ<span class=\"_ _1\"></span>o av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iene s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>olog<span class=\"_ _1\"></span>ie clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icab<span class=\"_ _1\"></span>ili nel Li<span class=\"_ _1\"></span>vello 2 de<span class=\"_ _1\"></span>lla gerarchia de<span class=\"_ _1\"></span>i livelli di s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dei dati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati nella de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del <span class=\"ff79\">fair value</span> cos\u00ec co<span class=\"_ _1\"></span>me def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>3. Il Grupp<span class=\"_ _1\"></span>o fa rico<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o a mod<span class=\"_ _1\"></span>elli inter<span class=\"_ _1\"></span>ni di valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente utiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>lla pratic<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia, sulla bas<span class=\"_ _1\"></span>e di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi for<span class=\"_ _1\"></span>niti dagli op<span class=\"_ _1\"></span>erato<span class=\"_ _1\"></span>ri di merc<span class=\"_ _1\"></span>ato o di quot<span class=\"_ _1\"></span>azioni r<span class=\"_ _1\"></span>ilevate s<span class=\"_ _1\"></span>u merc<span class=\"_ _1\"></span>ati att<span class=\"_ _1\"></span>ivi p<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>zo di primari <span class=\"ff79 ls5f ws7\">info<span class=\"_ _1\"></span>-p<span class=\"_ _1\"></span>rovid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s</span><span class=\"ls0\">.</span>Per la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dei deri<span class=\"_ _1\"></span>vati v<span class=\"_ _1\"></span>iene ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato un mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls3a wsa\">pric<span class=\"_ _1\"></span>ing</span> bas<span class=\"_ _1\"></span>ato sui valo<span class=\"_ _1\"></span>ri di merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio ril<span class=\"_ _1\"></span>evabili alla dat<span class=\"_ _1\"></span>a di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne.Per la voce re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>a ai \u201cD<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ositi c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionali<span class=\"_ _1\"></span>\u201d il val<span class=\"_ _1\"></span>ore cont<span class=\"_ _1\"></span>abile \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derato una r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>vole app<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>simazi<span class=\"_ _1\"></span>one del v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo. Non ci s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate v<span class=\"_ _1\"></span>ariazi<span class=\"_ _1\"></span>oni nei m<span class=\"_ _1\"></span>etodi v<span class=\"_ _1\"></span>alutati<span class=\"_ _1\"></span>vi a<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>ati ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to ai pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nti es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i, n\u00e9 tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>menti da un Li<span class=\"_ _1\"></span>vello a un altro d<span class=\"_ _1\"></span>ella ger<span class=\"_ _1\"></span>archia delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 v<span class=\"_ _1\"></span>alutate al v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo.Il Grupp<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tua il calco<span class=\"_ _1\"></span>lo de<span class=\"_ _1\"></span>l <span class=\"ff79 ls2c ws9d\">non-pe<span class=\"_ _1\"></span>rformance</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls3a wsa\">ris<span class=\"_ _1\"></span>k</span></span>, cio\u00e8 d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio che una de<span class=\"_ _1\"></span>lle par<span class=\"_ _1\"></span>ti no<span class=\"_ _1\"></span>n onori i p<span class=\"_ _1\"></span>ropri imp<span class=\"_ _1\"></span>egni contrat<span class=\"_ _1\"></span>tuali pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di un pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>fault<span class=\"_ _1\"></span></span> prima de<span class=\"_ _1\"></span>lla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, sia con rife<span class=\"_ _1\"></span>rimento al r<span class=\"_ _1\"></span>ischio de<span class=\"_ _1\"></span>lla contropa<span class=\"_ _0\"></span>rte (<span class=\"_ _0\"></span><span class=\"ff79 ls4 ws12f\">Credit V<span class=\"_ _0\"></span>alue Adjustme<span class=\"_ _1\"></span>nt<span class=\"ff71\">: C<span class=\"_ _1\"></span>VA)<span class=\"_ _0\"></span>, sia al propr<span class=\"_ _1\"></span>io rischi<span class=\"_ _1\"></span>o di inademp<span class=\"_ _1\"></span>imento (<span class=\"ff79\">Debt Risk A<span class=\"_ _1\"></span>djustme<span class=\"_ _1\"></span>nt</span><span class=\"ls41 ws181\">:<span class=\"_ _2\"></span> D<span class=\"_ _1\"></span>VA<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </span></span></span>applic<span class=\"_ _1\"></span>andol<span class=\"_ _1\"></span>o al valore di m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato del p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio pri<span class=\"_ _1\"></span>vo di rischio. T<span class=\"_ _4\"></span>ali ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti, data la tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>gia di str<span class=\"_ _1\"></span>umenti deri<span class=\"_ _1\"></span>vati pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enti in po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tafogli<span class=\"_ _1\"></span>o rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente da ve<span class=\"_ _1\"></span>ndite o da ac<span class=\"_ _1\"></span>quisti di v<span class=\"_ _1\"></span>aluta a t<span class=\"_ _1\"></span>ermine t<span class=\"_ _1\"></span>ramite con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward</span><span class=\"ls4 ws2d\">, la relativa sc<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a, comp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito dei d<span class=\"_ _1\"></span>odici m<span class=\"_ _1\"></span>esi, e i <span class=\"ff79 ls5d ws9f\">ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span><span class=\"lsb ws11f\"> sia delle contr<span class=\"_ _0\"></span>oparti con cui sono<span class=\"_ _0\"></span> </span></span>stati stipulati<span class=\"_ _0\"></span> i contra<span class=\"_ _0\"></span>tti sia del Gruppo<span class=\"_ _0\"></span>, risultano n<span class=\"_ _0\"></span>on signi<span class=\"_ _0\"></span>fic<span class=\"_ _1\"></span>ativi.Si se<span class=\"_ _1\"></span>gnala inoltre ch<span class=\"_ _1\"></span>e, sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>gli acco<span class=\"_ _1\"></span>rdi ISDA <span class=\"ff79 ls2e ws0\">Master A<span class=\"_ _0\"></span>greemen<span class=\"_ _0\"></span>t<span class=\"ff71 ls4 wsd6\"> e degli acco<span class=\"_ _1\"></span>rdi quadro es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti co<span class=\"_ _1\"></span>n le contro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>par<span class=\"_ _1\"></span>ti con l<span class=\"_ _1\"></span>e quali vengono s<span class=\"_ _1\"></span>tipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati, \u00e8 in gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uare la comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne (<span class=\"ff79 ls5f ws7\">net<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span></span><span class=\"ls0 wse1\">)<span class=\"_ _1\"></span> di </span>tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e originate da t<span class=\"_ _1\"></span>ali str<span class=\"_ _1\"></span>umenti d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati.La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sintetiz<span class=\"_ _2\"></span>za gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti a Co<span class=\"_ _1\"></span>nto Economic<span class=\"_ _1\"></span>o e Patrimonio Ne<span class=\"_ _1\"></span>tto c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento a cias<span class=\"_ _1\"></span>cuna cate<span class=\"_ _1\"></span>goria di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a conto ec<span class=\"_ _4\"></span>onomico su strumenti finanziari:Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _21e\"> </span>(17.926) <span class=\"_ _e2\"> </span>(16.284) Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _11a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a patrimonio netto su strumenti finanziar<span class=\"_ _0\"></span>i: Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _2cb\"> </span>17.921 <span class=\"_ _e2\"> </span>(15.166) Interessi attivi/passi<span class=\"_ _0\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _0\"></span>ati sulle attivit\u00e0/passivit\u00e0 finanziarie non al FVTPL: Interessi attivi <span class=\"_ _2cc\"> </span>3.608 <span class=\"_ _1f7\"> </span>1.485 Interessi passivi<span class=\"_ _2cd\"> </span>2.683 <span class=\"_ _1f7\"> </span>2.844 Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _24c\"> </span><span class=\"ff74\">14.798 <span class=\"_ _27e\"> </span>13.881 </span>Spese e commissioni non inc<span class=\"_ _0\"></span>luse nel tasso di interesse effettivo: di competenza di passivit\u00e0 finanziarie <span class=\"_ _109\"> </span>1.033 <span class=\"_ _ed\"> </span>1.300 Interessi attivi matur<span class=\"_ _0\"></span>ati su strumenti finanziari sv<span class=\"_ _0\"></span>alutatiAc<span class=\"_ _0\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziarie:crediti/finanziamenti<span class=\"_ _1bf\"> </span>1.265 <span class=\"_ _141\"> </span>277 Co<span class=\"_ _4\"></span>m<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _4\"></span>to a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>le pr<span class=\"_ _4\"></span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _4\"></span>ip<span class=\"_ _4\"></span>al<span class=\"_ _6\"></span>i vo<span class=\"_ _0\"></span>c<span class=\"_ _4\"></span>i del c<span class=\"_ _4\"></span>on<span class=\"_ _4\"></span>to e<span class=\"_ _1\"></span>conomico Ai f<span class=\"_ _1\"></span>ini di una miglior co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>sione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019andamento de<span class=\"_ _1\"></span>lle voci di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico s<span class=\"_ _1\"></span>i rinvia anche ai co<span class=\"_ _1\"></span>mmenti in<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>iti nella Re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne sulla ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne relat<span class=\"_ _1\"></span>ivi al c<span class=\"_ _1\"></span>onfronto de<span class=\"_ _1\"></span>i dati degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.31. Ric<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>vi da c<span class=\"_ _0\"></span>ontr<span class=\"_ _4\"></span>atti con clienti Neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 i ricavi da contr<span class=\"_ _1\"></span>atti co<span class=\"_ _1\"></span>n clienti ammo<span class=\"_ _1\"></span>ntano ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente a Euro 1<span class=\"_ _0\"></span>.248.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>07 migliaia e ad Euro 1<span class=\"_ _0\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>33.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>59 migliaia. Ne<span class=\"_ _1\"></span>i prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti di se<span class=\"_ _1\"></span>guito si e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la disag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne delle p<span class=\"_ _1\"></span>rincipali c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e dei ric<span class=\"_ _1\"></span>avi prove<span class=\"_ _1\"></span>nienti dai co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con clie<span class=\"_ _1\"></span>nti in base al c<span class=\"_ _1\"></span>anale di ve<span class=\"_ _1\"></span>ndita e<span class=\"_ _1\"></span>d alla su<span class=\"_ _1\"></span>ddiv<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>e per ar<span class=\"_ _1\"></span>ea ge<span class=\"_ _1\"></span>ograf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. 2022T<span class=\"_ _4\"></span>otale Ricavi da (In migliaia di Euro)<span class=\"_ _14e\"> </span><span class=\"ff78\">Retail<span class=\"_ _a5\"> </span>Wholesale<span class=\"_ _19\"> </span></span>Lic<span class=\"_ _0\"></span>enze e prestazionicontr<span class=\"_ _0\"></span>atti con clientiEur<span class=\"_ _0\"></span>opa<span class=\"_ _117\"> </span>145.889 <span class=\"_ _1aa\"> </span>115.944 <span class=\"_ _153\"> </span>14.012 <span class=\"_ _27\"> </span>275.845 Nord Americ<span class=\"_ _0\"></span>a<span class=\"_ _2ce\"> </span><span class=\"ws0\">282.078 <span class=\"_ _153\"> </span>94.721 <span class=\"_ _282\"> </span>327 <span class=\"_ _27\"> </span>377.126 </span>Giappone<span class=\"_ _92\"> </span>101.215 <span class=\"_ _91\"> </span>94 <span class=\"_ _267\"> </span>- <span class=\"_ _27\"> </span>101.309 Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _a6\"> </span>308.941 <span class=\"_ _153\"> </span>97.719 <span class=\"_ _1f7\"> </span>369 <span class=\"_ _27\"> </span>407.029 C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _1fe\"> </span>68.657 <span class=\"_ _2a1\"> </span>18.759 <span class=\"_ _282\"> </span>182 <span class=\"_ _21a\"> </span>87.598 T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>906.780 <span class=\"_ _177\"> </span>327.237 <span class=\"_ _225\"> </span>14.890 <span class=\"_ _114\"> </span>1.248.907 2021T<span class=\"_ _4\"></span>otale Ricavi da (In migliaia di Euro)<span class=\"_ _14e\"> </span><span class=\"ff78\">Retail<span class=\"_ _a5\"> </span>Wholesale<span class=\"_ _19\"> </span></span>Lic<span class=\"_ _0\"></span>enze e prestazionicontr<span class=\"_ _0\"></span>atti con clientiEur<span class=\"_ _0\"></span>opa<span class=\"_ _5c\"> </span>99.098 <span class=\"_ _1aa\"> </span>110.782 <span class=\"_ _d4\"> </span>7.174 <span class=\"_ _27\"> </span>217.054 Nord Americ<span class=\"_ _0\"></span>a<span class=\"_ _2ce\"> </span><span class=\"ws0\">235.189 <span class=\"_ _153\"> </span>85.741 <span class=\"_ _282\"> </span>267 <span class=\"_ _27\"> </span>321.197 </span>Giappone<span class=\"_ _2cf\"> </span>90.300 <span class=\"_ _283\"> </span>(156) <span class=\"_ _273\"> </span>- <span class=\"_ _21a\"> </span>90.144 Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _a6\"> </span>349.810 <span class=\"_ _153\"> </span>86.183 <span class=\"_ _1f7\"> </span>229 <span class=\"_ _27\"> </span>436.222 C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _1fe\"> </span>55.118 <span class=\"_ _2a1\"> </span>13.348 <span class=\"_ _91\"> </span>76 <span class=\"_ _21a\"> </span>68.542 T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>829.515 <span class=\"_ _177\"> </span>295.898 <span class=\"_ _250\"> </span>7.746 <span class=\"_ _62\"> </span>1.133.159 Il Grupp<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>informativa s<span class=\"_ _1\"></span>ulla disag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei ri<span class=\"_ _1\"></span>cavi s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>do un appro<span class=\"_ _1\"></span>ccio quali-<span class=\"_ _1\"></span>quantitat<span class=\"_ _1\"></span>ivo. La te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tica di r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei ric<span class=\"_ _1\"></span>avi, p<span class=\"_ _1\"></span>er le ve<span class=\"_ _1\"></span>ndite di b<span class=\"_ _1\"></span>eni, sia at<span class=\"_ _1\"></span>traver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o il canale <span class=\"ff79 ws3c\">ret<span class=\"_ _1\"></span>ail</span> che <span class=\"ff79 ls38 ws8b\">wholesale</span>, av<span class=\"_ _2\"></span>vie<span class=\"_ _1\"></span>ne ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui il controllo d<span class=\"_ _1\"></span>el b<span class=\"_ _1\"></span>ene \u00e8 s<span class=\"_ _1\"></span>tato t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o al cliente, ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>gna; mentre per l<span class=\"_ _1\"></span>e licen<span class=\"_ _1\"></span>ze e pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni, la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iene in ba<span class=\"_ _1\"></span>se alla te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>a di erog<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi<span class=\"_ _1\"></span>o ai clienti.La voc<span class=\"_ _1\"></span>e \u201cL<span class=\"_ _1\"></span>icen<span class=\"_ _1\"></span>ze e pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>\u201d includ<span class=\"_ _1\"></span>e le <span class=\"ff79 ls5f ws7\">royaltie<span class=\"_ _1\"></span>s</span> d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti dal contr<span class=\"_ _1\"></span>atto di lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a con il gr<span class=\"_ _1\"></span>uppo Marcho<span class=\"_ _1\"></span>n per la produ<span class=\"_ _1\"></span>zione e di<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne di occhiali a marchio \u201c<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o\u201d e dal co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di licen<span class=\"_ _1\"></span>za co<span class=\"_ _1\"></span>n il grupp<span class=\"_ _1\"></span>o Time<span class=\"_ _1\"></span>x per la p<span class=\"_ _1\"></span>rodu<span class=\"_ _1\"></span>zione e di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uzio<span class=\"_ _1\"></span>ne di orolo<span class=\"_ _1\"></span>gi a marchio \u201c<span class=\"_ _1\"></span>Sa<span class=\"_ _1\"></span>lvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>. Dal mes<span class=\"_ _1\"></span>e di otto<span class=\"_ _1\"></span>bre 202<span class=\"_ _0\"></span>1 la voce includ<span class=\"_ _1\"></span>e anche le <span class=\"ff79 ls5f ws7\">royalt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s</span> der<span class=\"_ _1\"></span>ivanti dal co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di licen<span class=\"_ _1\"></span>za co<span class=\"_ _1\"></span>n il gruppo Inte<span class=\"_ _1\"></span>r Par<span class=\"_ _1\"></span>fums Inc<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r la pro<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e e dist<span class=\"_ _1\"></span>ribuz<span class=\"_ _1\"></span>ione di profumi a marchio \u201c<span class=\"_ _1\"></span>Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>. I ricavi p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">royalt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s</span> so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in bas<span class=\"_ _1\"></span>e allo st<span class=\"_ _1\"></span>ato di avan<span class=\"_ _1\"></span>zam<span class=\"_ _1\"></span>ento delle ve<span class=\"_ _1\"></span>ndite de<span class=\"_ _1\"></span>l lice<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>ario. 32. L<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>azioni immobiliariI proventi de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zioni immob<span class=\"_ _1\"></span>iliari sono da imp<span class=\"_ _1\"></span>utar<span class=\"_ _1\"></span>si inter<span class=\"_ _1\"></span>amente al G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo Us<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ces<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne in af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di s<span class=\"_ _1\"></span>pazi n<span class=\"_ _1\"></span>egli imm<span class=\"_ _1\"></span>obili di propr<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>\u00e0 e pres<span class=\"_ _1\"></span>i in loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e sub lo<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>. Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 si so<span class=\"_ _1\"></span>no at<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>tes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati a Euro 2.9<span class=\"_ _1\"></span>01 migliaia, in aumento (<span class=\"_ _6\"></span>+<span class=\"_ _4\"></span>22,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>%<span class=\"_ _0\"></span>) risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, quand<span class=\"_ _1\"></span>o erano p<span class=\"_ _1\"></span>ari a Euro 2.<span class=\"_ _1\"></span>36<span class=\"_ _0\"></span>1 migliaia. 33. C<span class=\"_ _6\"></span>osto del venduto e costi oper<span class=\"_ _6\"></span>ativiIl cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto e i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sono st<span class=\"_ _1\"></span>ati ri<span class=\"ls0 ws0\">-</span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte pari ad Euro 1.<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>43.03<span class=\"_ _1\"></span>0 migliaia ed Euro 1<span class=\"_ _0\"></span>.01<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>.725 migliaia e prese<span class=\"_ _1\"></span>ntano la s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021C<span class=\"_ _0\"></span>osto del venduto<span class=\"_ _108\"> </span>350.693 <span class=\"_ _79\"> </span>354.576 <span class=\"_ _225\"> </span>(3.883) C<span class=\"_ _0\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _27a\"> </span>49.263 <span class=\"_ _27e\"> </span>40.908 <span class=\"_ _d4\"> </span>8.355 C<span class=\"_ _0\"></span>osti di vendita e distribuzione<span class=\"_ _2b1\"> </span>453.167 <span class=\"_ _79\"> </span>407.844 <span class=\"_ _153\"> </span>45.323 C<span class=\"_ _0\"></span>osti di comunicazione e di mar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>ting<span class=\"_ _2ce\"> </span><span class=\"ff74\">92.064 <span class=\"_ _27e\"> </span>66.379 <span class=\"_ _153\"> </span>25.685 </span>C<span class=\"_ _0\"></span>osti generali e amministr<span class=\"_ _0\"></span>ativi<span class=\"_ _1d7\"> </span>168.819 <span class=\"_ _128\"> </span>126.304 <span class=\"_ _2a1\"> </span>42.515 Altri costi oper<span class=\"_ _0\"></span>ativi<span class=\"_ _121\"> </span>29.024 <span class=\"_ _27e\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305 L<span class=\"_ _6\"></span>\u2019 incre<span class=\"_ _1\"></span>mento d<span class=\"_ _1\"></span>el 1<span class=\"_ _4\"></span>2,<span class=\"_ _1\"></span>2% de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _6\"></span>, in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te influ<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019apprez<span class=\"_ _2\"></span>zame<span class=\"_ _1\"></span>nto nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>le princip<span class=\"_ _1\"></span>ali valute, \u00e8 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte ricon<span class=\"_ _1\"></span>ducibile alla cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i (<span class=\"_ _6\"></span>+<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>0,2%), al<span class=\"_ _0\"></span>la progre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a normali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e, a par<span class=\"_ _1\"></span>tire dal t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zo trime<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tre, alle a<span class=\"_ _1\"></span>zioni ch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls47 ws9\">management</span> ha iniziato a intra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pren<span class=\"_ _1\"></span>dere p<span class=\"_ _1\"></span>er la re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla str<span class=\"_ _1\"></span>ategia di rilanci<span class=\"_ _1\"></span>o del <span class=\"ff79 ls5d ws9f\">b<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>d</span>; a t<span class=\"_ _1\"></span>al riguard<span class=\"_ _1\"></span>o si se<span class=\"_ _1\"></span>gnalano i mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di comunic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e <span class=\"ff79 ls3a wsa\">marketing<span class=\"_ _1\"></span></span> e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zativ<span class=\"_ _1\"></span>a. In ag<span class=\"_ _1\"></span>giunt<span class=\"_ _1\"></span>a nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 2022, i contr<span class=\"_ _1\"></span>ibuti rice<span class=\"_ _1\"></span>vut<span class=\"_ _1\"></span>i, sia a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gno de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019occupazio<span class=\"_ _1\"></span>ne sia pe<span class=\"_ _1\"></span>r le rine<span class=\"_ _1\"></span>goziazio<span class=\"_ _1\"></span>ni dei c<span class=\"_ _1\"></span>anoni di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati inferiori r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente; alcun<span class=\"_ _1\"></span>e tipol<span class=\"_ _1\"></span>ogie di co<span class=\"_ _1\"></span>sto e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano gi\u00e0 un aumento l<span class=\"_ _1\"></span>egato alla s<span class=\"_ _1\"></span>pinta in<span class=\"ls0 ws0\">-</span>flat<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a, com<span class=\"_ _1\"></span>e le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di tras<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o e i cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ener<span class=\"_ _1\"></span>gia. 34.  <span class=\"_ _46\"></span>C<span class=\"_ _4\"></span>omposizione per natur<span class=\"_ _4\"></span>a delle voci di c<span class=\"_ _0\"></span>osto di c<span class=\"_ _4\"></span>onto ec<span class=\"_ _0\"></span>onomic<span class=\"_ _4\"></span>oLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per natur<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>sto d<span class=\"_ _1\"></span>el ve<span class=\"_ _1\"></span>nduto e de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi \u00e8 ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Materie prime, merci e materiale di c<span class=\"_ _0\"></span>onsumo utilizzati<span class=\"_ _2d0\"> </span>202.758 <span class=\"_ _79\"> </span>244.057 <span class=\"_ _1ad\"> </span>(41.299) C<span class=\"_ _0\"></span>osti per servizi<span class=\"_ _129\"> </span>480.993 <span class=\"_ _79\"> </span>378.937 <span class=\"_ _1aa\"> </span>102.056 C<span class=\"_ _0\"></span>osto del personale<span class=\"_ _2ae\"> </span>259.293 <span class=\"_ _79\"> </span>211.968 <span class=\"_ _153\"> </span>47.325 Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _1e4\"> </span>50.266 <span class=\"_ _27e\"> </span>50.780 <span class=\"_ _283\"> </span>(514) Ammortamenti su attivit\u00e0 per diritto d'uso<span class=\"_ _2a5\"> </span>120.310 <span class=\"_ _128\"> </span>110.269 <span class=\"_ _2a1\"> </span>10.041 Sv<span class=\"_ _0\"></span>alutazioni di attivit\u00e0 materiali e immateriali<span class=\"_ _e3\"> </span>386 <span class=\"_ _68\"> </span>- <span class=\"_ _1f7\"> </span>386 Altri oneri<span class=\"_ _116\"> </span>29.024 <span class=\"_ _171\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305 Ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1, si regist<span class=\"_ _1\"></span>ra un incre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi e de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Per<span class=\"_ _1\"></span>sonale<span class=\"_ _1\"></span>, come c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>guen<span class=\"_ _1\"></span>za d<span class=\"_ _1\"></span>ella norma<span class=\"_ _1\"></span>liz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla strut<span class=\"_ _1\"></span>tura d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po e, a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dal ter<span class=\"_ _1\"></span>zo tr<span class=\"_ _1\"></span>imes<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>, delle a<span class=\"_ _1\"></span>zioni ch<span class=\"_ _1\"></span>e il management<span class=\"ff71 ls4 wsad\"> ha iniziato a intr<span class=\"_ _1\"></span>apren<span class=\"_ _1\"></span>dere p<span class=\"_ _1\"></span>er la re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla str<span class=\"_ _1\"></span>ategia di rilanci<span class=\"_ _1\"></span>o del </span><span class=\"ls5d ws9f\">b<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>d<span class=\"ff71 ls4 wsad\">. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Pers<span class=\"_ _1\"></span>onale </span></span>include il co<span class=\"_ _1\"></span>mpen<span class=\"_ _1\"></span>so re<span class=\"_ _1\"></span>lativo al rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to di lavo<span class=\"_ _1\"></span>ro dipen<span class=\"_ _1\"></span>dente d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019Amministrato<span class=\"_ _1\"></span>re De<span class=\"_ _1\"></span>leg<span class=\"_ _1\"></span>ato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale<span class=\"_ _1\"></span>, oltre al co<span class=\"_ _1\"></span>mpen<span class=\"_ _1\"></span>so for<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ario pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>ingres<span class=\"_ _1\"></span>so, alla s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">bonu<span class=\"_ _1\"></span>s</span> variabil<span class=\"_ _1\"></span>e e ai comp<span class=\"_ _1\"></span>ensi di c<span class=\"_ _1\"></span>ompet<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o dei due p<span class=\"_ _1\"></span>iani con pagam<span class=\"_ _1\"></span>enti bas<span class=\"_ _1\"></span>ati su a<span class=\"_ _1\"></span>zioni (<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r i cui i det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li si rimanda alla not<span class=\"_ _1\"></span>a 4<span class=\"_ _1\"></span>0 Pagame<span class=\"_ _1\"></span>nti bas<span class=\"_ _1\"></span>ati su az<span class=\"_ _1\"></span>ioni dell<span class=\"_ _1\"></span>e note e<span class=\"_ _1\"></span>splic<span class=\"_ _1\"></span>ative al Bilanci<span class=\"_ _1\"></span>o Cons<span class=\"_ _1\"></span>olidato)<span class=\"_ _0\"></span>, per t<span class=\"_ _1\"></span>otali Euro 20.6<span class=\"_ _1\"></span>69 migliaia. Di se<span class=\"_ _1\"></span>guito gli imp<span class=\"_ _1\"></span>atti ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico pe<span class=\"_ _1\"></span>r natura ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dai contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _1e3\"> </span>2022<span class=\"_ _1a6\"> </span>% sul T<span class=\"_ _4\"></span>otale<span class=\"_ _a4\"> </span>2021<span class=\"_ _1ed\"> </span>% sul T<span class=\"_ _4\"></span>otale2022 vs 2021Ammortamenti su A<span class=\"_ _0\"></span>ttivit\u00e0 per diritto d'uso<span class=\"_ _67\"> </span>120.310 <span class=\"_ _e0\"> </span>60,2%<span class=\"_ _ac\"> </span>110.269 <span class=\"_ _1e2\"> </span>57,9%<span class=\"_ _b2\"> </span>10.041 Interessi e oneri sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _266\"> </span><span class=\"ff74\">14.803 <span class=\"_ _ab\"> </span>7,4%<span class=\"_ _62\"> </span>13.889 <span class=\"_ _119\"> </span>7,3%<span class=\"_ _146\"> </span>914 </span>Pr<span class=\"_ _4\"></span>oventi sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _2d1\"> </span></span>(3.888) <span class=\"_ _b5\"> </span>(2,0%)<span class=\"_ _a4\"> </span>(422) <span class=\"_ _b9\"> </span>(0,2%)<span class=\"_ _b9\"> </span>(3.466) C<span class=\"_ _0\"></span>osti relativi a loc<span class=\"_ _0\"></span>azione a brev<span class=\"_ _0\"></span>e termine (<span class=\"ff77\">short term</span>)<span class=\"_ _7a\"> </span>5.824 <span class=\"_ _a9\"> </span>2,9%<span class=\"_ _7a\"> </span>8.844 <span class=\"_ _fa\"> </span>4,6%<span class=\"_ _b9\"> </span>(3.020) C<span class=\"_ _0\"></span>osti relativi a loc<span class=\"_ _0\"></span>azione di beni di valor<span class=\"_ _0\"></span>e modesto (<span class=\"ff77\">low </span>value assets<span class=\"ff74\">)<span class=\"_ _23e\"> </span>739 <span class=\"_ _a9\"> </span>0,4%<span class=\"_ _128\"> </span>588 <span class=\"_ _119\"> </span>0,3%<span class=\"_ _146\"> </span>151 </span>C<span class=\"_ _0\"></span>osti relativi a loc<span class=\"_ _0\"></span>azioni con pagamenti v<span class=\"_ _0\"></span>ariabili non inclusi nella valutazione delle passivit<span class=\"_ _0\"></span>\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _ee\"> </span></span>64.845 <span class=\"_ _e0\"> </span>32,5%<span class=\"_ _62\"> </span>63.955 <span class=\"_ _1e2\"> </span>33,6%<span class=\"_ _146\"> </span>890 Riduzione canoni di locazione<span class=\"_ _134\"> </span>(2.890) <span class=\"_ _b5\"> </span>(1,4%)<span class=\"_ _bc\"> </span>(6.785) <span class=\"_ _b9\"> </span>(3,5%)<span class=\"_ _fa\"> </span>3.895 T<span class=\"_ _4\"></span>otale<span class=\"_ _126\"> </span>199.743 <span class=\"_ _1f6\"> </span>100,0%<span class=\"_ _a9\"> </span>190.338 <span class=\"_ _c5\"> </span>100,0%<span class=\"_ _179\"> </span>9.405 Alcuni de<span class=\"_ _1\"></span>i contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo co<span class=\"_ _1\"></span>ntengono p<span class=\"_ _1\"></span>agame<span class=\"_ _1\"></span>nti di cano<span class=\"_ _1\"></span>ni di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to a det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione v<span class=\"_ _1\"></span>ariabile leg<span class=\"_ _1\"></span>ati ai ricav<span class=\"_ _1\"></span>i gene<span class=\"_ _1\"></span>rati da punti ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a (DOS), in spazi p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>i in loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n sono inc<span class=\"_ _1\"></span>lusi ne<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> dei c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di loc<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione e s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i in bas<span class=\"_ _1\"></span>e alla compe<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>za e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>ca. I co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i dei c<span class=\"_ _1\"></span>anoni va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>riabili rappre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o, al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022, c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente il 32,5% del t<span class=\"_ _1\"></span>otal<span class=\"_ _1\"></span>e degli o<span class=\"_ _1\"></span>neri n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o inere<span class=\"_ _1\"></span>nti ai contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione inc<span class=\"_ _1\"></span>lusi e non n<span class=\"_ _1\"></span>ella pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> di c<span class=\"_ _1\"></span>ui al principio c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e IFRS1<span class=\"_ _4\"></span>6. I c<span class=\"_ _1\"></span>anoni variabili dipe<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no dalle ven<span class=\"_ _1\"></span>dite e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tanto dallo s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico de<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i. Si s<span class=\"_ _1\"></span>tima che i can<span class=\"_ _1\"></span>oni variabili continu<span class=\"_ _1\"></span>eranno n<span class=\"_ _1\"></span>ei futur<span class=\"_ _1\"></span>i es<span class=\"_ _1\"></span>ercizi a<span class=\"_ _1\"></span>d avere un<span class=\"_ _1\"></span>\u2019inci<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za pro<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>nale alle ven<span class=\"_ _1\"></span>dite dei p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti f<span class=\"_ _1\"></span>initi.Si se<span class=\"_ _1\"></span>gnala che, al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e di conten<span class=\"_ _1\"></span>ere gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti n<span class=\"_ _1\"></span>egati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>terminati dalla pan<span class=\"_ _1\"></span>demia da Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9, il G<span class=\"_ _1\"></span>ruppo ha c<span class=\"_ _1\"></span>ontinuato a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciare de<span class=\"_ _1\"></span>lle negozia<span class=\"_ _1\"></span>zioni, gi\u00e0 intrap<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2020 e del 202<span class=\"_ _4\"></span>1, per rive<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re le con<span class=\"_ _1\"></span>dizioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche dei co<span class=\"_ _1\"></span>ntratti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ropria ret<span class=\"_ _1\"></span>e distr<span class=\"_ _1\"></span>ibutiv<span class=\"_ _1\"></span>a, a fronte d<span class=\"_ _1\"></span>elle quali ha re<span class=\"_ _1\"></span>gist<span class=\"_ _1\"></span>rato, nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, un pro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vento pari a Euro 2.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>90 mig<span class=\"_ _1\"></span>liaia (Euro 6.7<span class=\"_ _0\"></span>85 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>); nel re<span class=\"_ _1\"></span>ndico<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario c<span class=\"_ _1\"></span>onso<span class=\"_ _1\"></span>lidato \u00e8 st<span class=\"_ _1\"></span>ato pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato all<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>rno de<span class=\"_ _1\"></span>l Flus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa net<span class=\"_ _1\"></span>to ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>va (A<span class=\"_ _1\"></span>ltre comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti eco<span class=\"_ _1\"></span>nomiche s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za movime<span class=\"_ _1\"></span>nti di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>). T<span class=\"_ _6\"></span>ale c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne \u00e8 conform<span class=\"_ _1\"></span>e con quanto prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to agli em<span class=\"_ _1\"></span>endam<span class=\"_ _1\"></span>enti al prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile IFRS 16, relativ<span class=\"_ _1\"></span>i alle rine<span class=\"_ _1\"></span>goziazioni p<span class=\"_ _1\"></span>er pan<span class=\"_ _1\"></span>demia Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9.Gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente i contr<span class=\"_ _1\"></span>atti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o preve<span class=\"_ _1\"></span>dono clau<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>e di divi<span class=\"_ _1\"></span>eto di sublo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del b<span class=\"_ _1\"></span>ene o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to della lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, ma non pr<span class=\"_ _1\"></span>eved<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>er il Grup<span class=\"_ _1\"></span>po il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">co<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ant<span class=\"_ _1\"></span>s</span><span class=\"ls5 wsc\"> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari. </span>Il Grupp<span class=\"_ _1\"></span>o non ha opzio<span class=\"_ _1\"></span>ni di chiusura anticipat<span class=\"_ _1\"></span>a che ha inte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>ne di es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are ma che no<span class=\"_ _1\"></span>n ha valut<span class=\"_ _1\"></span>ato nella pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 per <span class=\"_ _2\"></span><span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ws85\">. Relativ<span class=\"_ _1\"></span>amente all<span class=\"_ _1\"></span>e opzioni di rinnovo, il Gr<span class=\"_ _1\"></span>uppo ne<span class=\"_ _1\"></span>lla propr<span class=\"_ _1\"></span>ia politic<span class=\"_ _1\"></span>a cont<span class=\"_ _1\"></span>abile di de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ella </span>durata d<span class=\"_ _1\"></span>el <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span><span class=\"ls4 ws0\"> ha cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rato le opzio<span class=\"_ _1\"></span>ni di rinnovo che inten<span class=\"_ _1\"></span>de e<span class=\"_ _1\"></span>sercit<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>.</span>Il Grupp<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>a valo<span class=\"_ _1\"></span>ri di impe<span class=\"_ _1\"></span>gni pe<span class=\"_ _1\"></span>r i <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> a b<span class=\"_ _1\"></span>reve te<span class=\"_ _1\"></span>rmine pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er il 2023 in linea c<span class=\"_ _1\"></span>on i valo<span class=\"_ _1\"></span>ri cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2. 35. Altri <span class=\"_ _1\"></span>pro<span class=\"_ _4\"></span>ventiGli altri p<span class=\"_ _1\"></span>roventi si co<span class=\"_ _1\"></span>mpongon<span class=\"_ _1\"></span>o come de<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>agliato di se<span class=\"_ _1\"></span>guito:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Recuperi di spese<span class=\"_ _56\"> </span>2.158 <span class=\"_ _ed\"> </span>2.960 <span class=\"_ _76\"> </span>(802) C<span class=\"_ _0\"></span>ontributi pubblicitari<span class=\"_ _2d2\"> </span>138 <span class=\"_ _64\"> </span>17 <span class=\"_ _282\"> </span>121 Pr<span class=\"_ _4\"></span>oventi diversi<span class=\"_ _2d3\"> </span>14.420 <span class=\"_ _171\"> </span>22.097 <span class=\"_ _27\"> </span>(<span class=\"_ _1\"></span>7.677) Plusvalenze da alienazione beni materiali - immateriali <span class=\"_ _115\"> </span>9 <span class=\"_ _227\"> </span>49 <span class=\"_ _21b\"> </span>(40) Sopra<span class=\"_ _0\"></span>vvenienze attive <span class=\"_ _199\"> </span>2.435 <span class=\"_ _1f7\"> </span>1.562 <span class=\"_ _282\"> </span>873 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>19.160 <span class=\"_ _283\"> </span>26.685 <span class=\"_ _32\"> </span>(7.527) Gli altri p<span class=\"_ _1\"></span>roventi, pari a Euro 1<span class=\"_ _0\"></span>9.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>60 migliaia, re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trano r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 u<span class=\"_ _0\"></span>n decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto di Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>527<span class=\"_ _0\"></span> migliaia. Si se<span class=\"_ _1\"></span>gnala che ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _6\"></span>, la vo<span class=\"_ _1\"></span>ce Proventi di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si aveva b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciato di Euro 5,<span class=\"_ _4\"></span>1 milioni pe<span class=\"_ _1\"></span>r la def<span class=\"_ _1\"></span>inizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l rimbor<span class=\"_ _1\"></span>so a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurativo r<span class=\"_ _1\"></span>icev<span class=\"_ _1\"></span>uto dalla Fer<span class=\"_ _1\"></span>ragamo U<span class=\"_ _1\"></span>sa Inc<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r i danni subiti ad a<span class=\"_ _1\"></span>lcuni negozi no<span class=\"_ _1\"></span>rd ame<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ricani n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>elle prot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te so<span class=\"_ _1\"></span>ciali av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nute ne<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>condo t<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>e 2020. La voce in<span class=\"_ _1\"></span>clude, p<span class=\"_ _1\"></span>er Euro 2.<span class=\"_ _1\"></span>31<span class=\"_ _6\"></span>3 migliaia, il contribut<span class=\"_ _1\"></span>o a fondo p<span class=\"_ _1\"></span>erduto matur<span class=\"_ _1\"></span>ato al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 relati<span class=\"_ _1\"></span>vo all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Accordo p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019Innov<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne (p<span class=\"_ _1\"></span>roget<span class=\"_ _1\"></span>to I<span class=\"_ _1\"></span>-SUC<span class=\"ls0 ws0\">-</span>CEED<span class=\"_ _0\"></span>, pe<span class=\"_ _1\"></span>r mag<span class=\"_ _1\"></span>giori d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli si r<span class=\"_ _1\"></span>imanda alla Rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e al paragr<span class=\"_ _1\"></span>afo \u201cFatti di r<span class=\"_ _1\"></span>ilievo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio - In<span class=\"_ _1\"></span>centi<span class=\"_ _1\"></span>vi Fon<span class=\"_ _1\"></span>do pe<span class=\"_ _1\"></span>r la Cres<span class=\"_ _1\"></span>cit<span class=\"_ _1\"></span>a Sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nibile \u2013 Accor<span class=\"_ _1\"></span>do pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019innov<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>), nonch\u00e9 i Cre<span class=\"_ _1\"></span>diti d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impos<span class=\"_ _1\"></span>ta per r<span class=\"_ _1\"></span>icerc<span class=\"_ _1\"></span>a e s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o, <span class=\"ff79 ls48 wsd1\">de<span class=\"_ _1\"></span>sign</span> e i<span class=\"_ _1\"></span>dea<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>etic<span class=\"_ _1\"></span>a ed innov<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one te<span class=\"_ _1\"></span>cnolo<span class=\"_ _1\"></span>gic<span class=\"_ _1\"></span>a e il credito d<span class=\"_ _2\"></span>\u2019impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a relati<span class=\"_ _1\"></span>vo alle ero<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ioni libe<span class=\"_ _1\"></span>rali, di cui be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>icia la C<span class=\"_ _1\"></span>apogr<span class=\"_ _1\"></span>uppo, olt<span class=\"_ _1\"></span>re ad altri b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici, ero<span class=\"_ _1\"></span>gati dai vari G<span class=\"_ _1\"></span>overni d<span class=\"_ _1\"></span>ei Pae<span class=\"_ _1\"></span>si in cui il Grup<span class=\"_ _1\"></span>po ope<span class=\"_ _1\"></span>ra, a s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>egno d<span class=\"_ _1\"></span>elle impr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>econ<span class=\"_ _1\"></span>omia pe<span class=\"_ _1\"></span>r fronteg<span class=\"_ _2\"></span>giare la crisi e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mica de<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>a dalla pande<span class=\"_ _1\"></span>mia da Covid<span class=\"_ _1\"></span>-<span class=\"_ _4\"></span>19<span class=\"_ _0\"></span>, che in tot<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>no in diminuzion<span class=\"_ _1\"></span>e di Euro 1<span class=\"_ _4\"></span>,7 milioni risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.36. Gestione finanziariaLa ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria si comp<span class=\"_ _1\"></span>one com<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>tagliato di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o:Oneri finanziariV<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Interessi passivi<span class=\"_ _9a\"> </span>1.301 <span class=\"_ _ed\"> </span>1.473 <span class=\"_ _76\"> </span>(172) Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _2be\"> </span>3.266 <span class=\"_ _ed\"> </span>3.388 <span class=\"_ _76\"> </span>(122) Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff74\">14.798 <span class=\"_ _171\"> </span>13.881 <span class=\"_ _282\"> </span>917 </span>Oneri sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _102\"> </span></span>5 <span class=\"_ _1f5\"> </span>8 <span class=\"_ _2a2\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3) </span>P<span class=\"_ _0\"></span>erdite su c<span class=\"_ _0\"></span>ambi<span class=\"_ _270\"> </span>30.739 <span class=\"_ _171\"> </span>11.618 <span class=\"_ _153\"> </span>19.121 Oneri finanziari per adeguamento al <span class=\"ff77\">fair value</span> dei derivati<span class=\"_ _2d4\"> </span>28.594 <span class=\"_ _171\"> </span>20.146 <span class=\"_ _d4\"> </span>8.448 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>78.703 <span class=\"_ _283\"> </span>50.514 <span class=\"_ _225\"> </span>28.189 P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>venti finanziariV<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Interessi attivi<span class=\"_ _22b\"> </span>2.008 <span class=\"_ _6f\"> </span>841 <span class=\"_ _d4\"> </span>1.167 Altri proventi finanziari<span class=\"_ _2c8\"> </span>1.600 <span class=\"_ _6f\"> </span>644 <span class=\"_ _1f7\"> </span>956 Pr<span class=\"_ _4\"></span>oventi sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _111\"> </span></span>3.888 <span class=\"_ _141\"> </span>422 <span class=\"_ _246\"> </span>3.466 Utili su cambi<span class=\"_ _104\"> </span>33.763 <span class=\"_ _171\"> </span>23.883 <span class=\"_ _d4\"> </span>9.880 Pr<span class=\"_ _4\"></span>oventi finanziari per adeguamento al <span class=\"ff77\">fair value</span> dei derivati<span class=\"_ _d9\"> </span>10.668 <span class=\"_ _ed\"> </span>3.862 <span class=\"_ _246\"> </span>6.806 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>51.927 <span class=\"_ _283\"> </span>29.652 <span class=\"_ _225\"> </span>22.275 La voc<span class=\"_ _1\"></span>e intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i include p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti banc<span class=\"_ _1\"></span>ari a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e e in par<span class=\"_ _1\"></span>te da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti ban<span class=\"_ _1\"></span>cari a<span class=\"_ _1\"></span> medi<span class=\"_ _1\"></span>o e lungo ter<span class=\"_ _1\"></span>mine.La voc<span class=\"_ _1\"></span>e \u201coneri da at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e altri o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari<span class=\"_ _1\"></span>\u201d s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>sce pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e bancar<span class=\"_ _1\"></span>ie, e<span class=\"_ _1\"></span>d in misura res<span class=\"_ _1\"></span>iduale agli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari su be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ai dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti, in re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne alla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>9 dei piani a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>i, e da oneri da at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>.Gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si sulle pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span> sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati regi<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ati in se<span class=\"_ _1\"></span>guito all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>introdu<span class=\"_ _1\"></span>zione de<span class=\"_ _1\"></span>l princip<span class=\"_ _1\"></span>io cont<span class=\"_ _1\"></span>abile IFRS1<span class=\"_ _4\"></span>6 e sono p<span class=\"_ _1\"></span>ari a Euro 1<span class=\"_ _4\"></span>4.798 migliaia.Gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si atti<span class=\"_ _1\"></span>vi, p<span class=\"_ _1\"></span>ari ad Euro 2.0<span class=\"_ _2\"></span>08 migliaia, s<span class=\"_ _1\"></span>ono in aume<span class=\"_ _1\"></span>nto di Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>67 migliaia ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Gli utili e p<span class=\"_ _1\"></span>erdite su c<span class=\"_ _1\"></span>ambi s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trati in pr<span class=\"_ _1\"></span>evale<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., e de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>no dall<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 di ven<span class=\"_ _1\"></span>dita s<span class=\"_ _1\"></span>ia vers<span class=\"_ _1\"></span>o so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo (<span class=\"ff79 ls80 ws119\">int<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any</span>) che ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o ter<span class=\"_ _1\"></span>zi in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa dall<span class=\"_ _2\"></span>\u2019Euro. Nel cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>i \u00e8 verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato un impatt<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to di utili su c<span class=\"_ _1\"></span>ambi pe<span class=\"_ _1\"></span>r Euro 3.024 m<span class=\"_ _0\"></span>igliaia risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o a un impatto net<span class=\"_ _1\"></span>to di utili su c<span class=\"_ _1\"></span>ambi pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>2.<span class=\"_ _1\"></span>265 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. Gli one<span class=\"_ _1\"></span>ri e prove<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>eguame<span class=\"_ _1\"></span>nto al <span class=\"ff79\">fair value</span> dei der<span class=\"_ _1\"></span>ivati r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntano il pr<span class=\"_ _1\"></span>emio o lo s<span class=\"_ _1\"></span>conto app<span class=\"_ _1\"></span>licato sulle op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura del r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio, po<span class=\"_ _1\"></span>ste in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e dalla Capog<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, e le variaz<span class=\"_ _1\"></span>ioni di <span class=\"ff79\">fair value</span><span class=\"ls2c ws10b\"> re<span class=\"ls0 ws0\">-</span></span>lative a s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati non di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura e s<span class=\"_ _1\"></span>ono da met<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re in stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e con gli utili e p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u cambi. N<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizi<span class=\"_ _1\"></span>o 2022 si \u00e8 ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icato un impat<span class=\"_ _1\"></span>to net<span class=\"_ _1\"></span>to di on<span class=\"_ _1\"></span>eri p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>eguam<span class=\"_ _1\"></span>ento al <span class=\"ff79\">fair value</span><span class=\"ls8 wsdf\"> dei derivati </span>per Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>926 migliaia rispet<span class=\"_ _1\"></span>to a un impat<span class=\"_ _1\"></span>to net<span class=\"_ _1\"></span>to di one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari per Euro 16.28<span class=\"_ _1\"></span>4 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>.37. Imposte sul r<span class=\"_ _4\"></span>edditoLe impos<span class=\"_ _1\"></span>te rile<span class=\"_ _1\"></span>vate a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico s<span class=\"_ _1\"></span>ono le s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Imposte cor<span class=\"_ _0\"></span>renti<span class=\"_ _12a\"> </span>(37.080)<span class=\"_ _21a\"> </span>(18.922)<span class=\"_ _7a\"> </span>(18.158)Imposte differite<span class=\"_ _2d3\"> </span>3.205<span class=\"_ _21a\"> </span>(17.117)<span class=\"_ _e2\"> </span>20.322Acc<span class=\"_ _0\"></span>antonamento per imposte esercizi pr<span class=\"_ _0\"></span>ecedenti<span class=\"_ _115\"> </span>(1.935)<span class=\"_ _1b6\"> </span>(250)<span class=\"_ _c0\"> </span>(1.685)T<span class=\"_ _4\"></span>otale<span class=\"_ _2d5\"> </span>(35.810) <span class=\"_ _293\"> </span>(36.289) <span class=\"_ _282\"> </span>479 T<span class=\"_ _4\"></span>ax rate<span class=\"_ _1df\"> </span><span class=\"ff76\">35,4% <span class=\"_ _229\"> </span>29,6% </span>L<span class=\"_ _6\"></span>\u2019aliquota f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>va pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 si \u00e8 atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a al 35,4%. La vo<span class=\"_ _1\"></span>ce Acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto per imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nti si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ce, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022<span class=\"_ _1\"></span>, principalme<span class=\"_ _1\"></span>nte all<span class=\"_ _1\"></span>\u2019accantoname<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>lla Ferrag<span class=\"_ _1\"></span>amo De<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>schland G<span class=\"_ _1\"></span>mbH, per Euro 1.9<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>7 migliaia, sulla verif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, relati<span class=\"_ _1\"></span>va ai p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>di di impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a 201<span class=\"_ _5\"></span>1-<span class=\"_ _4\"></span>201<span class=\"_ _6\"></span>4 e ap<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a ne<span class=\"_ _1\"></span>l 201<span class=\"_ _4\"></span>6, p<span class=\"_ _1\"></span>er i cui det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>gli si rimanda al p<span class=\"_ _1\"></span>aragrafo \u201c<span class=\"_ _1\"></span>Fatti di rilie<span class=\"_ _1\"></span>vo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio - Verifi<span class=\"_ _1\"></span>che e conte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali e do<span class=\"_ _1\"></span>ganali<span class=\"_ _1\"></span>\u201d nella Re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne sulla G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tione<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1 si riferi<span class=\"_ _1\"></span>va, p<span class=\"_ _1\"></span>er Euro 250 mig<span class=\"_ _1\"></span>liaia, all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>accanto<span class=\"_ _1\"></span>namento d<span class=\"_ _1\"></span>ella Fer<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gamo France S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. sulla ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cal<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>va ai pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di di impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a 200<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>201<span class=\"_ _4\"></span>0 e ape<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta n<span class=\"_ _1\"></span>el 201<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>, pe<span class=\"_ _1\"></span>r i cui det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si rimanda al parag<span class=\"_ _1\"></span>rafo \u201cFat<span class=\"_ _1\"></span>ti di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio - Verif<span class=\"_ _1\"></span>iche e co<span class=\"_ _1\"></span>ntenz<span class=\"_ _1\"></span>iosi f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali e d<span class=\"_ _1\"></span>oganali<span class=\"_ _2\"></span>\u201d nella Rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ulla Ges<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>ne. D<span class=\"_ _1\"></span>epur<span class=\"_ _1\"></span>ando il <span class=\"ff79 ls5d ws4f\">t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span></span> deg<span class=\"_ _1\"></span>li accanto<span class=\"_ _1\"></span>namenti p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te relati<span class=\"_ _1\"></span>ve ad e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e include<span class=\"_ _1\"></span>ndo p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021 nel Risult<span class=\"_ _1\"></span>ato ante imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e e nelle Imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te sul re<span class=\"_ _1\"></span>ddito gli e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ata, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ali<span class=\"_ _1\"></span>quota f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>scal<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 s<span class=\"_ _1\"></span>areb<span class=\"_ _1\"></span>be s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente d<span class=\"_ _1\"></span>el 33,5% e del 30<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span>.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e includon<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio di imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>ferite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>u pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>9 migliaia, relati<span class=\"_ _1\"></span>ve principalme<span class=\"_ _1\"></span>nte alla Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. Imposte differite attive e passi<span class=\"_ _0\"></span>veNel s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziati p<span class=\"_ _1\"></span>er natura i c<span class=\"_ _1\"></span>ompo<span class=\"_ _1\"></span>nenti de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 ed a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 20222021202220212022<span class=\"_ _b4\"> </span>2021Altre c<span class=\"_ _0\"></span>omponenti del C<span class=\"_ _0\"></span>onto (In migliaia di Euro)<span class=\"_ _17a\"> </span>Stato patrimonialeeconomic<span class=\"_ _0\"></span>o complessivo<span class=\"_ _5e\"> </span>Conto ec<span class=\"_ _4\"></span>onomicoImposte differite Attive - sui benefici a dipendenti<span class=\"_ _160\"> </span>1.014 <span class=\"_ _83\"> </span>1.216 <span class=\"_ _c5\"> </span>489 <span class=\"_ _b4\"> </span>685 <span class=\"_ _25\"> </span>(42) <span class=\"_ _a9\"> </span>(18)  - sulle attivit\u00e0 materiali <span class=\"_ _152\"> </span>9.621 <span class=\"_ _209\"> </span>11.619 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _209\"> </span>(2.683) <span class=\"_ _ac\"> </span>437  - sulle attivit\u00e0 immateriali <span class=\"_ _2d6\"> </span>1.706 <span class=\"_ _81\"> </span>2.057 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(352) <span class=\"_ _b4\"> </span>1.842  - sulle attivit\u00e0 per diritto d\u2019uso e passivit\u00e0 per <span class=\"ff77\">leasing</span> <span class=\"_ _c6\"> </span>15.174 <span class=\"_ _16a\"> </span>15.084 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _a7\"> </span>(<span class=\"_ _1\"></span>749) <span class=\"_ _e0\"> </span>(820)  - sulla riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _169\"> </span></span>- <span class=\"_ _81\"> </span>2.024 <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>2.024 <span class=\"_ _bc\"> </span>- <span class=\"_ _be\"> </span>-  - sulla valutazione delle rimanenze<span class=\"_ _ae\"> </span>15.181 <span class=\"_ _16a\"> </span>15.455 <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(541) <span class=\"_ _a7\"> </span>(3.099)  - sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze <span class=\"_ _80\"> </span>49.566 <span class=\"_ _209\"> </span>37.749 <span class=\"_ _62\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _16a\"> </span>11.817 <span class=\"_ _77\"> </span>(10.998)  - su perdite fisc<span class=\"_ _0\"></span>ali <span class=\"_ _1ea\"> </span>2.035 <span class=\"_ _81\"> </span>9.986 <span class=\"_ _62\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _5d\"> </span>(7.989) <span class=\"_ _1d0\"> </span>(2.575)  - su fondi tassati <span class=\"_ _1fe\"> </span>3.601 <span class=\"_ _83\"> </span>2.540 <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _b4\"> </span>980 <span class=\"_ _e0\"> </span>(371)  - per altre differ<span class=\"_ _0\"></span>enze tempor<span class=\"_ _0\"></span>anee <span class=\"_ _2d7\"> </span>11.192 <span class=\"_ _81\"> </span>7.738 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>3.202 <span class=\"_ _1d0\"> </span>(3.463) Imposte differite Attive <span class=\"_ _15a\"> </span><span class=\"ws0\">109.090 <span class=\"_ _1d2\"> </span>105.468 <span class=\"_ _25\"> </span>489 <span class=\"_ _5e\"> </span>2.709 <span class=\"_ _5e\"> </span>3.643 <span class=\"_ _204\"> </span>(19.065) </span>Imposte differite P<span class=\"_ _4\"></span>assive<span class=\"_ _f4\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _c0\"> </span>  - sui benefici a dipendenti<span class=\"_ _2d8\"> </span>(133) <span class=\"_ _a7\"> </span>(103) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _25\"> </span>(38) <span class=\"_ _a9\"> </span>(72)  - sulle attivit\u00e0 materiali<span class=\"_ _2d9\"> </span>(438) <span class=\"_ _a7\"> </span>(337) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(110) <span class=\"_ _7a\"> </span>5  - sulle attivit\u00e0 per diritto d\u2019uso e passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _b3\"> </span></span>- <span class=\"_ _a7\"> </span>(141) <span class=\"_ _114\"> </span>- <span class=\"_ _62\"> </span>- <span class=\"_ _c5\"> </span>133 <span class=\"_ _a9\"> </span>(15)  - sulle attivit\u00e0 immateriali <span class=\"_ _163\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _62\"> </span>- <span class=\"_ _b4\"> </span>1.613  - sulla riserva di <span class=\"ff77\">cash flow hedge <span class=\"_ _23c\"> </span></span>(2.277) <span class=\"_ _114\"> </span>- <span class=\"_ _209\"> </span>(2.279) <span class=\"_ _bc\"> </span>- <span class=\"_ _119\"> </span>2 <span class=\"_ _bc\"> </span>(2)  - sulla valutazione delle rimanenze <span class=\"_ _1cc\"> </span>(2.283<span class=\"_ _0\"></span>) <span class=\"_ _5d\"> </span>(1.805) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _a7\"> </span>(477<span class=\"_ _1\"></span>) <span class=\"_ _ac\"> </span>444  - per altre differ<span class=\"_ _0\"></span>enze tempor<span class=\"_ _0\"></span>anee <span class=\"_ _286\"> </span>(940) <span class=\"_ _1d0\"> </span>(994) <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1e2\"> </span>52 <span class=\"_ _a9\"> </span>(25) Imposte differite P<span class=\"_ _4\"></span>assive<span class=\"_ _2da\"> </span>(6.071) <span class=\"_ _1a8\"> </span>(3.380) <span class=\"_ _1a8\"> </span>(2.279) <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>(438) <span class=\"_ _c5\"> </span>1.948 Effetto Netto <span class=\"_ _278\"> </span>103.019 <span class=\"_ _1d2\"> </span>102.088 <span class=\"_ _16e\"> </span>(1.790) <span class=\"_ _5e\"> </span>2.709 <span class=\"_ _5e\"> </span>3.205 <span class=\"_ _204\"> </span>(17.117) Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>tono l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>ra il valo<span class=\"_ _1\"></span>re ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato a bilan<span class=\"_ _1\"></span>cio e la base f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>onibile de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. La cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione in bilanci<span class=\"_ _1\"></span>o delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ata op<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>tunam<span class=\"_ _1\"></span>ente ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er te<span class=\"_ _1\"></span>nere conto d<span class=\"_ _1\"></span>ell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zo. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve su pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pr<span class=\"_ _1\"></span>egre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se, i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te dop<span class=\"_ _1\"></span>o aver ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>icato l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a pos<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di un red<span class=\"_ _1\"></span>dito imponibile f<span class=\"_ _1\"></span>uturo a fronte de<span class=\"_ _1\"></span>l quale pot<span class=\"_ _1\"></span>ranno e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>e, al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 sono le seguenti:31 dicembr<span class=\"_ _4\"></span>e 2022ScadenzaP<span class=\"_ _0\"></span>erdite fisc<span class=\"_ _0\"></span>ali Imposte differite (In migliaia di Euro)pregr<span class=\"_ _0\"></span>esse<span class=\"_ _16a\"> </span>Aliquota fiscale attiveSenza limiti temporali<span class=\"_ _2ac\"> </span>6.681 <span class=\"_ _be\"> </span>23,96%<span class=\"_ _26a\"> </span>1.601 Oltre 3 ed entro 5 anni<span class=\"_ _8f\"> </span>355 <span class=\"_ _a4\"> </span>19,00%<span class=\"_ _6f\"> </span>68 Oltre 5 anni<span class=\"_ _2db\"> </span>1.195 <span class=\"_ _a4\"> </span>30,62%<span class=\"_ _1a7\"> </span>366 T<span class=\"_ _4\"></span>otale<span class=\"_ _2dc\"> </span>8.231 <span class=\"_ _f3\"> </span>24,72%<span class=\"_ _283\"> </span>2.035 31 dicembr<span class=\"_ _4\"></span>e 2021ScadenzaP<span class=\"_ _0\"></span>erdite fisc<span class=\"_ _0\"></span>ali Imposte differite (In migliaia di Euro)pregr<span class=\"_ _0\"></span>esse<span class=\"_ _16a\"> </span>Aliquota fiscale attiveSenza limiti temporali<span class=\"_ _2ae\"> </span>42.038<span class=\"_ _2a1\"> </span>23,75%<span class=\"_ _26a\"> </span>9.986T<span class=\"_ _4\"></span>otale<span class=\"_ _2dd\"> </span>42.038<span class=\"_ _27\"> </span>23,75%<span class=\"_ _76\"> </span>9.986Le per<span class=\"_ _1\"></span>dite f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sulle quali non sono s<span class=\"_ _1\"></span>tate c<span class=\"_ _1\"></span>alco<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>late le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive, p<span class=\"_ _1\"></span>oich\u00e9 no<span class=\"_ _1\"></span>n \u00e8 probab<span class=\"_ _1\"></span>ile che sar<span class=\"_ _1\"></span>\u00e0 disp<span class=\"_ _1\"></span>onibile in futuro un re<span class=\"_ _1\"></span>ddit<span class=\"_ _1\"></span>o imponibile a f<span class=\"_ _1\"></span>ronte del quale il Grupp<span class=\"_ _1\"></span>o potr<span class=\"_ _1\"></span>\u00e0 utiliz<span class=\"_ _2\"></span>zare i relati<span class=\"_ _1\"></span>vi b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici, e la relati<span class=\"_ _1\"></span>va sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:31 dicembr<span class=\"_ _4\"></span>e 2022ScadenzaSenza limiti <span class=\"_ _3\"></span> oltre 1 ed <span class=\"_ _3\"></span> oltre 3 ed <span class=\"_ _3\"></span> (In migliaia di Euro)temporali<span class=\"_ _13b\"> </span>Entro 1 annoentro 3 annientro 5 anni<span class=\"_ _cb\"> </span>oltre 5 anni172.681 <span class=\"_ _12\"> </span><span class=\"ff74\">121.603 <span class=\"_ _ee\"> </span>3.716 <span class=\"_ _63\"> </span>12.396 <span class=\"_ _a5\"> </span>10.462 <span class=\"_ _1f6\"> </span>24.504 </span>31 dicembr<span class=\"_ _4\"></span>e 2021ScadenzaSenza limiti <span class=\"_ _3\"></span> oltre 1 ed <span class=\"_ _3\"></span> oltre 3 ed <span class=\"_ _3\"></span> (In migliaia di Euro)temporali<span class=\"_ _13b\"> </span>Entro 1 annoentro 3 annientro 5 anni<span class=\"_ _cb\"> </span>oltre 5 anni166.126<span class=\"_ _aa\"> </span><span class=\"ff74\">120.970<span class=\"_ _284\"> </span>2.450<span class=\"_ _27\"> </span>6.364<span class=\"_ _bf\"> </span>19.167<span class=\"_ _173\"> </span>17.175</span>Di se<span class=\"_ _1\"></span>guito si r<span class=\"_ _1\"></span>ipor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la ricon<span class=\"_ _1\"></span>ciliazion<span class=\"_ _1\"></span>e fra l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>nere f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ale te<span class=\"_ _1\"></span>orico e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>onere e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fetti<span class=\"_ _1\"></span>vo:(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Risultato ante imposte dall'attivit\u00e0 in funzionamento<span class=\"_ _107\"> </span>101.162 <span class=\"_ _79\"> </span>122.618 Risultato ante imposte da attivit\u00e0 operativ<span class=\"_ _0\"></span>a c<span class=\"_ _0\"></span>essata<span class=\"_ _211\"> </span>- <span class=\"_ _26a\"> </span>(5.030) Risultato ante imposte<span class=\"_ _f7\"> </span>101.162 <span class=\"_ _e2\"> </span>117.588 Aliquota IRES in vigor<span class=\"_ _0\"></span>e per l'esercizio<span class=\"_ _2de\"> </span>(24,0%) <span class=\"_ _21a\"> </span>(24,0%) Onere fisc<span class=\"_ _0\"></span>ale teorico<span class=\"_ _40\"> </span>(24.279) <span class=\"_ _293\"> </span>(28.221) Effetto IRAP <span class=\"_ _190\"> </span>(6.776) <span class=\"_ _283\"> </span>(2.797<span class=\"_ _1\"></span>) Effetto affranc<span class=\"_ _0\"></span>amento avviamento e k<span class=\"_ _0\"></span>now how<span class=\"_ _129\"> </span><span class=\"ff74\">- <span class=\"_ _1f7\"> </span>1.461 </span>(C<span class=\"_ _0\"></span>osti non deducibili) al netto di prov<span class=\"_ _0\"></span>enti non tassabili<span class=\"_ _1db\"> </span>2.172 <span class=\"_ _71\"> </span>(358) Differenz<span class=\"_ _0\"></span>e derivanti da differ<span class=\"_ _0\"></span>enti aliquote - paesi esteri<span class=\"_ _12d\"> </span>(1.011) <span class=\"_ _26a\"> </span>(3.054) Altri effetti<span class=\"_ _2ab\"> </span>588 <span class=\"_ _71\"> </span>(287) Effetti rivenienti dalla manc<span class=\"_ _0\"></span>ata iscrizione della fiscalit\u00e0 differita<span class=\"_ _f9\"> </span>(4.569) <span class=\"_ _283\"> </span>(2.945) Effetto (acc<span class=\"_ _0\"></span>antonamento) /utilizzo fondo rischi imposte esercizi pr<span class=\"_ _0\"></span>ecedenti<span class=\"_ _2df\"> </span>(1.935) <span class=\"_ _71\"> </span>(250) T<span class=\"_ _4\"></span>otale delle differenze<span class=\"_ _1b8\"> </span>(11.531) <span class=\"_ _284\"> </span>(8.230) T<span class=\"_ _4\"></span>otale imposte <span class=\"_ _135\"> </span>(35.810) <span class=\"_ _293\"> </span>(36.451) di cui imposte sul reddito sull'attivit\u00e0 oper<span class=\"_ _0\"></span>ative c<span class=\"_ _0\"></span>essata<span class=\"_ _99\"> </span>- <span class=\"_ _71\"> </span>(162) di cui imposte sul reddito sull'attivit\u00e0 in funzionamento<span class=\"_ _2b1\"> </span>(35.810) <span class=\"_ _e2\"> </span>(36.289) Aliquota fiscale effettiv<span class=\"_ _0\"></span>a <span class=\"_ _147\"> </span>(35,4%) <span class=\"_ _ee\"> </span>(31,0%) 38. Risultato per azioneCome ri<span class=\"_ _1\"></span>chies<span class=\"_ _1\"></span>to dallo IA<span class=\"_ _1\"></span>S 33 si fornis<span class=\"_ _1\"></span>cono l<span class=\"_ _1\"></span>e informazio<span class=\"_ _1\"></span>ni sui dati utiliz<span class=\"_ _2\"></span>zati pe<span class=\"_ _1\"></span>r il cal<span class=\"_ _1\"></span>colo de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r azio<span class=\"_ _1\"></span>ne e diluito. Il risult<span class=\"_ _1\"></span>ato ba<span class=\"_ _1\"></span>se pe<span class=\"_ _1\"></span>r az<span class=\"_ _1\"></span>ione \u00e8 c<span class=\"_ _1\"></span>alcolato di<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>endo il r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ato eco<span class=\"_ _1\"></span>nomico de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do, utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a, attrib<span class=\"_ _1\"></span>uibile agli az<span class=\"_ _1\"></span>ionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o per il num<span class=\"_ _1\"></span>ero me<span class=\"_ _1\"></span>dio po<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rato de<span class=\"_ _1\"></span>lle azio<span class=\"_ _1\"></span>ni in circolaz<span class=\"_ _1\"></span>ione durante il p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>riod<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto, ten<span class=\"_ _1\"></span>endo c<span class=\"_ _1\"></span>onto anche d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019effe<span class=\"_ _1\"></span>tto m<span class=\"_ _1\"></span>edio p<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>erato de<span class=\"_ _1\"></span>lle a<span class=\"_ _1\"></span>zioni prop<span class=\"_ _1\"></span>rie in po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tafoglio dur<span class=\"_ _1\"></span>ante il per<span class=\"_ _1\"></span>iodo di r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto. Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i i valor<span class=\"_ _1\"></span>i utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>l calc<span class=\"_ _1\"></span>olo de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r azi<span class=\"_ _1\"></span>one bas<span class=\"_ _1\"></span>e e diluito.2022<span class=\"_ _1b6\"> </span>2021Utile (perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _0\"></span>o)Utile (perdita) da attivit\u00e0 in funzionamento (Euro)<span class=\"_ _2e0\"> </span>69.609.069<span class=\"_ _63\"> </span>83.839.070Utile (perdita) delle attivit\u00e0 destinate alla dismissione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _107\"> </span>-<span class=\"_ _eb\"> </span>(5.192.000)Utile (perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _d8\"> </span>69.609.069<span class=\"_ _101\"> </span>78.647.070Numero medio azioni or<span class=\"_ _0\"></span>dinarie<span class=\"_ _10a\"> </span>166.208.310<span class=\"_ _179\"> </span>168.585.596Risultato per azione base da attivit\u00e0 in funzionamento azioni or<span class=\"_ _0\"></span>dinarie (Euro)<span class=\"_ _15a\"> </span>0,419<span class=\"_ _71\"> </span>0,497Risultato per azione base da attivit\u00e0 oper<span class=\"_ _0\"></span>ativa c<span class=\"_ _0\"></span>essata azioni ordinarie (E<span class=\"_ _0\"></span>uro)<span class=\"_ _2e1\"> </span>0,000<span class=\"_ _171\"> </span>(0,031)Risultato per azione base azioni ordinarie (E<span class=\"_ _0\"></span>uro)<span class=\"_ _2b5\"> </span>0,419<span class=\"_ _71\"> </span>0,467Numero medio azioni or<span class=\"_ _0\"></span>dinarie<span class=\"_ _10a\"> </span>166.208.310<span class=\"_ _179\"> </span>168.585.596Effetto diluitivo piani di <span class=\"ff77\">stock grant<span class=\"_ _167\"> </span></span>114.345<span class=\"_ _8a\"> </span>-Numero medio azioni or<span class=\"_ _0\"></span>dinarie diluito<span class=\"_ _2c9\"> </span>166.322.655<span class=\"_ _1ef\"> </span>168.585.596Risultato per azione diluito da attivit\u00e0 in funzionamento azioni ordinarie (Eur<span class=\"_ _4\"></span>o)<span class=\"_ _dc\"> </span>0,419<span class=\"_ _1a7\"> </span>0,497Risultato per azione diluito da attivit\u00e0 operati<span class=\"_ _0\"></span>va c<span class=\"_ _0\"></span>essata azioni ordinarie (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _1d5\"> </span>0,000<span class=\"_ _27e\"> </span>(0,031)Risultato per azione diluito azioni ordinarie (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _159\"> </span>0,419<span class=\"_ _1a7\"> </span>0,467Altre in<span class=\"_ _4\"></span>form<span class=\"_ _0\"></span>azioni39. Dividendi La Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>uppo S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., in ese<span class=\"_ _1\"></span>cuz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla delib<span class=\"_ _1\"></span>era d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019As<span class=\"_ _1\"></span>semb<span class=\"_ _1\"></span>lea de<span class=\"_ _1\"></span>gli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l 1<span class=\"_ _4\"></span>2 aprile 2022, ha prov<span class=\"_ _2\"></span>vedut<span class=\"_ _1\"></span>o alla distr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne agli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti di una par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>gli utili acc<span class=\"_ _1\"></span>antonati a R<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va Str<span class=\"_ _1\"></span>aordinaria, at<span class=\"ls0 ws0\">-</span>tingend<span class=\"_ _1\"></span>o dagli utili pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i 200<span class=\"_ _1\"></span>8 \u2013 201<span class=\"_ _4\"></span>6 e ac<span class=\"_ _1\"></span>cantonati in t<span class=\"_ _1\"></span>ale ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>va, pari a<span class=\"_ _1\"></span>d un div<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>do unitar<span class=\"_ _1\"></span>io di Euro 0,34 p<span class=\"_ _1\"></span>er cias<span class=\"_ _1\"></span>cuna dell<span class=\"_ _1\"></span>e n. 1<span class=\"_ _0\"></span>66<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span>0 a<span class=\"_ _1\"></span>zioni o<span class=\"_ _1\"></span>rdinarie in circola<span class=\"_ _1\"></span>zione (al netto de<span class=\"_ _1\"></span>lle n. 1<span class=\"_ _0\"></span>.923.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 a<span class=\"_ _1\"></span>zioni pro<span class=\"_ _1\"></span>prie in por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio) al<span class=\"_ _0\"></span>la data de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>acc<span class=\"_ _1\"></span>o ced<span class=\"_ _1\"></span>ola, pe<span class=\"_ _1\"></span>r un tot<span class=\"_ _1\"></span>ale di Euro 56.734.6<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4. Al 31 dicembre 2022 i div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi pagati risult<span class=\"_ _1\"></span>ano pari a Euro 56<span class=\"_ _1\"></span>.73<span class=\"_ _0\"></span>3 migliaia. Le altre so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo, co<span class=\"_ _1\"></span>n azio<span class=\"_ _1\"></span>nisti t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zi di minor<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>a, nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, non hann<span class=\"_ _1\"></span>o delib<span class=\"_ _1\"></span>erato e<span class=\"_ _1\"></span>/o pagato dividendi.40. P<span class=\"_ _5\"></span>agamenti basati su azioni L<span class=\"_ _6\"></span>\u2019asse<span class=\"_ _1\"></span>mblea d<span class=\"_ _1\"></span>egli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l 1<span class=\"_ _4\"></span>4 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1 in se<span class=\"_ _1\"></span>de ordinaria ha approv<span class=\"_ _1\"></span>ato due piani di ince<span class=\"_ _1\"></span>ntiva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a favo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>atore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>e Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e, Marco G<span class=\"_ _1\"></span>obb<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i, nonch\u00e9 di e<span class=\"_ _1\"></span>ventuali ulte<span class=\"_ _1\"></span>riori b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari del Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo ch<span class=\"_ _1\"></span>e potrann<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re in futuro indi<span class=\"_ _1\"></span>viduati dal C<span class=\"_ _1\"></span>onsig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione: il pian<span class=\"_ _1\"></span>o \u201c<span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award</span><span class=\"ls0 ws0\"> </span>2022-<span class=\"_ _4\"></span>2026\u201d e il \u201c<span class=\"_ _1\"></span>Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>\u201d<span class=\"_ _0\"></span>. T<span class=\"_ _4\"></span>ali piani hanno avuto av<span class=\"_ _2\"></span>vio p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>Ammini<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>le in data 1\u00b0 gennaio 2022. Per mag<span class=\"_ _2\"></span>giori informa<span class=\"_ _1\"></span>zioni circ<span class=\"_ _1\"></span>a i pred<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i piani di incenti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>i veda il par<span class=\"_ _1\"></span>agrafo \u201cFat<span class=\"_ _1\"></span>ti di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>lla Rela<span class=\"_ _1\"></span>zione F<span class=\"_ _1\"></span>inanziaria Annual<span class=\"_ _1\"></span>e al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 e l\u2019apposit<span class=\"_ _1\"></span>a docume<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>va all<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, dis<span class=\"_ _1\"></span>ponibile s<span class=\"_ _1\"></span>ul sito <span class=\"ff79 lsd ws75\">internet</span> della So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 <span class=\"ff79 ls9 ws8\">htt<span class=\"_ _1\"></span>ps:<span class=\"_ _1\"></span>/<span class=\"_ _4\"></span>/group.ferragamo.com/it<span class=\"ff71 ls4 ws123\">, se<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>zione <span class=\"ff79 ls3a wsa\">Gove<span class=\"_ _1\"></span>rnance<span class=\"_ _1\"></span></span><span class=\"ls4 ws0\">/<span class=\"_ _0\"></span>As<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>emble<span class=\"_ _1\"></span>a deg<span class=\"_ _1\"></span>li azio<span class=\"_ _1\"></span>nist<span class=\"_ _1\"></span>i 202<span class=\"_ _4\"></span>1/<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>4 dicembr<span class=\"_ _1\"></span>e.</span>Piano <span class=\"ff77\">Restr<span class=\"_ _4\"></span>icted Shares</span>a) Descrizione del pianoIl Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span></span>s \u00e8 volto a raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito del compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo pacche<span class=\"_ _1\"></span>tto re<span class=\"_ _1\"></span>tributi<span class=\"_ _1\"></span>vo dei b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari, l<span class=\"_ _1\"></span>\u2019al<span class=\"ls0 ws0\">-</span>lineame<span class=\"_ _1\"></span>nto di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i con tut<span class=\"_ _1\"></span>ti gli <span class=\"ff79 ls2e wsb2\">stakeho<span class=\"_ _0\"></span>lder<span class=\"ff71 ls4 ws88\"> del Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo, favore<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>ne in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare moti<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione e </span></span>f<span class=\"_ _1\"></span>ideli<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne alla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 e al Grupp<span class=\"_ _1\"></span>o Fer<span class=\"_ _1\"></span>ragamo.Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inatario de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>strict<span class=\"_ _1\"></span>ed Share<span class=\"_ _1\"></span>s</span><span class=\"lsb ws1a3\"> \u00e8 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>Amministratore Delegato e Di<span class=\"_ _0\"></span>rettore </span>Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0. Il C<span class=\"_ _1\"></span>onsigli<span class=\"_ _1\"></span>o di Amminis<span class=\"_ _1\"></span>traz<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>otr\u00e0 indi<span class=\"_ _1\"></span>viduare ult<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>ri be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari, a pro<span class=\"_ _1\"></span>prio ins<span class=\"_ _1\"></span>indac<span class=\"_ _1\"></span>abile giudizi<span class=\"_ _1\"></span>o, tra i <span class=\"ff79 ls47 ws9\">manager</span> che r<span class=\"_ _1\"></span>icopro<span class=\"_ _1\"></span>no e ricop<span class=\"_ _1\"></span>riranno il ru<span class=\"_ _1\"></span>olo di amminis<span class=\"_ _1\"></span>tratori, dip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>/o collaborator<span class=\"_ _1\"></span>i della S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 e di controllate<span class=\"_ _1\"></span>.Oggetto del Piano \u00c8 prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o che ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>ia ass<span class=\"_ _1\"></span>egnato, all<span class=\"_ _2\"></span>\u2019inizio di og<span class=\"_ _1\"></span>ni anno, il diritto di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re, gr<span class=\"_ _1\"></span>atuitame<span class=\"_ _1\"></span>nte, un nume<span class=\"_ _1\"></span>ro di <span class=\"ff79 ls38 ws8b\">Re<span class=\"ls0 ws0\">-</span></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s <span class=\"ff71\">corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>nte ad un controv<span class=\"_ _1\"></span>alore mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ario det<span class=\"_ _1\"></span>erminato dai comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nti org<span class=\"_ _1\"></span>ani so<span class=\"_ _1\"></span>ciali e divid<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o </span>tale c<span class=\"_ _1\"></span>ontrovalo<span class=\"_ _1\"></span>re mone<span class=\"_ _1\"></span>tario p<span class=\"_ _1\"></span>er il v<span class=\"_ _1\"></span>alore me<span class=\"_ _1\"></span>dio de<span class=\"_ _1\"></span>lle az<span class=\"_ _1\"></span>ioni (p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ale inte<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndos<span class=\"_ _1\"></span>i la media d<span class=\"_ _1\"></span>ei pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciali delle azio<span class=\"_ _1\"></span>ni) nei 30 gio<span class=\"_ _1\"></span>rni prec<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>enti l<span class=\"_ _1\"></span>\u2019ass<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el dirit<span class=\"_ _1\"></span>to.Le azio<span class=\"_ _1\"></span>ni del Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span> s<span class=\"_ _1\"></span>aranno po<span class=\"_ _1\"></span>i attrib<span class=\"_ _1\"></span>uite al ter<span class=\"_ _1\"></span>mine di un per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o di 1<span class=\"_ _4\"></span>2 me<span class=\"_ _1\"></span>si dal gior<span class=\"_ _1\"></span>no dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gnazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l diritt<span class=\"_ _1\"></span>o, a condizi<span class=\"_ _1\"></span>one che:(<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)  <span class=\"_ _3\"></span>la Societ<span class=\"_ _1\"></span>\u00e0 abbia co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio di rife<span class=\"_ _1\"></span>rimento, i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi minimali (c.d. <span class=\"ff79 ls5f ws7\">und<span class=\"_ _1\"></span>erpin<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span><span class=\"ff71 ls48 wsd1\">):</span></span>a<span class=\"_ _0\"></span>)  <span class=\"_ _49\"></span>live<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>i ricav<span class=\"_ _1\"></span>i compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vi a CER (<span class=\"_ _0\"></span><span class=\"ff79\">current exchange rates<span class=\"ff71\">) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto e<span class=\"_ _1\"></span>quivale<span class=\"_ _1\"></span>nte ad alme<span class=\"_ _1\"></span>no </span></span>il 70% di quello d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte; e b<span class=\"_ _4\"></span>)  <span class=\"_ _49\"></span>live<span class=\"_ _1\"></span>llo del RO<span class=\"_ _1\"></span>IC de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo a R<span class=\"_ _1\"></span>ER (<span class=\"_ _0\"></span><span class=\"ff79\">repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xchange rates<span class=\"ff71 ls5 ws12a\">) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io di rife<span class=\"_ _1\"></span>riment<span class=\"_ _1\"></span>o supe<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>e </span></span>al W<span class=\"_ _0\"></span>ACC del Grupp<span class=\"_ _1\"></span>o;(2<span class=\"_ _0\"></span>) <span class=\"_ _0\"></span> <span class=\"_ _49\"></span>il rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di amministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o di lavoro e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o collabor<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re fra cia<span class=\"_ _1\"></span>scun Be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario e la S<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0, ov<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vero una Contro<span class=\"_ _1\"></span>llata, sia anc<span class=\"_ _1\"></span>ora in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla dat<span class=\"_ _1\"></span>a di attrib<span class=\"_ _1\"></span>uzio<span class=\"_ _1\"></span>ne.Una volta at<span class=\"_ _1\"></span>tribuit<span class=\"_ _1\"></span>e, le<span class=\"ff79\"> Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span> s<span class=\"_ _1\"></span>aranno s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d un vincol<span class=\"_ _1\"></span>o di intras<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 \u2013 cos<span class=\"_ _1\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"ff79 lsc9 wsa6\">l<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k-<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span></span> - di 1<span class=\"_ _0\"></span>2 mes<span class=\"_ _1\"></span>i, a far te<span class=\"_ _1\"></span>mpo dalla data di at<span class=\"_ _1\"></span>tribu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>ttr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne gratuit<span class=\"_ _1\"></span>a di az<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cuz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Piano av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rr\u00e0 impie<span class=\"_ _1\"></span>gand<span class=\"_ _1\"></span>o azio<span class=\"_ _1\"></span>ni proprie r<span class=\"_ _1\"></span>ivenie<span class=\"_ _1\"></span>nti da acquis<span class=\"_ _1\"></span>ti autor<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, ai se<span class=\"_ _1\"></span>nsi d<span class=\"_ _1\"></span>egli ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t. 2<span class=\"_ _1\"></span>357 e 235<span class=\"_ _0\"></span>7<span class=\"_ _4\"></span>-t<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>dice Civ<span class=\"_ _1\"></span>ile, e<span class=\"_ _1\"></span>/o da eventuali appos<span class=\"_ _1\"></span>iti aumenti di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 2349, comma 1, del Codice C<span class=\"_ _1\"></span>ivil<span class=\"_ _1\"></span>e. Il Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span><span class=\"ls8 ws7\"> de<span class=\"_ _1\"></span>ve considerarsi previsto a tempo indeterminato.</span>All<span class=\"_ _1\"></span>\u2019Amministrato<span class=\"_ _1\"></span>re De<span class=\"_ _1\"></span>leg<span class=\"_ _1\"></span>ato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale<span class=\"_ _1\"></span>, Marco Go<span class=\"_ _1\"></span>bbet<span class=\"_ _1\"></span>ti, ve<span class=\"_ _1\"></span>rr\u00e0 annualme<span class=\"_ _1\"></span>nte as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nato, all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io di ciascun anno del Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares<span class=\"_ _1\"></span></span>, il diritt<span class=\"_ _1\"></span>o di maturare, g<span class=\"_ _1\"></span>ratuitam<span class=\"_ _1\"></span>ente, un num<span class=\"_ _1\"></span>ero di <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span><span class=\"lsd wsae\"> corrisp<span class=\"_ _1\"></span>ondente </span>ad un controv<span class=\"_ _1\"></span>alore mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ario pari a<span class=\"_ _1\"></span>d Euro 2.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0. Per il p<span class=\"_ _1\"></span>rimo e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio che s<span class=\"_ _1\"></span>i \u00e8 chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"ls0 ws0\">-</span>tribuzione delle<span class=\"_ _0\"></span><span class=\"ff79 ls4 ws0\"> Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s<span class=\"ff71\"> av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rr\u00e0 a pre<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>indere dal r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>gli obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi minimali (<span class=\"_ _0\"></span>c.d<span class=\"_ _1\"></span>. <span class=\"ff79 ls5f ws7\">unde<span class=\"_ _1\"></span>rpins</span><span class=\"ls0\">). </span></span></span>Il controval<span class=\"_ _1\"></span>ore mone<span class=\"_ _1\"></span>tari<span class=\"_ _1\"></span>o annuo prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r gli eve<span class=\"_ _1\"></span>ntuali ulterior<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>ar\u00e0 st<span class=\"_ _1\"></span>abilito t<span class=\"_ _1\"></span>empo p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>empo dai compe<span class=\"_ _1\"></span>tenti o<span class=\"_ _1\"></span>rgani de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0.L<span class=\"_ _6\"></span>\u2019inc<span class=\"_ _1\"></span>entivo o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span> s<span class=\"_ _1\"></span>ar\u00e0 s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to ai me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismi di cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>zione <span class=\"ff79\">e<span class=\"_ _1\"></span>x p<span class=\"_ _1\"></span>ost</span><span class=\"lsb ws6a\"> previs<span class=\"_ _1\"></span>ti dalle<span class=\"_ _0\"></span> po<span class=\"ls0 ws0\">-</span></span>litiche di re<span class=\"_ _1\"></span>munera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 (iv<span class=\"_ _1\"></span>i inclus<span class=\"_ _1\"></span>e le claus<span class=\"_ _1\"></span>ole di <span class=\"ff79 ws3c\">claw</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span></span><span class=\"ff79 ws3c\">back</span>, limit<span class=\"_ _1\"></span>ate a eventuali co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>te imput<span class=\"_ _1\"></span>abili ai ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciari a tito<span class=\"_ _1\"></span>lo di dol<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>).Movimentazione nel periodo del numer<span class=\"_ _0\"></span>o dei diritti assegnati a rice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e azioni*(<span class=\"_ _2\"></span>i)<span class=\"_ _1a9\"> </span>In circ<span class=\"_ _0\"></span>olazione all\u2019inizio dell\u2019esercizio<span class=\"_ _2e2\"> </span>-(<span class=\"_ _2\"></span>ii)<span class=\"_ _74\"> </span>Assegnati nel periodo<span class=\"_ _2e3\"> </span>114.766(<span class=\"_ _2\"></span>iii)<span class=\"_ _18a\"> </span>Annullati nel periodo<span class=\"_ _2e4\"> </span>-(<span class=\"_ _2\"></span>iv)<span class=\"_ _18a\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _13\"> </span>-</span>(v)<span class=\"_ _ca\"> </span>Scaduti nel periodo<span class=\"_ _2e5\"> </span>-(vi)<span class=\"_ _210\"> </span>In cir<span class=\"_ _0\"></span>colazione a fine periodo<span class=\"_ _196\"> </span>114.766(vii)<span class=\"_ _14\"> </span>Esercitabili a fine periodo<span class=\"_ _2e6\"> </span>114.766* il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _0\"></span>ato in quanto si tratta di un piano c<span class=\"_ _0\"></span>on assegnazione gr<span class=\"_ _0\"></span>atuita di azioni.b) Movimentazione della Riserv<span class=\"_ _0\"></span>a di <span class=\"ff77\">stock gr<span class=\"_ _0\"></span>ant</span>31 dicembr<span class=\"_ _0\"></span>e 2022Fair v<span class=\"_ _4\"></span>alue Numero(<span class=\"_ _2\"></span>in migliaia di Eur<span class=\"_ _0\"></span>o)Diritti a ric<span class=\"_ _4\"></span>evere azioni attribuiti all'Amministrator<span class=\"_ _0\"></span>e Delegato e Direttor<span class=\"_ _0\"></span>e Generale- ad inizio esercizio<span class=\"_ _2e7\"> </span>-<span class=\"_ _1f5\"> </span>-- assegnati durante l'eser<span class=\"_ _4\"></span>cizio<span class=\"_ _2e8\"> </span>114.766<span class=\"_ _239\"> </span>2.547- a fine periodo<span class=\"_ _191\"> </span>114.766<span class=\"_ _239\"> </span>2.547In data 1\u00b0 gennaio 2023 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>tratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e D<span class=\"_ _1\"></span>irett<span class=\"_ _1\"></span>ore Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale Marco G<span class=\"_ _1\"></span>obb<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i ha maturato il diritt<span class=\"_ _1\"></span>o a rice<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vere, a t<span class=\"_ _1\"></span>itolo g<span class=\"_ _1\"></span>ratuito, n. 1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.7<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>6 az<span class=\"_ _1\"></span>ioni della S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. (\u201c<span class=\"ff79\">Res<span class=\"_ _1\"></span>trict<span class=\"_ _1\"></span>ed Share<span class=\"_ _1\"></span>s</span> 2022<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) ass<span class=\"_ _1\"></span>egnate<span class=\"_ _1\"></span>gli il 1\u00b0 gennaio 2022 n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito ed in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cuzio<span class=\"_ _1\"></span>ne di quanto prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s</span>. Le <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws114\"> 202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>, </span>rinvenute p<span class=\"_ _1\"></span>er inte<span class=\"_ _1\"></span>ro dalla prov<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a di a<span class=\"_ _1\"></span>zioni prop<span class=\"_ _1\"></span>rie acqui<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate dalla Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rite sul conto tit<span class=\"_ _1\"></span>oli intes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminist<span class=\"_ _1\"></span>ratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e Dir<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span>re Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale nel m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di febb<span class=\"_ _1\"></span>raio 2023, ferm<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>do che le s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d un vinco<span class=\"_ _1\"></span>lo di intras<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>c.<span class=\"_ _1\"></span>d. <span class=\"ff79\">lock up</span>) di 1<span class=\"_ _6\"></span>2 (dodici) me<span class=\"_ _1\"></span>si. c) Modalit\u00e0 di determinazione del <span class=\"ff77\">fair v<span class=\"_ _4\"></span>al<span class=\"_ _1\"></span>ue</span>Il <span class=\"ff79 ls4 ws97\">fair v<span class=\"_ _0\"></span>alue <span class=\"ff71\">del Piano </span>Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares<span class=\"ff71\"> \u00e8 s<span class=\"_ _1\"></span>tato d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato come il </span>fair value<span class=\"ff71 ls8 ws99\"> delle azioni al<span class=\"_ _0\"></span> momento dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ssegnazio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>ne, s<span class=\"_ _1\"></span>contat<span class=\"_ _1\"></span>o dei div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi att<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>. Le ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni per la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s</span><span class=\"lsb ws39\"> per l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Ammin<span class=\"_ _0\"></span>istratore Delegato e Di<span class=\"_ _0\"></span>rettore </span>generale sono le seguenti<span class=\"_ _0\"></span>:Data di assegnazione<span class=\"_ _30\"> </span>01/01<span class=\"_ _0\"></span>/2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alla data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _2e9\"> </span>22,53Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Fair<span class=\"ff74\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff74\"> per azione alla data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _232\"> </span>22,19</span>Piano <span class=\"ff77\">Special A<span class=\"_ _0\"></span>war<span class=\"_ _4\"></span>d<span class=\"ff74\"> 2022 - 2026</span></span>a) Descrizione del pianoIl Piano <span class=\"ff79\">Special Award</span> \u00e8 volto a raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019allineamento di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si tra il <span class=\"ff79 ls47 ws133\">to<span class=\"_ _1\"></span>p management</span> e tut<span class=\"_ _1\"></span>ti gli <span class=\"ff79 ls2e wsb2\">stakeh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws81\"> de<span class=\"_ _1\"></span>l </span></span>Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo in un<span class=\"_ _1\"></span>\u2019ottica di cre<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re, ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>ando i b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ciari a rag<span class=\"_ _1\"></span>giunge<span class=\"_ _1\"></span>re gli obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di me<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dio<span class=\"_ _1\"></span>-lungo ter<span class=\"_ _1\"></span>mine della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0, ch<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o rifl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si anch<span class=\"_ _1\"></span>e nel pian<span class=\"_ _1\"></span>o str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span>o, e favoren<span class=\"_ _1\"></span>done altr<span class=\"_ _1\"></span>es\u00ec la <span class=\"ff79 lsd ws75\">retention</span><span class=\"ls0\">. </span>In consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e ai f<span class=\"_ _1\"></span>ini del p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guime<span class=\"_ _1\"></span>nto di tali ob<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i, il Piano <span class=\"ff79\">Special Award</span> preve<span class=\"_ _1\"></span>de un unico cicl<span class=\"_ _1\"></span>o sot<span class=\"_ _1\"></span>topo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o a un per<span class=\"_ _1\"></span>iodo di <span class=\"ff79 ls2c ws9d\">p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>formance</span> quinquennale<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e arco temp<span class=\"_ _1\"></span>oral<span class=\"_ _1\"></span>e appare id<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>o, per<span class=\"_ _1\"></span>altro, al cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uimento de<span class=\"_ _1\"></span>i sud<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>det<span class=\"_ _1\"></span>ti obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di lungo te<span class=\"_ _1\"></span>rmine pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uiti con il Piano <span class=\"ff79 ws3c\">Sp<span class=\"_ _1\"></span>ecial</span><span class=\"ls0\"> <span class=\"ff79 ls5 ws4\">Award</span>.</span>Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inatario de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award</span><span class=\"lsb wsd6\"> \u00e8 l\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mmini<span class=\"_ _0\"></span>stratore Delegato e Dir<span class=\"_ _0\"></span>ettore Gene<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span>rale de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0. Il Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e potr<span class=\"_ _1\"></span>\u00e0 indiv<span class=\"_ _1\"></span>iduare ulte<span class=\"_ _1\"></span>riori b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari (<span class=\"_ _4\"></span>all<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>el Piano ov<span class=\"_ _2\"></span>vero durante il Perio<span class=\"_ _1\"></span>do di <span class=\"ff79 ls7e ws133\">Ve<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span></span>, con app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, in tal c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o, di un parametro p<span class=\"_ _1\"></span>ro rata <span class=\"ff79 ls3a wsa\">t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>oris</span><span class=\"lsb ws124\"> che riproporzioni lo<span class=\"_ _0\"></span> </span>Spe<span class=\"_ _1\"></span>cial Award Bonus<span class=\"ff71\"> tene<span class=\"_ _1\"></span>ndo co<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>iva p<span class=\"_ _1\"></span>erman<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a in se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izio ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>el Perio<span class=\"_ _1\"></span>do di <span class=\"ff79 ls7e ws133\">Ve<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span></span>), a propri<span class=\"_ _1\"></span>o </span>insinda<span class=\"_ _1\"></span>cab<span class=\"_ _1\"></span>ile giudi<span class=\"_ _1\"></span>zio, tra i<span class=\"_ _1\"></span> <span class=\"ff79 ls47 ws9f\">top manager</span><span class=\"ls4 ws92\"> che rico<span class=\"_ _1\"></span>prono e ric<span class=\"_ _1\"></span>oprirann<span class=\"_ _1\"></span>o il ruolo di amminis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>ori, dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o colla<span class=\"ls0 ws0\">-</span></span>bor<span class=\"_ _1\"></span>atori de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 e di c<span class=\"_ _1\"></span>ontrollate<span class=\"_ _1\"></span>.Oggetto del Piano Il Piano <span class=\"ff79\">Special Award</span> preve<span class=\"_ _1\"></span>de l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eroga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di uno \u201c<span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award Bonus<span class=\"_ _2\"></span></span>\u201d in due <span class=\"ff79 ws3c\">tranche</span> risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente: (a<span class=\"_ _4\"></span>) alla f<span class=\"_ _1\"></span>ine del pr<span class=\"_ _1\"></span>imo trie<span class=\"_ _1\"></span>nnio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>), al rag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto del p<span class=\"_ _1\"></span>rimo obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo; e (b<span class=\"_ _0\"></span>) alla fin<span class=\"_ _1\"></span>e del b<span class=\"_ _1\"></span>iennio suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo (vale a dire al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2026), al raggiungim<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo, subordina<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte alla sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a tali date di un rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di amministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o di lavoro fra cias<span class=\"_ _1\"></span>cun Be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario e la Soc<span class=\"_ _1\"></span>iet\u00e0 ov<span class=\"_ _2\"></span>vero una Co<span class=\"_ _1\"></span>ntrollata, a s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>onda de<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so. L<span class=\"_ _6\"></span>\u2019eroga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dello \u201c<span class=\"_ _1\"></span><span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award Bonus<span class=\"_ _1\"></span></span>\u201d p<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>ntrambe l<span class=\"_ _1\"></span>e tranche<span class=\"ff71 ws0\"> sar<span class=\"_ _1\"></span>\u00e0 corris<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r il 50<span class=\"_ _1\"></span>% in denaro e p<span class=\"_ _1\"></span>er il re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante 50<span class=\"_ _1\"></span>% in az<span class=\"_ _1\"></span>ioni della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0.</span>Ciascuna<span class=\"_ _1\"></span> <span class=\"_ _1\"></span><span class=\"ff79 ls4 ws3c\">tranche<span class=\"ff71 wsa6\"> sar<span class=\"_ _1\"></span>\u00e0 pari ad un imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuale (<span class=\"_ _0\"></span>deter<span class=\"_ _1\"></span>minato dai compe<span class=\"_ _1\"></span>tenti or<span class=\"_ _1\"></span>gani de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 e, pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019Am<span class=\"ls0 ws0\">-</span></span></span>ministr<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>e Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e pari allo 0,<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>%) del valore m<span class=\"_ _1\"></span>edio di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 in un per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra i 3 me<span class=\"_ _1\"></span>si pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>d i 3 me<span class=\"_ _1\"></span>si suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vi alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>l primo t<span class=\"_ _1\"></span>riennio e d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ulterio<span class=\"_ _1\"></span>re biennio succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inizio d<span class=\"_ _1\"></span>el Rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to (il \u201c<span class=\"_ _2\"></span>Valore Medio<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>). Per la quota d<span class=\"_ _1\"></span>ello <span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award Bonus</span> che s<span class=\"_ _1\"></span>ar\u00e0 ero<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>a tramite l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attribu<span class=\"_ _1\"></span>zione g<span class=\"_ _1\"></span>ratuita di a<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sar<span class=\"_ _1\"></span>anno impieg<span class=\"_ _1\"></span>ate azio<span class=\"_ _1\"></span>ni propri<span class=\"_ _1\"></span>e rive<span class=\"_ _1\"></span>nienti da acqui<span class=\"_ _1\"></span>sti aut<span class=\"_ _1\"></span>oriz<span class=\"_ _2\"></span>zati dall<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, ai s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>i degli ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. 2357 e 235<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>-ter de<span class=\"_ _1\"></span>l Codi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ce Civ<span class=\"_ _1\"></span>ile, e<span class=\"_ _1\"></span>/o da eventuali appos<span class=\"_ _1\"></span>iti aume<span class=\"_ _1\"></span>nti di capit<span class=\"_ _1\"></span>ale ai s<span class=\"_ _1\"></span>ensi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 2349 c<span class=\"_ _1\"></span>omma 1 del C<span class=\"_ _1\"></span>odic<span class=\"_ _1\"></span>e Civil<span class=\"_ _1\"></span>e. Le azio<span class=\"_ _1\"></span>ni attribuit<span class=\"_ _1\"></span>e ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>aranno s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad un v<span class=\"_ _1\"></span>incolo di intr<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>c.d. <span class=\"ff79 lsc9 wsa6\">l<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>k-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p</span>) di 3 m<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019inc<span class=\"_ _1\"></span>entivo o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Piano sar\u00e0 s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to ai me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismi di cor<span class=\"_ _1\"></span>rez<span class=\"_ _1\"></span>ione <span class=\"ff79\">e<span class=\"_ _1\"></span>x p<span class=\"_ _1\"></span>ost</span> pr<span class=\"_ _1\"></span>evis<span class=\"_ _1\"></span>ti dalle p<span class=\"_ _1\"></span>olitich<span class=\"_ _1\"></span>e di remune<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 (ivi in<span class=\"_ _1\"></span>cluse l<span class=\"_ _1\"></span>e clauso<span class=\"_ _1\"></span>le di <span class=\"ff79 ws3c\">claw</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span></span><span class=\"ff79 ws3c\">b<span class=\"_ _1\"></span>ack</span>, limitate a e<span class=\"_ _1\"></span>ventuali con<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>te imput<span class=\"_ _1\"></span>abili ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari a tit<span class=\"_ _1\"></span>olo d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o)<span class=\"_ _1\"></span>.b) Movimentazione della Riserv<span class=\"_ _0\"></span>a di <span class=\"ff77\">stock gr<span class=\"_ _0\"></span>ant<span class=\"ff74\"> e c<span class=\"_ _0\"></span>osto del piano</span></span>31 dicembr<span class=\"_ _0\"></span>e 2022Fair v<span class=\"_ _4\"></span>alue (<span class=\"_ _2\"></span>in migliaia di Eur<span class=\"_ _0\"></span>o)Diritti a ric<span class=\"_ _4\"></span>evere azioni attribuiti all'Amministrator<span class=\"_ _0\"></span>e Delegato e Direttor<span class=\"_ _0\"></span>e Generale- ad inizio esercizio<span class=\"_ _2eb\"> </span>-- assegnati durante l'eser<span class=\"_ _4\"></span>cizio<span class=\"_ _28e\"> </span>2.576- a fine periodo<span class=\"_ _2ea\"> </span>2.576(In migliaia di Euro)<span class=\"_ _2ec\"> </span>2022C<span class=\"_ _0\"></span>osto delle transazioni con pagamento basato su azioni (pagamento in azioni)<span class=\"_ _90\"> </span>2.576C<span class=\"_ _0\"></span>osto delle transazioni con pagamento basato su azioni (pagamento per cassa)<span class=\"_ _1b1\"> </span>1.462c) Modalit\u00e0 di determinazione del <span class=\"ff77\">fair v<span class=\"_ _4\"></span>al<span class=\"_ _1\"></span>ue</span>Cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismo di a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to, la valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one riguarda il <span class=\"ff79 ls66 ws127\">fa<span class=\"_ _1\"></span>ir</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls4a ws73\">val<span class=\"_ _1\"></span>ue</span></span> tot<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>l piano che \u00e8 influe<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>ato dal grad<span class=\"_ _1\"></span>o di rag<span class=\"_ _1\"></span>giungim<span class=\"_ _1\"></span>ento di obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi di <span class=\"ff79 ls2c ws9d\">p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>formance</span> legati alla val<span class=\"_ _1\"></span>oriz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l tito<span class=\"_ _1\"></span>lo della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0; per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile si t<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>a di obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vi co<span class=\"_ _1\"></span>sidd<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i \u201c<span class=\"ff79 ls8c ws11f\">marke<span class=\"_ _1\"></span>t</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls44 wsf1\">base<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span></span></span>\u201d<span class=\"_ _4\"></span>. La s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls66 ws127\">fair</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff79 ls4a ws73\">value<span class=\"_ _1\"></span></span><span class=\"ls67 ws115\"> \u00e8 sta<span class=\"_ _4\"></span>ta </span></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uata utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o la simulazi<span class=\"_ _1\"></span>one st<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span>ica c<span class=\"_ _1\"></span>on il Meto<span class=\"_ _1\"></span>do Mo<span class=\"_ _1\"></span>nte Carlo ch<span class=\"_ _1\"></span>e, sulla ba<span class=\"_ _1\"></span>se di opp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tune ip<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>si, ha cons<span class=\"_ _1\"></span>entito di d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire un cons<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte numero di s<span class=\"_ _1\"></span>cenar<span class=\"_ _1\"></span>i alternati<span class=\"_ _1\"></span>vi n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019arco tempor<span class=\"_ _1\"></span>ale con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato. In par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare, in ogni sc<span class=\"_ _1\"></span>enario la pro<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>zione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019azione \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dal valo<span class=\"_ _1\"></span>re iniziale<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o un moto geometrico Browniano.Di se<span class=\"_ _1\"></span>guito le p<span class=\"_ _1\"></span>rincipali as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>er la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award</span> per l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>trato<span class=\"_ _1\"></span>re Del<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ato e Diret<span class=\"ls0 ws0\">-</span>tore ge<span class=\"_ _1\"></span>neral<span class=\"_ _1\"></span>e alla data di as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnaz<span class=\"_ _1\"></span>ione e alla dat<span class=\"_ _1\"></span>a del 31 dicembre 2022, p<span class=\"_ _1\"></span>er la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla <span class=\"ff79 ws3c\">tranche</span> che pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e il pagame<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Il <span class=\"ff79\">fair value </span><span class=\"ws3c\">della <span class=\"_ _1\"></span><span class=\"ff79\">t<span class=\"_ _1\"></span>ranche</span></span> che preve<span class=\"_ _1\"></span>de il pag<span class=\"_ _1\"></span>amento p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa dov<span class=\"_ _1\"></span>r\u00e0 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutato a<span class=\"_ _1\"></span>d ogni data di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ting</span><span class=\"ls0 ws0\">.</span>V<span class=\"_ _0\"></span>alutazione all'assegnazione<span class=\"_ _257\"> </span>1\u00b0 gennaio 2022Data di assegnazione<span class=\"_ _25e\"> </span>1 gennaio 2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alle data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _2e9\"> </span>22,53Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Volatilit<span class=\"_ _0\"></span>\u00e0 attesa*<span class=\"_ _2ed\"> </span>34%T<span class=\"_ _4\"></span>asso di uscita <span class=\"_ _2ee\"> </span>0%T<span class=\"_ _4\"></span>asso di rendimento delle azioni Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Ferr<span class=\"_ _4\"></span>agamo S.p.A<span class=\"_ _1\"></span>.**<span class=\"_ _2ef\"> </span>(0,07%)V<span class=\"_ _0\"></span>alutazione alla data di <span class=\"ff78\">repor<span class=\"_ _0\"></span>ting<span class=\"_ _2c1\"> </span><span class=\"ff76\">31 dic<span class=\"_ _0\"></span>embre 2022</span></span>Data di assegnazione<span class=\"_ _25e\"> </span>1 gennaio 2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alla data di repor<span class=\"_ _0\"></span>ting<span class=\"ff74\"> (Euro)<span class=\"_ _2f0\"> </span>16,49</span>Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Volatilit<span class=\"_ _0\"></span>\u00e0 attesa*<span class=\"_ _2ed\"> </span>39%T<span class=\"_ _4\"></span>asso di uscita <span class=\"_ _2ee\"> </span>0%T<span class=\"_ _4\"></span>asso di rendimento delle azioni Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Ferr<span class=\"_ _4\"></span>agamo S.p.A<span class=\"_ _1\"></span>.**<span class=\"_ _2f1\"> </span>3,27%* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _0\"></span>alcolata in riferimento all<span class=\"_ _0\"></span>a data di valutazione.** Media dei tassi <span class=\"ff79\">interest r<span class=\"_ _0\"></span>ate swap<span class=\"ff71\"> alla data di v<span class=\"_ _0\"></span>alutazione rispettiv<span class=\"_ _0\"></span>amente alle due scadenze dei tr<span class=\"_ _0\"></span>e anni e cinque anni.</span></span>41. Ac<span class=\"_ _4\"></span>cor<span class=\"_ _4\"></span>di <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span><span class=\"ff79 ls37 ws85\">Pu<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span></span><span class=\"ws0\"> e <span class=\"ff79 lsca ws151\">Ca<span class=\"_ _24\"></span>l<span class=\"_ _24\"></span>l<span class=\"_ _24\"></span></span> su Inter<span class=\"_ _0\"></span>essenze di Minor<span class=\"_ _6\"></span>anza</span>Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 cres<span class=\"_ _1\"></span>ciuto ne<span class=\"_ _1\"></span>gli ultimi anni prev<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r cres<span class=\"_ _1\"></span>cita inte<span class=\"_ _1\"></span>rna. In alcune ar<span class=\"_ _1\"></span>ee ge<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>graf<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>, in prev<span class=\"_ _1\"></span>alen<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>l contine<span class=\"_ _1\"></span>nte asiatic<span class=\"_ _1\"></span>o, ha realiz<span class=\"_ _2\"></span>zato la sua e<span class=\"_ _1\"></span>spans<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afi<span class=\"_ _1\"></span>ca anche t<span class=\"_ _1\"></span>ramite <span class=\"ff79 ls2e wsb2\">partnership<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\"> </span></span>con dis<span class=\"_ _1\"></span>tributo<span class=\"_ _1\"></span>ri loc<span class=\"_ _1\"></span>ali. In re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne a ques<span class=\"_ _1\"></span>te <span class=\"ff79 ls2e wsb2\">partnership<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws51\">, gli <span class=\"ff79\">Shareholde<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>\u2019 Agre<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt</span> regolan<span class=\"_ _1\"></span>o i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti tra i <span class=\"ff79 ls2e wsb2\">partner<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws0\">, </span></span></span>st<span class=\"_ _1\"></span>abilisc<span class=\"_ _1\"></span>ono le re<span class=\"_ _1\"></span>gole di <span class=\"ff79 ls47 ws9\">governance</span><span class=\"lsb ws121\"> e contengono a<span class=\"_ _0\"></span>lcune prevision<span class=\"_ _0\"></span>i di op<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span> <span class=\"ff79 ls3a wsa\">put</span><span class=\"ls4 wsb4\"> e di opzioni <span class=\"ff79 ws3c\">call</span><span class=\"ls8 ws130\"> che gli azionisti </span></span></span>pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are in ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te condi<span class=\"_ _1\"></span>zioni. Le soci<span class=\"_ _1\"></span>et\u00e0 c<span class=\"_ _1\"></span>ontrollate intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sate da t<span class=\"_ _1\"></span>ali tipo<span class=\"_ _1\"></span>logi<span class=\"_ _1\"></span>e di accordi s<span class=\"_ _1\"></span>ono Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K., F<span class=\"_ _1\"></span>errimag Limit<span class=\"_ _1\"></span>ed, F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Moda (Shanghai) Co. Ltd., e Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ret<span class=\"_ _1\"></span>ail Macau L<span class=\"_ _1\"></span>imited<span class=\"_ _1\"></span>. Si riep<span class=\"_ _1\"></span>ilogano di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito i det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li degli a<span class=\"_ _1\"></span>ccordi su inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>enze di min<span class=\"_ _1\"></span>oranz<span class=\"_ _1\"></span>a e gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lle opzioni ch<span class=\"_ _1\"></span>e hanno ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nerat<span class=\"_ _1\"></span>o una contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne sul bilancio c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2. Per quanto riguarda Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Japan K<span class=\"_ _1\"></span>.K<span class=\"_ _1\"></span>., lo <span class=\"ff79\">Sh<span class=\"_ _1\"></span>areholde<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>\u2019 Agre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent</span> preve<span class=\"_ _1\"></span>de la p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit\u00e0 ch<span class=\"_ _1\"></span>e i so<span class=\"_ _1\"></span>ci di minoran<span class=\"_ _1\"></span>za, che dete<span class=\"_ _1\"></span>ngono cumulati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, dal me<span class=\"_ _1\"></span>se di luglio 202<span class=\"_ _1\"></span>2, una quot<span class=\"_ _1\"></span>a del 10,87% (in pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a 29<span class=\"_ _1\"></span>%, p<span class=\"_ _1\"></span>er mag<span class=\"_ _2\"></span>giori det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ulla variazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ne in Fe<span class=\"_ _1\"></span>rragamo Jap<span class=\"_ _1\"></span>an K<span class=\"_ _1\"></span>.K<span class=\"_ _1\"></span>. si ve<span class=\"_ _1\"></span>da ne<span class=\"_ _1\"></span>lla Rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ulla ges<span class=\"_ _1\"></span>tione il p<span class=\"_ _1\"></span>aragra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>fo \u201cFatt<span class=\"_ _1\"></span>i di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>), poss<span class=\"_ _1\"></span>ano ce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re le prop<span class=\"_ _1\"></span>rie azi<span class=\"_ _1\"></span>oni alla Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., ad un pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>ualmente de<span class=\"_ _1\"></span>terminato in pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di do<span class=\"_ _1\"></span>cument<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e o in cas<span class=\"_ _1\"></span>o di modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca delle p<span class=\"_ _1\"></span>roprie s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gie di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento ne<span class=\"_ _1\"></span>l set<span class=\"_ _1\"></span>tore d<span class=\"_ _1\"></span>el lus<span class=\"_ _1\"></span>so. C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente a par<span class=\"_ _1\"></span>tir<span class=\"_ _1\"></span>e dal bilancio al 3<span class=\"_ _0\"></span>1 dicembre 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0 \u00e8 st<span class=\"_ _1\"></span>ata is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ta una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria colle<span class=\"_ _1\"></span>gata alla p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opzione <span class=\"ff79 ls3a wsa\">put</span> da par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e dei s<span class=\"_ _1\"></span>oci di minoran<span class=\"_ _1\"></span>za sulla quot<span class=\"_ _1\"></span>a di loro pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0; al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022<span class=\"_ _1\"></span>, 202<span class=\"_ _4\"></span>1 e 2020 la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 risult<span class=\"_ _1\"></span>ava nulla. Poich\u00e9 il G<span class=\"_ _1\"></span>ruppo Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo non ha rite<span class=\"_ _1\"></span>nuto di avere a<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici colle<span class=\"_ _1\"></span>gati a t<span class=\"_ _1\"></span>ale quot<span class=\"_ _1\"></span>a di capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, a ogni data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione eve<span class=\"_ _1\"></span>ntuali ade<span class=\"_ _1\"></span>guame<span class=\"_ _1\"></span>nti di valor<span class=\"_ _1\"></span>e della <span class=\"ff79 ls3a wsa\">put</span> ve<span class=\"_ _1\"></span>ngono ril<span class=\"_ _1\"></span>evati diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto.42. Infor<span class=\"_ _0\"></span>mativ<span class=\"_ _4\"></span>a di settor<span class=\"_ _0\"></span>eIl principio c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e IFRS 8 - S<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>enti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi ri<span class=\"_ _1\"></span>chied<span class=\"_ _1\"></span>e che siano fornit<span class=\"_ _1\"></span>e informazio<span class=\"_ _1\"></span>ni dett<span class=\"_ _1\"></span>agliate p<span class=\"_ _1\"></span>er og<span class=\"_ _1\"></span>ni seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vo, inteso c<span class=\"_ _1\"></span>ome una comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nte di un\u2019entit\u00e0 i cui r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ati ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vi so<span class=\"_ _1\"></span>no pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicame<span class=\"_ _1\"></span>nte riv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti dal <span class=\"ff79 ls38 ws8b\">top </span>management<span class=\"ff71 ls4 ws0\"> ai f<span class=\"_ _1\"></span>ini dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>adozione di d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ioni in mer<span class=\"_ _1\"></span>ito alle ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se da allo<span class=\"_ _1\"></span>care e de<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla <span class=\"ff79 ls2c ws9d\">per<span class=\"_ _1\"></span>formance</span><span class=\"ls0\">. </span></span>A livello ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tionale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019organiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo si ba<span class=\"_ _1\"></span>sa su una s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura a matr<span class=\"_ _1\"></span>ice, ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colata p<span class=\"_ _1\"></span>er canale dis<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>utivo, area ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica e c<span class=\"_ _1\"></span>ategor<span class=\"_ _1\"></span>ia merce<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>gica<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tanto no<span class=\"_ _1\"></span>n sono i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili se<span class=\"_ _1\"></span>gme<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>d il <span class=\"ff79 ls47 ws11f\">top managem<span class=\"_ _1\"></span>ent</span><span class=\"ls4 ws9f\"> rive<span class=\"_ _1\"></span>de i ris<span class=\"_ _1\"></span>ultati e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici a live<span class=\"_ _1\"></span>llo di Grupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo insie<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>. Quindi l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a </span>rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntat<span class=\"_ _1\"></span>a come un unic<span class=\"_ _1\"></span>o set<span class=\"_ _1\"></span>tore o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di informativ<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 8.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Rica<span class=\"_ _0\"></span>vi <span class=\"ff77\">Retail<span class=\"_ _257\"> </span></span>923.507 <span class=\"_ _79\"> </span>829.754 Rica<span class=\"_ _0\"></span>vi <span class=\"ff77\">Wholesale<span class=\"_ _1b7\"> </span></span>336.174 <span class=\"_ _79\"> </span>295.991 Vendite nette<span class=\"_ _2f2\"> </span>1.259.681 <span class=\"_ _146\"> </span>1.125.745 Effetto C<span class=\"_ _0\"></span>ash flow hedging<span class=\"ff74\"> sui Ricavi<span class=\"_ _10a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) </span>Lic<span class=\"_ _0\"></span>enze e prest<span class=\"_ _0\"></span>azioni<span class=\"_ _2f3\"> </span>14.890 <span class=\"_ _1f7\"> </span>7.746 Locazioni Immobiliari <span class=\"_ _2f3\"> </span>2.901 <span class=\"_ _1f7\"> </span>2.361 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _1dd\"> </span>1.251.808 <span class=\"_ _177\"> </span>1.135.520 di cui in Italia <span class=\"_ _59\"> </span>124.298 <span class=\"_ _79\"> </span>101.087 Margine Lor<span class=\"_ _4\"></span>do<span class=\"_ _2cd\"> </span>901.115 <span class=\"_ _e2\"> </span>780.944 Margine Lor<span class=\"_ _4\"></span>do % <span class=\"_ _2f4\"> </span>72,0% <span class=\"_ _229\"> </span>68,8%C<span class=\"_ _0\"></span>osti del personale<span class=\"_ _55\"> </span>(244.627<span class=\"_ _1\"></span>) <span class=\"_ _f3\"> </span>(198.006) C<span class=\"_ _0\"></span>osti per affitti<span class=\"_ _2f2\"> </span>(87.468)<span class=\"_ _21a\"> </span>(81.899)Ammortamenti e svalutazioni di attivit\u00e0 non c<span class=\"_ _4\"></span>orrenti<span class=\"_ _1d7\"> </span>(170.785)<span class=\"_ _27\"> </span>(160.852) C<span class=\"_ _0\"></span>osti per comunicazione <span class=\"_ _147\"> </span>(84.684)<span class=\"_ _ee\"> </span>(60.360)Altri costi (al netto degli altri pro<span class=\"_ _0\"></span>venti)<span class=\"_ _129\"> </span>(185.613)<span class=\"_ _32\"> </span>(136.347)Risultato oper<span class=\"_ _0\"></span>ativo <span class=\"_ _1bf\"> </span>127.938 <span class=\"_ _1cf\"> </span>143.480 (Oneri)/prov<span class=\"_ _0\"></span>enti finanziari netti<span class=\"_ _2c6\"> </span>(26.776) <span class=\"_ _1cf\"> </span>(20.862) Risultato prima delle imposte<span class=\"_ _2d5\"> </span>101.162 <span class=\"_ _1cf\"> </span>122.618 Imposte sul reddito<span class=\"_ _2f5\"> </span>(35.810)<span class=\"_ _ee\"> </span>(36.289)Risultato dall'attivit\u00e0 in funzionamento <span class=\"_ _2f6\"> </span>65.352 <span class=\"_ _26a\"> </span>86.329 Risultato netto da attivit\u00e0 oper<span class=\"_ _0\"></span>ativa c<span class=\"_ _0\"></span>essata, al netto degli effetti fiscali<span class=\"_ _2f7\"> </span>- <span class=\"_ _283\"> </span>(5.192)Risultato netto <span class=\"_ _2f8\"> </span>65.352 <span class=\"_ _26a\"> </span>81.137 EB<span class=\"_ _1\"></span>ITDA*<span class=\"_ _2e2\"> </span><span class=\"ls0 ws0\">298.900 <span class=\"_ _1cf\"> </span>304.529 </span>* P<span class=\"_ _0\"></span>er la definizione di EBITD<span class=\"_ _0\"></span>A si rimanda allo specifico par<span class=\"_ _4\"></span>agrafo della Relazione sulla gestione in merito agli indic<span class=\"_ _0\"></span>atori alternativi di <span class=\"ff79\">performanc<span class=\"_ _4\"></span>e<span class=\"ff71\">.</span></span>(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022 <span class=\"_ _16d\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021 Rimanenze e Diritti di rec<span class=\"_ _0\"></span>upero pr<span class=\"_ _0\"></span>odotti da clienti per resi<span class=\"_ _126\"> </span>281.026 <span class=\"_ _79\"> </span>279.790 Cr<span class=\"_ _0\"></span>editi commer<span class=\"_ _4\"></span>ciali<span class=\"_ _2f9\"> </span>94.490 <span class=\"_ _79\"> </span>112.670 Attivit\u00e0 materiali e In<span class=\"_ _4\"></span>vestimenti immobiliari<span class=\"_ _166\"> </span>219.311 <span class=\"_ _79\"> </span>217.077 Attivit\u00e0 per diritto d'uso<span class=\"_ _2e\"> </span>479.724 <span class=\"_ _79\"> </span>500.047 Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita e Avviamento<span class=\"_ _15e\"> </span>41.582 <span class=\"_ _171\"> </span>40.102 Altre attivit\u00e0<span class=\"_ _2fa\"> </span>202.548 <span class=\"_ _79\"> </span>186.977 T<span class=\"_ _4\"></span>otale attivit\u00e0 al lordo della liquidit\u00e0 e dei cr<span class=\"_ _0\"></span>editi finanziari corr<span class=\"_ _4\"></span>enti<span class=\"_ _7d\"> </span>1.318.681 <span class=\"_ _1ad\"> </span>1.336.663 Indebitamento finanziario netto<span class=\"_ _c\"> </span>204.074 <span class=\"_ _79\"> </span>224.483 Debiti commer<span class=\"_ _0\"></span>ciali e P<span class=\"_ _4\"></span>assivit\u00e0 per resi<span class=\"_ _ff\"> </span>184.116 <span class=\"_ _79\"> </span>193.102 Altre passivit\u00e0<span class=\"_ _2fb\"> </span>155.082 <span class=\"_ _79\"> </span>133.199 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto<span class=\"_ _2e9\"> </span>775.409 <span class=\"_ _128\"> </span>785.879 T<span class=\"_ _4\"></span>otale passivo e PN (al netto della liquidit\u00e0 e dei crediti finanziari c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti)<span class=\"_ _d7\"> </span>1.318.681 <span class=\"_ _1ad\"> </span>1.336.663 Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle informazi<span class=\"_ _1\"></span>oni richie<span class=\"_ _1\"></span>ste dall<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 8 si riman<span class=\"_ _1\"></span>da a quanto esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to nella Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er i det<span class=\"_ _1\"></span>tagli e<span class=\"_ _1\"></span>d i re<span class=\"_ _1\"></span>lativi c<span class=\"_ _1\"></span>ommenti s<span class=\"_ _1\"></span>ui ric<span class=\"_ _1\"></span>avi sud<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>r area ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afi<span class=\"_ _1\"></span>ca, c<span class=\"_ _1\"></span>anale dis<span class=\"_ _1\"></span>tributi<span class=\"_ _1\"></span>vo e cate<span class=\"_ _1\"></span>goria me<span class=\"_ _1\"></span>rceo<span class=\"_ _1\"></span>logi<span class=\"_ _1\"></span>ca. Di se<span class=\"_ _1\"></span>guito si r<span class=\"_ _1\"></span>ipor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano le informa<span class=\"_ _1\"></span>zioni rife<span class=\"_ _1\"></span>rite alle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nti (<span class=\"_ _0\"></span>con e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ali dif<span class=\"_ _1\"></span>ferite) allocate in b<span class=\"_ _1\"></span>ase alla lo<span class=\"_ _1\"></span>ro loc<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ograf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a.Eur<span class=\"_ _0\"></span>opa <span class=\"_ _3\"></span> Nord <span class=\"_ _3\"></span> Asia <span class=\"_ _3\"></span> C<span class=\"_ _0\"></span>entro <span class=\"_ _3\"></span> (In migliaia di Euro)<span class=\"_ _9d\"> </span>Italia(<span class=\"_ _1\"></span>esclusa Italia)America<span class=\"_ _d0\"> </span>GiapponeP<span class=\"_ _4\"></span>acificoSud America<span class=\"_ _1a0\"> </span><span class=\"ws0\">Consolidato</span>31 dicembr<span class=\"_ _0\"></span>e 2022 <span class=\"_ _285\"> </span>254.117 <span class=\"_ _80\"> </span>143.133 <span class=\"_ _80\"> </span>182.183 <span class=\"_ _b4\"> </span>6.871 <span class=\"_ _80\"> </span>159.386 <span class=\"_ _1da\"> </span>16.357 <span class=\"_ _80\"> </span>762.047 31 dicembr<span class=\"_ _0\"></span>e 2021 <span class=\"_ _285\"> </span>242.998 <span class=\"_ _80\"> </span>163.477 <span class=\"_ _80\"> </span>181.100 <span class=\"_ _1f6\"> </span>12.615 <span class=\"_ _80\"> </span>168.127 <span class=\"_ _1da\"> </span>10.300 <span class=\"_ _80\"> </span>778.617 43. Oper<span class=\"_ _4\"></span>azioni c<span class=\"_ _0\"></span>on parti c<span class=\"_ _4\"></span>orr<span class=\"_ _4\"></span>elateNel p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente par<span class=\"_ _1\"></span>agrafo son<span class=\"_ _1\"></span>o des<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ti i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n par<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>rrelate inte<span class=\"_ _1\"></span>rcor<span class=\"_ _1\"></span>si ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.31 dicembr<span class=\"_ _0\"></span>e 2022C<span class=\"_ _0\"></span>osto del vendutoAttivit\u00e0 e C<span class=\"_ _0\"></span>osti Operati<span class=\"_ _0\"></span>vi per (al netto degli Oneridiritto Cr<span class=\"_ _0\"></span>editi Al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reDebitiAl<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reP<span class=\"_ _4\"></span>assivit\u00e0Rica<span class=\"_ _0\"></span>vialtri proventi)finanziarid\u2019usocommer<span class=\"_ _0\"></span>cialiattivit\u00e0commer<span class=\"_ _0\"></span>cialipassivit\u00e0 per <span class=\"ff78\">leasing</span>Societ\u00e0 contr<span class=\"_ _0\"></span>ollanteFerr<span class=\"_ _4\"></span>agamo Finanziaria S.p.A<span class=\"_ _1\"></span>.<span class=\"_ _86\"> </span><span class=\"ws84\">57 <span class=\"_ _a4\"> </span>(79)<span class=\"_ _1\"></span> <span class=\"_ _a7\"> </span>(21) <span class=\"_ _1a8\"> </span>564<span class=\"_ _1\"></span> <span class=\"_ _26\"> </span>14<span class=\"_ _1\"></span> <span class=\"_ _1da\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _179\"> </span> - <span class=\"_ _1a1\"> </span></span>(19.106)<span class=\"_ _1\"></span> <span class=\"_ _1c5\"> </span>(598)<span class=\"_ _1\"></span> </span>(societ\u00e0 che esercita atti<span class=\"_ _0\"></span>vit\u00e0 di direzione e c<span class=\"_ _0\"></span>oordinamento su Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Fer<span class=\"_ _0\"></span>ragamo S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.)Societ\u00e0 cor<span class=\"_ _0\"></span>relateP<span class=\"_ _4\"></span>alazzo Feroni Finanziaria S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.<span class=\"_ _285\"> </span><span class=\"ws84\">32<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>(7.037<span class=\"_ _1\"></span>)<span class=\"_ _d0\"> </span>(1.506)<span class=\"_ _ce\"> </span>50.041<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span></span>2 <span class=\"_ _1da\"> </span><span class=\"ws5b\"> - <span class=\"_ _75\"> </span></span><span class=\"ws84\">(46)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _247\"> </span></span>(53.957)</span>Lungar<span class=\"_ _0\"></span>no Alberghi S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1cc\"> </span><span class=\"ws84\">15<span class=\"_ _1\"></span> <span class=\"_ _ac\"> </span>(2.186)<span class=\"_ _7f\"> </span>(647<span class=\"_ _1\"></span>)<span class=\"_ _ce\"> </span>15.913 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws0\">4 <span class=\"_ _1d9\"> </span><span class=\"ws5b\"> - <span class=\"_ _15d\"> </span></span></span>(43)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span>(17.832) </span>Fondazione Fer<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>amo <span class=\"_ _ae\"> </span><span class=\"ls0\">2 <span class=\"_ _101\"> </span></span>(191) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _75\"> </span></span>(50)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Societ\u00e0 riconducibili a membri del C<span class=\"_ _4\"></span>onsiglio di AmministrazioneDal Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _d7\"> </span>24<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>(52)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _2bb\"> </span></span>20 <span class=\"_ _1d9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _75\"> </span></span>(33<span class=\"_ _0\"></span>) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Bacc<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _27d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(2) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Car<span class=\"_ _0\"></span>etti &amp; Associati S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _2d7\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _27e\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Castiglion del Bosc<span class=\"_ _0\"></span>o S.a.r<span class=\"_ _4\"></span>.l.<span class=\"_ _96\"> </span>26<span class=\"_ _1\"></span> <span class=\"_ _79\"> </span>(3)<span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _fe\"> </span></span>(1)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Club Sw<span class=\"_ _0\"></span>an Racing S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _ae\"> </span>14 <span class=\"_ _2fc\"> </span>(34) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Club Sw<span class=\"_ _0\"></span>an <span class=\"_ _0\"></span>Y<span class=\"_ _4\"></span>achts S.r<span class=\"_ _0\"></span>.l.<span class=\"_ _172\"> </span>4 <span class=\"_ _171\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Il Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l. Societ\u00e0 agricola<span class=\"_ _60\"> </span>1 <span class=\"_ _27e\"> </span>5 <span class=\"_ _b9\"> </span><span class=\"ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span></span>6 <span class=\"_ _1da\"> </span><span class=\"ws5b\"> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b2\"> </span> - </span>Il Borr<span class=\"_ _0\"></span>o T<span class=\"_ _4\"></span>uscan Bistro S.r<span class=\"_ _4\"></span>.l. <span class=\"_ _2b2\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _e2\"> </span><span class=\"ls4f wsdd\">(7)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _26\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _1\"></span> <span class=\"_ _b5\"> </span></span> - <span class=\"_ _b9\"> </span> - </span>Rubino S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _53\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span><span class=\"ws84\">(39)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _84\"> </span></span>51 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">5 <span class=\"_ _fe\"> </span></span></span>(1)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a7\"> </span></span>(51)<span class=\"_ _1\"></span> </span>Windows on Italy S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _2d1\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(1) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">1 <span class=\"_ _1d9\"> </span></span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Sole Studio S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1d5\"> </span>1 <span class=\"_ _27e\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Vivia di Vivia F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo &amp; C. SAS <span class=\"_ _6f\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(97)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Halldis Italia S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _2fd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(12) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _26\"> </span><span class=\"lsc7 ws262\">(<span class=\"_ _1\"></span>3)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span></span> - <span class=\"_ _b2\"> </span> - </span>Harbour Cit<span class=\"_ _0\"></span>y Estates Limited <span class=\"_ _266\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(4.701) <span class=\"_ _77\"> </span>(172) <span class=\"_ _1c8\"> </span>12.759 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>740 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _1ae\"> </span></span>(13.916) </span>T<span class=\"_ _0\"></span>imes Square L<span class=\"_ _0\"></span>td. <span class=\"_ _2fe\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(458) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _75\"> </span></span>(68) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Harriman L<span class=\"_ _0\"></span>easing Limited<span class=\"_ _264\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span></span> - <span class=\"_ _13b\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1a8\"> </span></span>798<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Long Jin C<span class=\"_ _4\"></span>omplex Development<span class=\"_ _1\"></span> (Chengdu<span class=\"_ _0\"></span>) C<span class=\"_ _0\"></span>o. Ltd<span class=\"_ _2ff\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(2.265) <span class=\"_ _77\"> </span>(458) <span class=\"_ _1c8\"> </span>10.392<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>744<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b4\"> </span> - <span class=\"_ _1ae\"> </span></span>(11.201)<span class=\"_ _1\"></span> </span>Dalian T<span class=\"_ _4\"></span>imes Square Commer<span class=\"_ _4\"></span>cial Co.ltd <span class=\"_ _146\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(655) <span class=\"_ _a7\"> </span>(50)<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>862 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>189 <span class=\"_ _15d\"> </span>(39)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _77\"> </span></span>(979)<span class=\"_ _1\"></span> </span>P<span class=\"_ _0\"></span>edder Group L<span class=\"_ _0\"></span>imited<span class=\"_ _300\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _27e\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">3 <span class=\"_ _1d9\"> </span></span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>P<span class=\"_ _0\"></span>edder Vision Limited<span class=\"_ _1d3\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _27e\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>OIS Realty Limited <span class=\"_ _271\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(538)<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>(8) <span class=\"_ _1d4\"> </span>120 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>136 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(117) </span>Shanghai Wheelock square Development C<span class=\"_ _0\"></span>o. L<span class=\"_ _0\"></span>td.<span class=\"_ _2d1\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(772) <span class=\"_ _a7\"> </span>(16)<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>124 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>234 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _a7\"> </span></span>(91)<span class=\"_ _1\"></span> </span>Wharf IFS (Chengdu<span class=\"_ _4\"></span>) Propert<span class=\"_ _0\"></span>y Management Limited C<span class=\"_ _4\"></span>ompany <span class=\"_ _227\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(155)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b2\"> </span> - </span>Shanghai Harriman P<span class=\"_ _4\"></span>roperty Management C<span class=\"_ _0\"></span>o. L<span class=\"_ _0\"></span>td.<span class=\"_ _262\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(118) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _84\"> </span></span>29 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Chongquing Jiayi Real Estate Development C<span class=\"_ _0\"></span>o Ltd.<span class=\"_ _287\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(445) <span class=\"_ _1d0\"> </span>(23<span class=\"_ _4\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>1.214 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>214<span class=\"_ _1\"></span> <span class=\"_ _fe\"> </span>(1) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _16d\"> </span></span>(1.231) </span>Chengdu T<span class=\"_ _4\"></span>imes Outlet<span class=\"_ _1\"></span>s C<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>o., Ltd <span class=\"_ _301\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(209) <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span><span class=\"ws0\">4 <span class=\"_ _fe\"> </span></span>(4)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Altre parti c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>elate Massimo Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _1\"></span> <span class=\"_ _302\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(142) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _75\"> </span></span>(25) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Riccar<span class=\"_ _4\"></span>do Ferragamo<span class=\"_ _ad\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span><span class=\"ws84\">(44)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1f6\"> </span></span>(5) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - </span></span>Giovanna F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo<span class=\"_ _240\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(90) <span class=\"_ _b2\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Angiolo Anichini <span class=\"_ _dd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(225)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _208\"> </span></span>(75)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - </span></span>Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _0\"></span>ategicheAmministratori, Sindaci e Dirigenti con r<span class=\"_ _0\"></span>esponsabilit\u00e0 strategiche <span class=\"_ _13a\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _fe\"> </span></span><span class=\"ws84\">(23.606) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _cb\"> </span></span>(9.694)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - </span></span>T<span class=\"_ _4\"></span>otale<span class=\"_ _1\"></span> <span class=\"_ _279\"> </span>189 <span class=\"_ _e0\"> </span>(44.161) <span class=\"_ _1ac\"> </span>(2.901) <span class=\"_ _245\"> </span>92.040 <span class=\"_ _26\"> </span>50<span class=\"_ _1\"></span> 3.093 <span class=\"_ _5e\"> </span>(317<span class=\"_ _1\"></span>) <span class=\"_ _1cb\"> </span>(28.880) <span class=\"_ _ce\"> </span>(99.973) T<span class=\"_ _4\"></span>otale Gruppo<span class=\"_ _20c\"> </span><span class=\"ws84\">1.251.808 <span class=\"_ _208\"> </span>(1.123.870) <span class=\"_ _ce\"> </span>(78.703) <span class=\"_ _ca\"> </span>479.724 <span class=\"_ _1a8\"> </span>94.490<span class=\"_ _1\"></span> <span class=\"_ _245\"> </span>57.017 <span class=\"_ _1c6\"> </span>(174.016)<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>(94.963) <span class=\"_ _1ab\"> </span>(575.323) </span>% incidenza<span class=\"_ _242\"> </span><span class=\"ws84\">0,0%<span class=\"_ _146\"> </span>3,9%<span class=\"_ _82\"> </span>3,7%<span class=\"_ _1f9\"> </span>19,2% <span class=\"_ _a7\"> </span>0,1% <span class=\"_ _1c4\"> </span>5,4%<span class=\"_ _1\"></span> <span class=\"_ _a7\"> </span>0,2% <span class=\"_ _1f2\"> </span>30,4% <span class=\"_ _16b\"> </span>17,4% </span>31 dicembr<span class=\"_ _0\"></span>e 2021C<span class=\"_ _0\"></span>osto del vendutoAttivit\u00e0 e C<span class=\"_ _0\"></span>osti Operati<span class=\"_ _0\"></span>vi per (al netto degli Oneridiritto Cr<span class=\"_ _0\"></span>editi<span class=\"ls0 ws0\"> </span>Al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reDebitiAl<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reP<span class=\"_ _4\"></span>assivit\u00e0(In migliaia di Euro)<span class=\"_ _22c\"> </span><span class=\"ws84\">Ricavi</span>altri proventi)finanziarid\u2019usocommer<span class=\"_ _0\"></span>cialiattivit\u00e0commer<span class=\"_ _0\"></span>cialipassivit\u00e0 per <span class=\"ff78\">leasing</span>Societ\u00e0 contr<span class=\"_ _0\"></span>ollanteFerr<span class=\"_ _4\"></span>agamo Finanziaria S.p.A<span class=\"_ _1\"></span>.<span class=\"_ _1e9\"> </span><span class=\"ws84\">36<span class=\"_ _225\"> </span>(75)<span class=\"_ _1d9\"> </span>(23)<span class=\"_ _204\"> </span>593<span class=\"_ _61\"> </span>14<span class=\"_ _1ac\"> </span>2.567<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(622)</span>(societ\u00e0 che esercita atti<span class=\"_ _0\"></span>vit\u00e0 di direzione e c<span class=\"_ _0\"></span>oordinamento su Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Fer<span class=\"_ _0\"></span>ragamo S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.)Societ\u00e0 cor<span class=\"_ _0\"></span>relate sottoposte a c<span class=\"_ _0\"></span>omune contr<span class=\"_ _0\"></span>olloP<span class=\"_ _4\"></span>alazzo Feroni Finanziaria S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.<span class=\"_ _227\"> </span><span class=\"ws84\">30<span class=\"_ _179\"> </span>(5.899)<span class=\"_ _16b\"> </span>(1.535)<span class=\"_ _ce\"> </span>48.313<span class=\"_ _fa\"> </span></span><span class=\"ls0\">1<span class=\"_ _83\"> </span></span><span class=\"ws84\">70<span class=\"_ _1da\"> </span><span class=\"ls4f wsdd\">(77)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span></span>(51.066)</span>Lungar<span class=\"_ _0\"></span>no Alberghi S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _d3\"> </span><span class=\"ws84\">51<span class=\"_ _bf\"> </span>(1.935)<span class=\"_ _84\"> </span>(675)<span class=\"_ _ce\"> </span>17.185<span class=\"_ _119\"> </span><span class=\"ls0 ws0\">8<span class=\"_ _97\"> </span><span class=\"ws5b\"> - <span class=\"_ _25\"> </span></span></span>(4)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span>(18.888)</span>Fondazione Fer<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>amo<span class=\"_ _17f\"> </span><span class=\"ls0\">2<span class=\"_ _1ad\"> </span></span>(170)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1d0\"> </span></span>(50)<span class=\"_ _e0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Societ\u00e0 riconducibili a membri del C<span class=\"_ _4\"></span>onsiglio di AmministrazioneDal Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _17b\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(27<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _25\"> </span></span>(5)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Bacc<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _269\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _128\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _a9\"> </span></span> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">5<span class=\"_ _119\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _25\"> </span></span><span class=\"ws84\">(6)</span>Baia di Scarlino S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _181\"> </span>3<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span></span>3<span class=\"_ _97\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Car<span class=\"_ _0\"></span>etti &amp; Associati S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _23c\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(50)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Castiglion del Bosc<span class=\"_ _0\"></span>o S.a.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1bd\"> </span><span class=\"ls0\">7<span class=\"_ _225\"> </span></span>(18)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _25\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _6d\"> </span></span> - <span class=\"_ _b2\"> </span> - </span>Castiglion del Bosc<span class=\"_ _0\"></span>o Hotel S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _266\"> </span>9<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Il Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l. Societ\u00e0 agricola<span class=\"_ _28c\"> </span><span class=\"ls0\">6<span class=\"_ _21a\"> </span></span>(1)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">5<span class=\"_ _15d\"> </span></span> - <span class=\"_ _25\"> </span></span>(1)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Rubino S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _152\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _72\"> </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span><span class=\"ws0\">2<span class=\"_ _ab\"> </span></span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Nautor Sw<span class=\"_ _0\"></span>an S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1e0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(17)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Osteria del Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _2b7\"> </span>4<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Windows on Italy S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _302\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(4)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _25\"> </span></span>(4)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Prisma P<span class=\"_ _4\"></span>roperty In<span class=\"_ _0\"></span>vestment Management S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _244\"> </span>1<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Vivia di Vivia F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo &amp; C. SAS<span class=\"_ _227\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(179)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _303\"> </span></span>(20)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Harbour Cit<span class=\"_ _0\"></span>y Estates Limited<span class=\"_ _202\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(5.656)<span class=\"_ _84\"> </span>(193)<span class=\"_ _ce\"> </span>16.166<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>697<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _1ae\"> </span></span>(16.940)</span>Imaginex Management C<span class=\"_ _0\"></span>o. Ltd.<span class=\"_ _8a\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(2)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>T<span class=\"_ _0\"></span>imes Square L<span class=\"_ _0\"></span>td.<span class=\"_ _dd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(965)<span class=\"_ _ab\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span><span class=\"ws0\">2<span class=\"_ _1d9\"> </span></span>(50)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Harriman P<span class=\"_ _4\"></span>roperty Management Limited<span class=\"_ _65\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(1)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Harriman L<span class=\"_ _0\"></span>easing Limited<span class=\"_ _218\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span><span class=\"lsc7 ws262\">(<span class=\"_ _1\"></span>3)<span class=\"_ _a9\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d4\"> </span></span>752<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Long Jin C<span class=\"_ _4\"></span>omplex Development (Chengdu) C<span class=\"_ _0\"></span>o. Ltd<span class=\"_ _2a0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(2.399)<span class=\"_ _84\"> </span>(496)<span class=\"_ _ce\"> </span>12.636<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>761<span class=\"_ _1d9\"> </span>(10)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span>(13.199)</span>Dalian T<span class=\"_ _4\"></span>imes Square Commer<span class=\"_ _4\"></span>cial Co.ltd<span class=\"_ _1cf\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(604)<span class=\"_ _1d9\"> </span>(68)<span class=\"_ _1ac\"> </span>1.452<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>193<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _16d\"> </span></span>(1.614)</span>P<span class=\"_ _0\"></span>edder Group L<span class=\"_ _0\"></span>imited<span class=\"_ _161\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _72\"> </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">3<span class=\"_ _15d\"> </span></span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>P<span class=\"_ _0\"></span>edder Vision Limited<span class=\"_ _300\"> </span>31<span class=\"_ _299\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _2bb\"> </span></span>10<span class=\"_ _15d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b2\"> </span> - </span>OIS Realty Limited<span class=\"_ _2d4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(477)<span class=\"_ _1d9\"> </span>(17)<span class=\"_ _204\"> </span>543<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>128<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(546)</span>Shanghai Wheelock squar<span class=\"_ _0\"></span>e Development C<span class=\"_ _0\"></span>o. Ltd.<span class=\"_ _277\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(727)<span class=\"_ _1da\"> </span>(41)<span class=\"_ _204\"> </span>886<span class=\"_ _ea\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>239<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(911)</span>Wharf IFS (Chengdu<span class=\"_ _4\"></span>) Propert<span class=\"_ _0\"></span>y Management Limited C<span class=\"_ _4\"></span>ompany<span class=\"_ _dd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span><span class=\"ls4f wsdd\">(77)<span class=\"_ _ab\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Shanghai Harriman P<span class=\"_ _4\"></span>roperty Management C<span class=\"_ _0\"></span>o. Ltd.<span class=\"_ _277\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(111)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _84\"> </span></span>30<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Wharf (China) P<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y Management C<span class=\"_ _0\"></span>o. L<span class=\"_ _0\"></span>td - IFS Branch<span class=\"_ _64\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(54)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Chongquing Jiayi Real Estate Dev<span class=\"_ _0\"></span>elopment C<span class=\"_ _0\"></span>o Ltd.<span class=\"_ _2a0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(343)<span class=\"_ _1d9\"> </span>(13)<span class=\"_ _16a\"> </span>177<span class=\"_ _ea\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>111<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(195)</span>Chengdu T<span class=\"_ _4\"></span>imes Outlet<span class=\"_ _1\"></span>s C<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>o., Ltd<span class=\"_ _179\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(233)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">3<span class=\"_ _119\"> </span></span> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">4<span class=\"_ _1fb\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _16f\"> </span></span></span> - <span class=\"_ _25\"> </span><span class=\"lsc7 ws262\">(<span class=\"_ _1\"></span>3)</span></span>Altre parti c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>elate Massimo Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _243\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(127)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _303\"> </span></span>(33)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Riccar<span class=\"_ _4\"></span>do Ferragamo<span class=\"_ _db\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span><span class=\"ws84\">(30)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d0\"> </span></span>(2)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - </span></span>Federica Anichini<span class=\"_ _dc\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(49)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - Angiolo Anichini<span class=\"_ _2a4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(271)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _208\"> </span></span>(75)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - </span></span>Giuseppe Anichini<span class=\"_ _174\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(5)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _0\"></span>ategicheAmministratori, Sindaci e Dirigenti c<span class=\"_ _0\"></span>on responsabilit\u00e0 str<span class=\"_ _0\"></span>ategiche<span class=\"_ _1d1\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(7.372)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1f9\"> </span></span>(1.792)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - </span></span>T<span class=\"_ _4\"></span>otale<span class=\"_ _150\"> </span>180<span class=\"_ _2bb\"> </span>(27.884)<span class=\"_ _1ed\"> </span>(3.061)<span class=\"_ _c9\"> </span>97.959<span class=\"_ _1e2\"> </span>44<span class=\"_ _1c4\"> </span>5.556<span class=\"_ _7f\"> </span>(260)<span class=\"_ _cc\"> </span>(1.869)<span class=\"_ _1fd\"> </span>(103.990)T<span class=\"_ _4\"></span>otale Gruppo<span class=\"_ _140\"> </span><span class=\"ws84\">1.135.520<span class=\"_ _75\"> </span>(992.040)<span class=\"_ _1f9\"> </span>(50.514)<span class=\"_ _1ab\"> </span>500.047<span class=\"_ _1ed\"> </span>112.670<span class=\"_ _c9\"> </span>48.265<span class=\"_ _1a1\"> </span>(183.792)<span class=\"_ _8\"> </span>(58.929)<span class=\"_ _1fd\"> </span>(597.242)</span>% incidenza<span class=\"_ _2a4\"> </span><span class=\"ws84\">0,0%<span class=\"_ _146\"> </span>2,8%<span class=\"_ _82\"> </span>6,1%<span class=\"_ _cb\"> </span>19,6%<span class=\"_ _1d9\"> </span>0,0%<span class=\"_ _cb\"> </span>11,5%<span class=\"_ _82\"> </span>0,1%<span class=\"_ _209\"> </span>3,2%<span class=\"_ _5d\"> </span>17,4%</span>Le vendite e g<span class=\"_ _1\"></span>li acquis<span class=\"_ _1\"></span>ti tra p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti corr<span class=\"_ _1\"></span>elate so<span class=\"_ _1\"></span>no ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo n<span class=\"_ _1\"></span>ormalme<span class=\"_ _1\"></span>nte pratic<span class=\"_ _1\"></span>ato sul me<span class=\"_ _1\"></span>rcato. I s<span class=\"_ _1\"></span>aldi in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a f<span class=\"_ _1\"></span>ine pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do non s<span class=\"_ _1\"></span>ono as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i da garanz<span class=\"_ _1\"></span>ie, no<span class=\"_ _1\"></span>n gene<span class=\"_ _1\"></span>rano inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si e s<span class=\"_ _1\"></span>ono rego<span class=\"_ _1\"></span>lati a pronti. Si s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>nalano f<span class=\"_ _1\"></span>ideju<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>oni banc<span class=\"_ _1\"></span>arie rilas<span class=\"_ _1\"></span>ciate a favore di Palaz<span class=\"_ _2\"></span>zo Feroni Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>45 migliaia, a favore di Lungar<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>no Alb<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>hi S.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. pe<span class=\"_ _1\"></span>r Euro 48<span class=\"_ _1\"></span>8 migliaia ed a f<span class=\"_ _1\"></span>avore di Fer<span class=\"_ _1\"></span>ragamo Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A per Euro 23 mig<span class=\"_ _1\"></span>liaia, per ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to di immo<span class=\"_ _1\"></span>bili di loro prop<span class=\"_ _1\"></span>riet<span class=\"_ _1\"></span>\u00e0. No<span class=\"_ _1\"></span>n vi so<span class=\"_ _1\"></span>no ulter<span class=\"_ _1\"></span>iori gar<span class=\"_ _1\"></span>anzie<span class=\"_ _1\"></span>, pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate o rice<span class=\"_ _1\"></span>vute<span class=\"_ _1\"></span>, in rela<span class=\"_ _1\"></span>zione a cr<span class=\"_ _1\"></span>editi e d<span class=\"_ _1\"></span>ebiti con par<span class=\"_ _1\"></span>ti c<span class=\"_ _1\"></span>orrelat<span class=\"_ _1\"></span>e. Il Gr<span class=\"_ _1\"></span>uppo no<span class=\"_ _1\"></span>n ha accanto<span class=\"_ _1\"></span>nato alcun fondo s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e crediti a f<span class=\"_ _1\"></span>ronte de<span class=\"_ _1\"></span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i dovut<span class=\"_ _1\"></span>i dalle par<span class=\"_ _1\"></span>ti cor<span class=\"_ _1\"></span>relate<span class=\"_ _1\"></span>. In det<span class=\"_ _1\"></span>taglio:Societ\u00e0 c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>anteFer<span class=\"_ _4\"></span>ragamo F<span class=\"_ _0\"></span>inanziaria S.p.A<span class=\"_ _1\"></span>.Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito de<span class=\"_ _1\"></span>l cons<span class=\"_ _1\"></span>olidato f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale na<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e di cui la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 par<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ongiuntam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>te a Fer<span class=\"_ _1\"></span>ragamo Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. (<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 cons<span class=\"_ _1\"></span>olidante) si evid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia tra le A<span class=\"_ _1\"></span>ltre pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 cor<span class=\"_ _1\"></span>renti un ammont<span class=\"_ _1\"></span>are di Euro 1<span class=\"_ _4\"></span>9.<span class=\"_ _4\"></span>106 migliaia, quale de<span class=\"_ _1\"></span>bito p<span class=\"_ _1\"></span>er IRE<span class=\"_ _1\"></span>S de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>.. Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha inoltre in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re un contrat<span class=\"_ _1\"></span>to di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>n Ferr<span class=\"_ _1\"></span>agamo Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., relati<span class=\"_ _1\"></span>vo all<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di un c<span class=\"_ _1\"></span>apannon<span class=\"_ _1\"></span>e adiace<span class=\"_ _1\"></span>nte allo st<span class=\"_ _1\"></span>abilime<span class=\"_ _1\"></span>nto di Osmann<span class=\"_ _1\"></span>oro, che la so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o ha adibit<span class=\"_ _1\"></span>o a mo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>delle<span class=\"_ _1\"></span>ria pe<span class=\"_ _1\"></span>r lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o dei p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti in p<span class=\"_ _1\"></span>elle<span class=\"_ _1\"></span>. Rie<span class=\"_ _1\"></span>ntrando n<span class=\"_ _1\"></span>ell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, il contrat<span class=\"_ _1\"></span>to \u00e8 st<span class=\"_ _1\"></span>ato contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato con l<span class=\"_ _2\"></span>\u2019iscri<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>Att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso, ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata lungo la v<span class=\"_ _1\"></span>ita d<span class=\"_ _1\"></span>el contr<span class=\"_ _1\"></span>atto, in co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>a alla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ing</span><span class=\"ls0\">.</span>Societ\u00e0 c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>elate T<span class=\"_ _6\"></span>ali r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti riguardano p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ioni di natura com<span class=\"_ _1\"></span>merciale ch<span class=\"_ _1\"></span>e hanno avuto e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ui ricav<span class=\"_ _1\"></span>i, sui cos<span class=\"_ _1\"></span>ti ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i, sui cre<span class=\"_ _1\"></span>diti e de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali, sulle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso, sull<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> e sulle altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>contratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne; se rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6 sono co<span class=\"_ _1\"></span>ntabiliz<span class=\"_ _2\"></span>zati co<span class=\"_ _1\"></span>me prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal principi<span class=\"_ _1\"></span>o (<span class=\"_ _4\"></span>quin<span class=\"_ _1\"></span>di con l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span></span>, ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari), altrime<span class=\"_ _1\"></span>nti i can<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ni sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o linearm<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r la durat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>biti so<span class=\"_ _1\"></span>no inclus<span class=\"_ _1\"></span>i nei Deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali<span class=\"_ _0\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azioni di s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi<span class=\"_ _1\"></span>.Si se<span class=\"_ _1\"></span>gnalano in par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olare i se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti:P<span class=\"_ _6\"></span>alazzo Fer<span class=\"_ _4\"></span>oni Finanziaria S.p.A<span class=\"_ _1\"></span>.I ricav<span class=\"_ _1\"></span>i e i relati<span class=\"_ _1\"></span>vi cre<span class=\"_ _1\"></span>diti si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>cono pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte a pres<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni di ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i informatici e amminist<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i. Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>sti o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari sono in<span class=\"_ _1\"></span>erent<span class=\"_ _1\"></span>i principalme<span class=\"_ _1\"></span>nte ad af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itti p<span class=\"_ _1\"></span>er i l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ali della s<span class=\"_ _1\"></span>ede c<span class=\"_ _1\"></span>entral<span class=\"_ _1\"></span>e di Firenze e p<span class=\"_ _1\"></span>er al<span class=\"_ _1\"></span>cuni negozi de<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>na italiana, rie<span class=\"_ _1\"></span>ntranti p<span class=\"_ _1\"></span>er la mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>or par<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. L<span class=\"_ _0\"></span>ungarno A<span class=\"_ _0\"></span>lber<span class=\"_ _0\"></span>ghi <span class=\"_ _1\"></span>S.r<span class=\"_ _6\"></span>.l.I ricav<span class=\"_ _1\"></span>i (<span class=\"_ _0\"></span>e i relativ<span class=\"_ _1\"></span>i sal<span class=\"_ _1\"></span>di a credito) si riferis<span class=\"_ _1\"></span>cono a ve<span class=\"_ _1\"></span>ndite di pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti; le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritto d<span class=\"_ _2\"></span>\u2019uso, le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">, </span>i cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi e gli inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i si riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o principalm<span class=\"_ _1\"></span>ente ad un co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di un l<span class=\"_ _1\"></span>oca<span class=\"_ _1\"></span>le adibito a punto vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>na <span class=\"ff79 ws3c\">retail</span> it<span class=\"_ _1\"></span>aliana, rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito di applic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. Fondazione F<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo I cos<span class=\"_ _1\"></span>ti (<span class=\"_ _0\"></span>ed i re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i saldi a d<span class=\"_ _1\"></span>ebito) si riferis<span class=\"_ _1\"></span>cono p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _0\"></span>01 migliai<span class=\"_ _0\"></span>a ai ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>archi<span class=\"_ _1\"></span>vio sto<span class=\"_ _1\"></span>rico Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo (Euro 1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>0 migliaia nel 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>) e pe<span class=\"_ _1\"></span>r Euro 90 migliaia a e<span class=\"_ _1\"></span>roga<span class=\"_ _1\"></span>zioni libe<span class=\"_ _1\"></span>rali a sup<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>elle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ist<span class=\"_ _1\"></span>ituzio<span class=\"_ _1\"></span>nali della Fo<span class=\"_ _1\"></span>ndazi<span class=\"_ _1\"></span>one (Euro 70 migliaia nel 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>). Societ\u00e0 ric<span class=\"_ _0\"></span>onducibili ai membri del C<span class=\"_ _4\"></span>onsiglio di <span class=\"_ _0\"></span>Amministr<span class=\"_ _0\"></span>azioneT<span class=\"_ _6\"></span>ali r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti riguardano p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ioni di natura comm<span class=\"_ _1\"></span>erciale ch<span class=\"_ _1\"></span>e hanno avuto ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ui ricav<span class=\"_ _1\"></span>i, sui cos<span class=\"_ _1\"></span>ti ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i, sui cre<span class=\"_ _1\"></span>diti e de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali, sulle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso, sull<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> e sulle altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>contratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne; se rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6 sono co<span class=\"_ _1\"></span>ntabiliz<span class=\"_ _2\"></span>zati co<span class=\"_ _1\"></span>me prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal principi<span class=\"_ _1\"></span>o (<span class=\"_ _4\"></span>quin<span class=\"_ _1\"></span>di con l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span></span>, ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari), altrime<span class=\"_ _1\"></span>nti i can<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ni sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o linearm<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r la durat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>biti so<span class=\"_ _1\"></span>no inclus<span class=\"_ _1\"></span>i nei Deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali<span class=\"_ _0\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azioni di s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi<span class=\"_ _1\"></span>. Si se<span class=\"_ _1\"></span>gnalano in par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olare i se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti:Harbour C<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y Estates L<span class=\"_ _0\"></span>imitedLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vi (<span class=\"_ _0\"></span>al net<span class=\"_ _1\"></span>to della ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne dei c<span class=\"_ _1\"></span>anoni co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la pande<span class=\"_ _1\"></span>mia da Covid<span class=\"_ _1\"></span>-<span class=\"_ _4\"></span>19<span class=\"_ _4\"></span>) e gli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no inere<span class=\"_ _1\"></span>nti princip<span class=\"_ _1\"></span>almente all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to lo<span class=\"_ _1\"></span>cali in Ho<span class=\"_ _1\"></span>ng Kong<span class=\"_ _1\"></span>, che include principalme<span class=\"_ _1\"></span>nte il ne<span class=\"_ _1\"></span>gozio in Canton Roa<span class=\"_ _1\"></span>d (<span class=\"ff79\">flagship st<span class=\"_ _1\"></span>ore</span>)<span class=\"_ _0\"></span>, rientranti p<span class=\"_ _1\"></span>er la mag<span class=\"_ _2\"></span>gior par<span class=\"_ _1\"></span>te n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. Le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 si riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o ai relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali. T<span class=\"_ _4\"></span>imes Square L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>. e Har<span class=\"_ _0\"></span>riman Leasing L<span class=\"_ _4\"></span>imited I cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi (ed i relativ<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali) nei confro<span class=\"_ _1\"></span>nti di Time<span class=\"_ _1\"></span>s Square Ltd<span class=\"_ _1\"></span>. si riferi<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>no principalm<span class=\"_ _1\"></span>ente all<span class=\"_ _1\"></span>\u2019af<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>itto l<span class=\"_ _1\"></span>oca<span class=\"_ _1\"></span>li per un p<span class=\"_ _1\"></span>unto vendit<span class=\"_ _1\"></span>a in Hong Kong<span class=\"_ _1\"></span>, m<span class=\"_ _1\"></span>entre le alt<span class=\"_ _1\"></span>re atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 nei c<span class=\"_ _1\"></span>onfronti di Harriman Le<span class=\"_ _1\"></span>asing Limite<span class=\"_ _1\"></span>d si riferis<span class=\"_ _1\"></span>cono al d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osito c<span class=\"_ _1\"></span>auzi<span class=\"_ _1\"></span>onale relat<span class=\"_ _1\"></span>ivo allo s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>so n<span class=\"_ _1\"></span>egozio in Ho<span class=\"_ _1\"></span>ng Kong. Long Jin C<span class=\"_ _6\"></span>omplex Development (Chengdu<span class=\"_ _4\"></span>) C<span class=\"_ _0\"></span>o. L<span class=\"_ _4\"></span>td Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r un punto vendit<span class=\"_ _1\"></span>a di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Mo<span class=\"_ _1\"></span>da (Shanghai) Limited, rientr<span class=\"_ _1\"></span>ante pe<span class=\"_ _1\"></span>r la mag<span class=\"_ _1\"></span>gior p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>plica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, me<span class=\"_ _1\"></span>ntre le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 si riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o al relati<span class=\"_ _1\"></span>vo dep<span class=\"_ _1\"></span>osito c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionale<span class=\"_ _1\"></span>.Dalian T<span class=\"_ _6\"></span>imes Square C<span class=\"_ _4\"></span>ommercial C<span class=\"_ _6\"></span>o.ltdLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r un punto vendit<span class=\"_ _1\"></span>a di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Mo<span class=\"_ _1\"></span>da (Shanghai) Limited, rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, mentre l<span class=\"_ _1\"></span>e altre att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>cono al re<span class=\"_ _1\"></span>lativo de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sito cau<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e. OIS Realty L<span class=\"_ _0\"></span>imitedLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici di Ferr<span class=\"_ _1\"></span>agamo H<span class=\"_ _1\"></span>ong Kong Limited e Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ret<span class=\"_ _1\"></span>ail Hong Kong Ltd. rie<span class=\"_ _1\"></span>ntrante ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, me<span class=\"_ _1\"></span>ntre le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o al relati<span class=\"_ _1\"></span>vo dep<span class=\"_ _1\"></span>osito c<span class=\"_ _1\"></span>auzi<span class=\"_ _1\"></span>onale<span class=\"_ _1\"></span>. Shanghai <span class=\"_ _0\"></span>Wheelock squar<span class=\"_ _0\"></span>e Development C<span class=\"_ _4\"></span>o. L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vi e gli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono ad af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to lo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cali p<span class=\"_ _1\"></span>er uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Fashion T<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>ding (Shanghai) Co. Limited e Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Moda (Shanghai) Limite<span class=\"_ _1\"></span>d, rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito di applic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, mentre l<span class=\"_ _1\"></span>e altre att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>cono ai re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i dep<span class=\"_ _1\"></span>ositi c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionali.Chongquing Jiayi R<span class=\"_ _0\"></span>eal Estate Development C<span class=\"_ _4\"></span>o L<span class=\"_ _0\"></span>td.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r un punto vendit<span class=\"_ _1\"></span>a di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Mo<span class=\"_ _1\"></span>da (<span class=\"_ _0\"></span>Shanghai) Limite<span class=\"_ _1\"></span>d rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6; mentre l<span class=\"_ _1\"></span>e altre att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>cono al re<span class=\"_ _1\"></span>lativo de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sito cau<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e. Altri parti cor<span class=\"_ _4\"></span>relate Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle altre par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i corre<span class=\"_ _1\"></span>late, i co<span class=\"_ _1\"></span>sti, e i re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i debit<span class=\"_ _1\"></span>i, si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no al cos<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuto pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte da Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e da Fer<span class=\"_ _1\"></span>ragamo U<span class=\"_ _1\"></span>sa Inc<span class=\"_ _1\"></span>. in rela<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to di collab<span class=\"_ _1\"></span>oraz<span class=\"_ _1\"></span>ione in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. Amministr<span class=\"_ _0\"></span>atori, sindaci e dirigenti c<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>esponsabilit\u00e0 str<span class=\"_ _0\"></span>ategicheRelati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte agli amminist<span class=\"_ _1\"></span>ratori e s<span class=\"_ _1\"></span>indaci si riman<span class=\"_ _1\"></span>da alla succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a nota 4<span class=\"_ _1\"></span>4 Co<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>nsi ad A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>ratori e Sin<span class=\"_ _1\"></span>daci.I dirigenti co<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pons<span class=\"_ _1\"></span>abilit<span class=\"_ _1\"></span>\u00e0 str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>che nel c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>ono indic<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante:Nome e cognome<span class=\"_ _2fe\"> </span>F<span class=\"_ _0\"></span>unzioneGiacomo Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo<span class=\"_ _302\"> </span>Chief T<span class=\"_ _4\"></span>ransformation &amp; Sustainability OfficerAlessandro C<span class=\"_ _4\"></span>orsi<span class=\"_ _d2\"> </span><span class=\"ff77\">Chief F<span class=\"_ _0\"></span>inancial Office<span class=\"ff74\">r e Dirigente pr<span class=\"_ _4\"></span>eposto alla redazione dei documenti contabili societari</span></span>I cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi ai dirige<span class=\"_ _1\"></span>nti con re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>abilit\u00e0 s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>giche<span class=\"_ _1\"></span>, si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono al cos<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tenuto dal G<span class=\"_ _1\"></span>ruppo in r<span class=\"_ _1\"></span>elaz<span class=\"_ _1\"></span>ione al rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to di lavoro dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte interco<span class=\"_ _1\"></span>rrente<span class=\"_ _1\"></span>, inclusi<span class=\"_ _1\"></span>vo del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>onus<span class=\"_ _1\"></span></span> variabile<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati pari a Euro 1<span class=\"_ _0\"></span>.257 migliaia, (<span class=\"_ _0\"></span>mentre n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>rano pari a<span class=\"_ _1\"></span>d Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>272 migliaia<span class=\"_ _4\"></span>). In ge<span class=\"_ _1\"></span>neral<span class=\"_ _1\"></span>e ai dirigenti co<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pons<span class=\"_ _1\"></span>abilit<span class=\"_ _1\"></span>\u00e0 str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>ca s<span class=\"_ _1\"></span>ono rico<span class=\"_ _1\"></span>nos<span class=\"_ _1\"></span>ciuti <span class=\"ff79 ls4a ws73\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s</span> non mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ari, quali auto, tele<span class=\"_ _1\"></span>fono cellulare e p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>ze ass<span class=\"_ _1\"></span>icurati<span class=\"_ _1\"></span>ve. 44. C<span class=\"_ _6\"></span>ompensi ad Amministr<span class=\"_ _6\"></span>atori e Sind<span class=\"_ _1\"></span>aciAmministr<span class=\"_ _0\"></span>atori(In migliaia di Euro) <span class=\"_ _2de\"> </span>2022 P<span class=\"_ _0\"></span>eriodo C<span class=\"_ _0\"></span>ompensi per cui Retrib., \u00e8 stata Scadenza per Benefici bonus<span class=\"ff76\"> </span>Caric<span class=\"_ _0\"></span>a ricoperta della per la partec.a non e altri Stock Nome e C<span class=\"_ _0\"></span>ognomericopertala caric<span class=\"_ _0\"></span>acaricacaricacomitatimonetariincentiviGrant<span class=\"_ _304\"> </span><span class=\"ff76\">T<span class=\"_ _4\"></span>otale </span>Leonar<span class=\"_ _0\"></span>do Ferr<span class=\"_ _4\"></span>agamo <span class=\"_ _8a\"> </span>Presidente<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _16d\"> </span>400 <span class=\"_ _173\"> </span>- <span class=\"_ _82\"> </span>b)<span class=\"_ _25\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _16b\"> </span>400 Angelica Visc<span class=\"_ _0\"></span>onti<span class=\"_ _2a6\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _0\"></span>esidente<span class=\"_ _1d2\"> </span>1.01-31.12 <span class=\"_ _5e\"> </span>a) <span class=\"_ _1c4\"> </span>200 <span class=\"_ _173\"> </span>- <span class=\"_ _48\"> </span><span class=\"lscc ws247\"> b) c) d) e) <span class=\"_ _16b\"> </span></span>302 <span class=\"_ _208\"> </span>- <span class=\"_ _16b\"> </span>502 </span>Amministrator<span class=\"_ _0\"></span>e Delegato Marc<span class=\"_ _0\"></span>o Gobbettie Direttor<span class=\"_ _0\"></span>e Generale<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a)<span class=\"_ _1ed\"> </span>120 <span class=\"_ _13b\"> </span>- <span class=\"_ _44\"> </span><span class=\"lscc ws247\"> b) c) d) e) <span class=\"_ _1a1\"> </span></span>14.083 <span class=\"_ _268\"> </span>6.586 <span class=\"_ _1cb\"> </span>20.789 Giacomo Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo<span class=\"_ _2a2\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1d2\"> </span>1.01-31.12<span class=\"_ _a7\"> </span>a)<span class=\"_ _204\"> </span>50 <span class=\"_ _173\"> </span>- <span class=\"_ _70\"> </span><span class=\"lscc ws247\">b) c) d) <span class=\"_ _16b\"> </span></span>712 <span class=\"_ _208\"> </span>- <span class=\"_ _16b\"> </span>762 F<span class=\"_ _0\"></span>r\u00e9d\u00e9ric Biousse <span class=\"_ _69\"> </span>Amministr<span class=\"_ _0\"></span>atore <span class=\"_ _1a6\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a)<span class=\"_ _16a\"> </span>50 <span class=\"_ _173\"> </span>- <span class=\"_ _26d\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _208\"> </span>50 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rizia Michela Giangualano<span class=\"_ _2bb\"> </span>Amministrator<span class=\"_ _0\"></span>e <span class=\"_ _1a6\"> </span>1.01-31.12 <span class=\"_ _81\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>30 <span class=\"_ _26d\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _80\"> </span>80 Annalisa Loustau Elia <span class=\"_ _21b\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _4\"></span>e <span class=\"_ _1f2\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>20 <span class=\"_ _26d\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _208\"> </span>70 Umberto T<span class=\"_ _4\"></span>ombari<span class=\"_ _265\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1d2\"> </span>1.01-31.12 <span class=\"_ _5e\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>42 <span class=\"_ _1d9\"> </span> <span class=\"_ _b5\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _80\"> </span>92 P<span class=\"_ _0\"></span>eter W<span class=\"_ _4\"></span>oo Kwong Ching<span class=\"_ _c0\"> </span>Amministrator<span class=\"_ _0\"></span>e<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _1f6\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _26d\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _173\"> </span>- Anna Zanardi C<span class=\"_ _4\"></span>appon<span class=\"_ _239\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _16a\"> </span>50 <span class=\"_ _80\"> </span>47 <span class=\"_ _1d9\"> </span> <span class=\"_ _1fb\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _80\"> </span>97 T<span class=\"_ _4\"></span>otale <span class=\"_ _1eb\"> </span> <span class=\"_ _240\"> </span>1.020 <span class=\"_ _16b\"> </span>139 <span class=\"_ _146\"> </span>15.097 <span class=\"_ _1c7\"> </span>6.586 <span class=\"_ _70\"> </span>22.842 a)  <span class=\"_ _45\"></span>con l\u2019approv<span class=\"_ _0\"></span>azione del bilancio chiuso per l\u2019esercizio 2023. Si segnala che in data 27 febbr<span class=\"_ _4\"></span>aio 2023 la dottoressa Anna Zanar<span class=\"_ _4\"></span>di Cappon ha rassegnato le proprie dimissioni dalla c<span class=\"_ _0\"></span>arica di <span class=\"_ _0\"></span>Amministrator<span class=\"_ _0\"></span>e, con dec<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enza dalla data dell\u2019Assemblea di approv<span class=\"_ _0\"></span>azione del bilancio relati<span class=\"_ _0\"></span>vo all\u2019esercizio 2022.b) auto; c) telefono cellular<span class=\"_ _0\"></span>e; d) polizze assicur<span class=\"_ _0\"></span>ative; e) foresteriaSindaci(In migliaia di Euro) <span class=\"_ _106\"> </span>2022 P<span class=\"_ _0\"></span>eriodo per cui Altri compensi \u00e8 stata Scadenza perc<span class=\"_ _0\"></span>epiti Caric<span class=\"_ _0\"></span>a ricoperta della EmolumentiAltri da societ\u00e0 T<span class=\"_ _4\"></span>otale Nome e C<span class=\"_ _0\"></span>ognomericopertala caric<span class=\"_ _0\"></span>acaricaper la caric<span class=\"_ _0\"></span>acompensi*controll<span class=\"_ _0\"></span>ategener<span class=\"_ _0\"></span>aleAndrea Balelli<span class=\"_ _6a\"> </span>Presidente<span class=\"_ _304\"> </span>01.01-31.12<span class=\"_ _7a\"> </span>a)<span class=\"_ _101\"> </span>64 <span class=\"_ _eb\"> </span>15 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>79 P<span class=\"_ _4\"></span>aola Caramella<span class=\"_ _146\"> </span>Sindaco effetti<span class=\"_ _0\"></span>vo<span class=\"_ _ce\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _146\"> </span>a)<span class=\"_ _cf\"> </span>48 <span class=\"_ _eb\"> </span>12 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>60 </span>Giovanni C<span class=\"_ _4\"></span>rostarosa Guicciar<span class=\"_ _0\"></span>diSindaco effettiv<span class=\"_ _0\"></span>o<span class=\"_ _ce\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _146\"> </span>a)<span class=\"_ _cf\"> </span>48 <span class=\"_ _eb\"> </span>12 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>60 </span>T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>160 <span class=\"_ _62\"> </span>39 <span class=\"_ _7a\"> </span> - <span class=\"_ _c6\"> </span>199 a) con l\u2019appro<span class=\"_ _0\"></span>vazione del bilancio chiuso per l\u2019esercizio 2022 * Gli altri compensi si riferiscono al c<span class=\"_ _4\"></span>ompenso quale Presidente o membr<span class=\"_ _0\"></span>o dell\u2019Organismo di Vigilanza di cui al D.lgs. 231<span class=\"_ _0\"></span>/2001Si precisa che i membri del c<span class=\"_ _0\"></span>ollegio sindacale non hanno perc<span class=\"_ _0\"></span>epito altri compensi er<span class=\"_ _0\"></span>ogati da societ\u00e0 del Gruppo.Si se<span class=\"_ _1\"></span>gnala che p<span class=\"_ _1\"></span>er Amminis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>ori e Sindaci n<span class=\"_ _1\"></span>on so<span class=\"_ _1\"></span>no prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e inde<span class=\"_ _1\"></span>nnit\u00e0 di f<span class=\"_ _1\"></span>ine c<span class=\"_ _1\"></span>aric<span class=\"_ _1\"></span>a<span class=\"ff76 ls0\">.</span>45. Impegni e rischi Il dett<span class=\"_ _1\"></span>aglio d<span class=\"_ _1\"></span>ei ris<span class=\"_ _1\"></span>chi e deg<span class=\"_ _1\"></span>li impe<span class=\"_ _1\"></span>gni \u00e8 il se<span class=\"_ _1\"></span>guente:(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022 <span class=\"_ _16d\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021 Fideiussioni e gar<span class=\"_ _0\"></span>anzie prestate da ter<span class=\"_ _0\"></span>zi a terzi nell'interesse delle societ<span class=\"_ _0\"></span>\u00e0 del Gruppo<span class=\"_ _240\"> </span>28.517<span class=\"_ _299\"> </span>23.804Garanzie pr<span class=\"_ _4\"></span>estate dalle societ\u00e0 del Gruppo a terzi nell'interesse delle societ\u00e0 del Gruppo <span class=\"_ _2b2\"> </span>138.158<span class=\"_ _21a\"> </span>136.176T<span class=\"_ _4\"></span>otale<span class=\"_ _2ab\"> </span>166.675<span class=\"_ _ee\"> </span>159.980Le f<span class=\"_ _1\"></span>ideiu<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>oni e le garan<span class=\"_ _1\"></span>zie pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tate da s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>ti te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>zi nell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o prev<span class=\"_ _1\"></span>alen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>teme<span class=\"_ _1\"></span>nte a f<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ius<span class=\"_ _1\"></span>sioni e gar<span class=\"_ _1\"></span>anzie r<span class=\"_ _1\"></span>ilasciate su c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one s<span class=\"_ _1\"></span>tipulati dalle s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e compre<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no una garanz<span class=\"_ _1\"></span>ia pe<span class=\"_ _1\"></span>r 6 milioni di Usd (Euro 5.625 migliaia) relativa ad un c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto d<span class=\"_ _1\"></span>el Grup<span class=\"_ _1\"></span>po Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Usa<span class=\"_ _1\"></span>. Le garan<span class=\"_ _1\"></span>zie pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate dalle s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o prev<span class=\"_ _1\"></span>alente<span class=\"_ _1\"></span>mente a f<span class=\"_ _1\"></span>avore di is<span class=\"_ _1\"></span>tituti di cre<span class=\"_ _1\"></span>dito a gar<span class=\"_ _1\"></span>anzia di line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>abili l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>alment<span class=\"_ _1\"></span>e. 46.  <span class=\"_ _1a2\"></span>Er<span class=\"_ _4\"></span>ogazioni pubbliche Informati<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>a ex art<span class=\"_ _1\"></span>. 1, commi 125-129 della L<span class=\"_ _0\"></span>egge n. 124/2017<span class=\"_ _1\"></span> In relaz<span class=\"_ _1\"></span>ione al dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sto di cui all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. 1<span class=\"_ _0\"></span>, comma 1<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>5, della le<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ge 1<span class=\"_ _4\"></span>24/201<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>, in m<span class=\"_ _1\"></span>erito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbligo di dare ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a in nota integr<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>omme di de<span class=\"_ _1\"></span>naro eventualme<span class=\"_ _1\"></span>nte rice<span class=\"_ _1\"></span>vute n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio a t<span class=\"_ _1\"></span>itolo di s<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>oni, contribut<span class=\"_ _1\"></span>i, incari<span class=\"_ _1\"></span>chi retribuit<span class=\"_ _1\"></span>i e comunque v<span class=\"_ _1\"></span>antag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>i eco<span class=\"_ _1\"></span>nomici di qualunque ge<span class=\"_ _1\"></span>nere dalle p<span class=\"_ _1\"></span>ubbliche ammini<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni e dai sog<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>tti di cui al comma 1<span class=\"_ _4\"></span>25 d<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>simo ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colo, si e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nzia ch<span class=\"_ _1\"></span>e nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 la so<span class=\"_ _1\"></span>ciet\u00e0 it<span class=\"_ _1\"></span>aliana Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha ricev<span class=\"_ _1\"></span>uto dalla Re<span class=\"_ _1\"></span>gione T<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ana contributi p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>irocini curricular<span class=\"_ _1\"></span>i retribuit<span class=\"_ _1\"></span>i per un imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to par<span class=\"_ _1\"></span>i a Euro 3<span class=\"_ _0\"></span>2 migliaia. Ai se<span class=\"_ _1\"></span>nsi d<span class=\"_ _1\"></span>elle dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni dell<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 3-<span class=\"_ _1\"></span>quate<span class=\"_ _1\"></span>r del DL 1<span class=\"_ _0\"></span>35/20<span class=\"_ _4\"></span>18, conver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>o con mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zioni dalla Le<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ge 1<span class=\"_ _6\"></span>1 feb<span class=\"_ _1\"></span>braio 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9 n.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>2, p<span class=\"_ _1\"></span>er le e<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>azioni r<span class=\"_ _1\"></span>icev<span class=\"_ _1\"></span>ute si rinv<span class=\"_ _1\"></span>ia alle indica<span class=\"_ _1\"></span>zioni c<span class=\"_ _1\"></span>ontenute n<span class=\"_ _1\"></span>el Re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>tro Naz<span class=\"_ _1\"></span>ionale de<span class=\"_ _1\"></span>gli Aiut<span class=\"_ _1\"></span>i di Stato di cui all<span class=\"_ _1\"></span>\u2019artico<span class=\"_ _1\"></span>lo 52 della Leg<span class=\"_ _1\"></span>ge 24 dicembre 201<span class=\"_ _6\"></span>2<span class=\"_ _1\"></span>, n. 235.47. E<span class=\"_ _6\"></span>venti ed oper<span class=\"_ _4\"></span>azioni significativ<span class=\"_ _0\"></span>e non ric<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>enti Si pre<span class=\"_ _1\"></span>cisa ch<span class=\"_ _1\"></span>e nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 non v<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati eve<span class=\"_ _1\"></span>nti od op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni signif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve non ri<span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>nti pos<span class=\"_ _1\"></span>te in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re dal Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo<span class=\"ff79 ls0\">.</span>48. T<span class=\"_ _5\"></span>r<span class=\"_ _4\"></span>ans<span class=\"_ _1\"></span>azioni deriv<span class=\"_ _4\"></span>anti da oper<span class=\"_ _4\"></span>azioni atipiche e/<span class=\"_ _6\"></span>o inusualiIl Grupp<span class=\"_ _1\"></span>o non ha p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>zioni atipich<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o inusuali, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quell<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni che p<span class=\"_ _1\"></span>er signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0/rilev<span class=\"_ _1\"></span>anza<span class=\"_ _1\"></span>, natura dell<span class=\"_ _1\"></span>e contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i, og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>to e temp<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019evento, pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ano dar luogo a dubb<span class=\"_ _1\"></span>i in ordine alla cor<span class=\"_ _1\"></span>rett<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>za<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>complet<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>za de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019informa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in bilancio, al conf<span class=\"_ _1\"></span>litt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, alla sal<span class=\"_ _1\"></span>vaguardia de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio azie<span class=\"_ _1\"></span>ndale e alla tut<span class=\"_ _1\"></span>ela de<span class=\"_ _1\"></span>gli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti di minoran<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>.49. Dati di sintesi delle societ\u00e0 c<span class=\"_ _4\"></span>ontrollate Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o i dati di sintes<span class=\"_ _1\"></span>i delle s<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0 co<span class=\"_ _1\"></span>ntrollate.2022 <span class=\"_ _dd\"> </span>2021 (In migliaia di Euro)P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Societ\u00e0<span class=\"_ _90\"> </span>Valuta<span class=\"_ _c5\"> </span>Ricavi Netto<span class=\"_ _ac\"> </span>Ricavi Netto Ferr<span class=\"_ _4\"></span>agamo Australia Pty L<span class=\"_ _0\"></span>td.<span class=\"_ _bd\"> </span><span class=\"ls3e ws91\">AUD<span class=\"_ _173\"> </span></span>26.810 <span class=\"_ _82\"> </span>22.665 <span class=\"_ _16f\"> </span>21.127 <span class=\"_ _1da\"> </span>22.268 Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _e6\"> </span><span class=\"ls75 ws144\">J<span class=\"_ _1\"></span>PY<span class=\"_ _1f2\"> </span></span>13.705.863 <span class=\"_ _cc\"> </span>1.177.142 <span class=\"_ _16e\"> </span>11.615.759 <span class=\"_ _1ae\"> </span>(3.007.093) Ferr<span class=\"_ _4\"></span>agamo Korea L<span class=\"_ _0\"></span>td.<span class=\"_ _305\"> </span><span class=\"ls76 ws145\">KRW<span class=\"_ _1a0\"> </span></span>140.377.040 <span class=\"_ _1c8\"> </span>80.285.051 <span class=\"_ _1f2\"> </span>122.803.691 <span class=\"_ _cb\"> </span>88.194.233 Ferr<span class=\"_ _4\"></span>agamo Espana S.L<span class=\"_ _1\"></span>. <span class=\"_ _2a3\"> </span>EURO <span class=\"_ _1f6\"> </span>14.963 <span class=\"_ _13b\"> </span>4.441 <span class=\"_ _a5\"> </span>8.969 <span class=\"_ _b5\"> </span>3.615 Ferrimag L<span class=\"_ _0\"></span>imited<span class=\"_ _e4\"> </span>HKD<span class=\"_ _2a1\"> </span>- <span class=\"_ _1d4\"> </span>127.507 <span class=\"_ _d4\"> </span>- <span class=\"_ _80\"> </span>126.415 Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited <span class=\"_ _277\"> </span>HKD <span class=\"_ _80\"> </span>127.242 <span class=\"_ _1c4\"> </span>(309.254) <span class=\"_ _97\"> </span>181.652 <span class=\"_ _d0\"> </span>(198.471) Ferr<span class=\"_ _4\"></span>agamo Retail T<span class=\"_ _4\"></span>aiwan Limited<span class=\"_ _17\"> </span><span class=\"ls4f wsdd\">T<span class=\"_ _1\"></span>WD<span class=\"_ _5e\"> </span></span>740.028 <span class=\"_ _1d4\"> </span>435.405 <span class=\"_ _97\"> </span>609.118 <span class=\"_ _80\"> </span>364.732 Ferr<span class=\"_ _4\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _0\"></span>. <span class=\"_ _2e1\"> </span>MXN<span class=\"_ _16b\"> </span>1.365.210 <span class=\"_ _1d4\"> </span>816.688 <span class=\"_ _7f\"> </span>1.295.421 <span class=\"_ _80\"> </span>745.713 Ferr<span class=\"_ _4\"></span>agamo Retail Nederland B.V<span class=\"_ _4\"></span>.<span class=\"_ _176\"> </span>EUR<span class=\"_ _0\"></span>O<span class=\"_ _6d\"> </span>4.836 <span class=\"_ _13b\"> </span>1.401 <span class=\"_ _a5\"> </span>2.852 <span class=\"_ _b5\"> </span>1.246 Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _306\"> </span><span class=\"ls77 ws146\">CNY<span class=\"_ _263\"> </span></span>1.090.683 <span class=\"_ _1d4\"> </span>801.592 <span class=\"_ _7f\"> </span>1.487.790 <span class=\"_ _80\"> </span>776.599 Ferr<span class=\"_ _4\"></span>agamo (Singapore) Pte. Ltd.<span class=\"_ _136\"> </span>SGD <span class=\"_ _1da\"> </span>24.900 <span class=\"_ _263\"> </span>(40.079) <span class=\"_ _fe\"> </span>14.520 <span class=\"_ _208\"> </span>(35.579) Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Thailand) Limited<span class=\"_ _221\"> </span><span class=\"ls4f wsdd\">THB<span class=\"_ _5e\"> </span></span>279.863 <span class=\"_ _1c4\"> </span>(127.460) <span class=\"_ _97\"> </span>135.854 <span class=\"_ _d0\"> </span>(152.679) Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Malaysia) Sdn Bhd <span class=\"_ _307\"> </span><span class=\"ls78 ws80\">MYR <span class=\"_ _1da\"> </span></span>54.214 <span class=\"_ _84\"> </span>17.906 <span class=\"_ _fe\"> </span>28.977 <span class=\"_ _1f6\"> </span>12.897 Ferr<span class=\"_ _4\"></span>agamo Hong Kong Ltd.<span class=\"_ _3e\"> </span>USD<span class=\"_ _5e\"> </span>177.660 <span class=\"_ _1d4\"> </span>119.202 <span class=\"_ _97\"> </span>202.154 <span class=\"_ _80\"> </span>117.947 Gruppo Ferr<span class=\"_ _4\"></span>agamo USA <span class=\"_ _237\"> </span>USD <span class=\"_ _80\"> </span>415.461 <span class=\"_ _1d4\"> </span>100.300 <span class=\"_ _97\"> </span>381.504 <span class=\"_ _1da\"> </span>92.849 Ferr<span class=\"_ _4\"></span>agamo Deut<span class=\"_ _1\"></span>schland GmbH<span class=\"_ _2d9\"> </span>EURO<span class=\"_ _6d\"> </span>9.194 <span class=\"_ _13b\"> </span>2.594 <span class=\"_ _a5\"> </span>6.494 <span class=\"_ _b4\"> </span>4.992 Ferr<span class=\"_ _4\"></span>agamo Belg<span class=\"_ _1\"></span>ique SA <span class=\"_ _23\"> </span>EURO <span class=\"_ _b4\"> </span>1.591 <span class=\"_ _2bb\"> </span>714 <span class=\"_ _ac\"> </span>2.024 <span class=\"_ _ac\"> </span>692 Ferr<span class=\"_ _4\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _269\"> </span>EURO<span class=\"_ _bf\"> </span>830 <span class=\"_ _97\"> </span>(828) <span class=\"_ _118\"> </span>369 <span class=\"_ _e0\"> </span>(465) Ferr<span class=\"_ _4\"></span>agamo (Su<span class=\"_ _1\"></span>isse) SA <span class=\"_ _14f\"> </span><span class=\"ls77 ws146\">CHF<span class=\"_ _16f\"> </span></span>8.553 <span class=\"_ _13b\"> </span>1.653 <span class=\"_ _a5\"> </span>7.132 <span class=\"_ _b5\"> </span>1.546 Ferr<span class=\"_ _4\"></span>agamo U.K<span class=\"_ _1\"></span>. Limited<span class=\"_ _292\"> </span>GBP<span class=\"_ _173\"> </span>17.643 <span class=\"_ _13b\"> </span>5.939 <span class=\"_ _fe\"> </span>13.383 <span class=\"_ _b5\"> </span>5.665 Ferr<span class=\"_ _4\"></span>agamo Fr<span class=\"_ _0\"></span>ance S.A.S.<span class=\"_ _c3\"> </span>EURO<span class=\"_ _173\"> </span>20.238 <span class=\"_ _84\"> </span>10.787 <span class=\"_ _fe\"> </span>13.508 <span class=\"_ _b5\"> </span>9.607 Ferr<span class=\"_ _4\"></span>agamo Chile S.A<span class=\"_ _1\"></span>.<span class=\"_ _e6\"> </span><span class=\"ls79 ws147\">CLP<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span></span>1.193.648 <span class=\"_ _1a8\"> </span>790.193 <span class=\"_ _97\"> </span>780.176 <span class=\"_ _1ae\"> </span>(1.034.716) Ferr<span class=\"_ _4\"></span>agamo Austria <span class=\"_ _1\"></span>GmbH<span class=\"_ _a3\"> </span><span class=\"ws0\">EURO<span class=\"_ _6d\"> </span>4.215 <span class=\"_ _13b\"> </span>4.187 <span class=\"_ _a5\"> </span>2.797 <span class=\"_ _b4\"> </span>4.073 </span>Ferr<span class=\"_ _4\"></span>agamo Retail India Priv<span class=\"_ _0\"></span>ate Limited <span class=\"_ _d7\"> </span>INR <span class=\"_ _be\"> </span>- <span class=\"_ _1f2\"> </span>(468.541) <span class=\"_ _284\"> </span>- <span class=\"_ _d0\"> </span>(441.521) Ferr<span class=\"_ _4\"></span>agamo Retail Macau Limited<span class=\"_ _308\"> </span>MOP<span class=\"_ _173\"> </span>43.611 <span class=\"_ _82\"> </span>25.555 <span class=\"_ _16f\"> </span>82.729 <span class=\"_ _1da\"> </span>59.253 Ferr<span class=\"_ _4\"></span>agamo Moda (Shanghai) Co.L<span class=\"_ _0\"></span>td. <span class=\"_ _12b\"> </span>CNY <span class=\"_ _80\"> </span>207.974 <span class=\"_ _16e\"> </span>(44.921) <span class=\"_ _97\"> </span>320.194 <span class=\"_ _b5\"> </span>7.722 Ferr<span class=\"_ _4\"></span>agamo Brasil Roupas e A<span class=\"_ _0\"></span>cessorios L<span class=\"_ _0\"></span>tda.<span class=\"_ _ad\"> </span>BRL<span class=\"_ _173\"> </span>59.455 <span class=\"_ _84\"> </span>22.538 <span class=\"_ _fe\"> </span>44.743 <span class=\"_ _1f6\"> </span>22.981 Ferr<span class=\"_ _4\"></span>agamo Argentina S.A<span class=\"_ _1\"></span>. <span class=\"_ _c3\"> </span><span class=\"ws0\">ARS <span class=\"_ _80\"> </span>418.529 <span class=\"_ _82\"> </span>48.413 <span class=\"_ _97\"> </span>197.463 <span class=\"_ _1da\"> </span>37.295 </span>50. F<span class=\"_ _6\"></span>atti di rilievo inter<span class=\"_ _1\"></span>venuti dopo la chiusur<span class=\"_ _6\"></span>a dell<span class=\"_ _1\"></span>\u2019eser<span class=\"_ _0\"></span>cizio In data 28 feb<span class=\"_ _1\"></span>braio 2023, Sa<span class=\"_ _1\"></span>lvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha co<span class=\"_ _1\"></span>municato che la d<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a Anna Zanardi C<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>n, Cons<span class=\"_ _1\"></span>iglier<span class=\"_ _1\"></span>a non<span class=\"_ _1\"></span> es<span class=\"_ _1\"></span>ecuti<span class=\"_ _1\"></span>va indip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>, nonch\u00e9 Pre<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>l Comit<span class=\"_ _1\"></span>ato Remun<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni e No<span class=\"_ _1\"></span>mine e comp<span class=\"_ _1\"></span>onente d<span class=\"_ _1\"></span>el Co<span class=\"_ _1\"></span>mitato Co<span class=\"_ _1\"></span>ntrollo e<span class=\"_ _1\"></span> Ris<span class=\"_ _1\"></span>chi, ha ras<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnato, con de<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>renz<span class=\"_ _1\"></span>a dalla data de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea di approv<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l bilancio re<span class=\"_ _1\"></span>lativo all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2, le pro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>prie dimis<span class=\"_ _1\"></span>sioni dalla c<span class=\"_ _1\"></span>aric<span class=\"_ _1\"></span>a di Consig<span class=\"_ _1\"></span>liere di A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. T<span class=\"_ _4\"></span>ale d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>lla comunic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ricev<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a, \u00e8 st<span class=\"_ _1\"></span>ata a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unta a se<span class=\"_ _1\"></span>guito d<span class=\"_ _1\"></span>ella nomina a pr<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dente di altr<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 quotat<span class=\"_ _1\"></span>a in os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>quio ai Principi pe<span class=\"_ _1\"></span>r la se<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>andidati alle c<span class=\"_ _1\"></span>ariche s<span class=\"_ _1\"></span>ociali in so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 quot<span class=\"_ _1\"></span>ate cui la Dot<span class=\"_ _1\"></span>t.<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa Z<span class=\"_ _1\"></span>anardi Capp<span class=\"_ _1\"></span>on ha ad<span class=\"_ _1\"></span>erito p<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>ser<span class=\"_ _1\"></span>e inse<span class=\"_ _1\"></span>rita n<span class=\"_ _1\"></span>ella lis<span class=\"_ _1\"></span>ta pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entat<span class=\"_ _1\"></span>a dagli az<span class=\"_ _1\"></span>ionis<span class=\"_ _1\"></span>ti di minoran<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>. In linea con la p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di remun<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a dalla Salv<span class=\"_ _1\"></span>atore<span class=\"_ _1\"></span> Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., no<span class=\"_ _1\"></span>n sono p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i indennit<span class=\"_ _1\"></span>\u00e0 o altri b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici a se<span class=\"_ _1\"></span>guito de<span class=\"_ _1\"></span>lla ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dalla cari<span class=\"_ _1\"></span>ca.<span class=\"_ _1\"></span> Nella riunion<span class=\"_ _1\"></span>e del 2 mar<span class=\"_ _1\"></span>zo 2023, il Con<span class=\"_ _1\"></span>siglio di A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ha de<span class=\"_ _1\"></span>liber<span class=\"_ _1\"></span>ato di convoc<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea ordinaria e str<span class=\"_ _1\"></span>aordinaria de<span class=\"_ _1\"></span>gli az<span class=\"_ _1\"></span>ionis<span class=\"_ _1\"></span>ti della S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. per il p<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>simo 26 aprile 2023 p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>rare, tr<span class=\"_ _1\"></span>a gli altri punti all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ordine del g<span class=\"_ _1\"></span>iorno, su: i) l<span class=\"_ _1\"></span>\u2019approvazion<span class=\"_ _1\"></span>e di un piano di ince<span class=\"_ _1\"></span>ntiva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vato ad amminis<span class=\"_ _1\"></span>trator<span class=\"_ _1\"></span>i e/o dipen<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>/o collaborato<span class=\"_ _1\"></span>ri della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 e de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del g<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o; ii) la modif<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Piano de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nominato \u201c<span class=\"ff79 ls4 wse5\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Sh<span class=\"_ _1\"></span>ares<span class=\"_ _2\"></span><span class=\"ff71\">\u201d<span class=\"_ _4\"></span>, ap<span class=\"_ _1\"></span>provato dall<span class=\"_ _1\"></span>\u2019As<span class=\"_ _1\"></span>semb<span class=\"_ _1\"></span>lea de<span class=\"_ _1\"></span>i So<span class=\"_ _1\"></span>ci del 1<span class=\"_ _0\"></span>4 dicembre 2021<span class=\"_ _4\"></span>, a favore de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>tratore </span></span>Del<span class=\"_ _1\"></span>egat<span class=\"_ _1\"></span>o e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale (<span class=\"_ _0\"></span>allineand<span class=\"_ _1\"></span>o gli <span class=\"ff79 ls5f ws7\">unde<span class=\"_ _1\"></span>rpins<span class=\"_ _1\"></span></span> ai pi\u00f9 sf<span class=\"_ _1\"></span>idanti o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i del Piano Str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>); iii) l<span class=\"_ _1\"></span>\u2019approvaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne della Politi<span class=\"_ _1\"></span>ca di Re<span class=\"_ _1\"></span>munera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e 2023; e iv<span class=\"_ _0\"></span>) la nomina de<span class=\"_ _1\"></span>l Colle<span class=\"_ _1\"></span>gio sinda<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>. Si rinvia pe<span class=\"_ _1\"></span>r mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>ri det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li alla docume<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zione m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a a dispo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione sul s<span class=\"_ _1\"></span>ito della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 <span class=\"ff79 lsc ws5\">group<span class=\"_ _1\"></span>.ferragamo<span class=\"_ _1\"></span>.com/</span>se<span class=\"_ _1\"></span>zione governanc<span class=\"_ _1\"></span>e/assembl<span class=\"_ _1\"></span>ea de<span class=\"_ _1\"></span>gli azionist<span class=\"_ _1\"></span>i 2023<span class=\"ff71 ls0\">. </span>I<span class=\"_ _4\"></span>n<span class=\"_ _0\"></span>f<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ma<span class=\"_ _6\"></span>tiv<span class=\"_ _0\"></span>a a<span class=\"_ _4\"></span>i sen<span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>art. 1<span class=\"_ _3\"></span>49-<span class=\"_ _1\"></span>du<span class=\"_ _4\"></span>odec<span class=\"_ _4\"></span>ies d<span class=\"_ _0\"></span>el Re<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>lam<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nto<span class=\"_ _2\"></span> Emit<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nti(In migliaia di Euro) Soggetto che ha erogato il servizio<span class=\"_ _21a\"> </span>Destinatario<span class=\"_ _114\"> </span>Note<span class=\"_ _1a8\"> </span>T<span class=\"_ _4\"></span>otale Compensi 2022<span class=\"_ _309\"></span>T<span class=\"_ _0\"></span>ipologia di serviziRevisione C<span class=\"_ _0\"></span>ontabile<span class=\"_ _8c\"> </span>Revisore della C<span class=\"_ _4\"></span>apogruppo<span class=\"_ _76\"> </span>Capogruppo<span class=\"_ _163\"> </span>329 Altri Servizi<span class=\"_ _20c\"> </span>i) Revisor<span class=\"_ _0\"></span>e della C<span class=\"_ _0\"></span>apogruppo<span class=\"_ _284\"> </span>Capogruppo<span class=\"_ _d4\"> </span>1 <span class=\"_ _30a\"> </span>62 ii)Rete del revisor<span class=\"_ _0\"></span>e della C<span class=\"_ _0\"></span>apogruppo<span class=\"_ _284\"> </span>Capogruppo<span class=\"_ _d4\"> </span>2 <span class=\"_ _20e\"> </span>7 Subtotale<span class=\"_ _30b\"> </span>398 Revisione C<span class=\"_ _0\"></span>ontabile<span class=\"_ _88\"> </span>i) Revisore della Capogruppo<span class=\"_ _6d\"> </span>Societ\u00e0 c<span class=\"_ _0\"></span>ontrollate<span class=\"_ _b6\"> </span>92 ii) Rete del revisor<span class=\"_ _0\"></span>e della C<span class=\"_ _0\"></span>apogruppo<span class=\"_ _6d\"> </span>Societ\u00e0 controllate<span class=\"_ _224\"> </span>690 Altri Servizi<span class=\"_ _68\"> </span>Rete del revisore dell<span class=\"_ _0\"></span>a Capogruppo<span class=\"_ _6d\"> </span>Societ\u00e0 contr<span class=\"_ _0\"></span>ollate<span class=\"_ _b6\"> </span>42 Subtotale<span class=\"_ _30b\"> </span>824 T<span class=\"_ _4\"></span>otale<span class=\"_ _30c\"> </span>1.222 1) La voce si riferisc<span class=\"_ _0\"></span>e all\u2019attestazione resa sulla Dichiar<span class=\"_ _4\"></span>azione consolidata di car<span class=\"_ _0\"></span>attere Non Finanziario<span class=\"_ _0\"></span>.2) La voce si riferisc<span class=\"_ _0\"></span>e a servizi di assistenza per la predisposizione di un c<span class=\"_ _0\"></span>orso <span class=\"ff79\">E-lear<span class=\"_ _0\"></span>ning<span class=\"ff71\">.</span></span>Firen<span class=\"_ _1\"></span>ze, 2 mar<span class=\"_ _1\"></span>zo 2023 <span class=\"_ _187\"></span> <span class=\"_ _188\"></span>     Per <span class=\"_ _189\"></span>il <span class=\"_ _189\"></span>Consig<span class=\"_ _1\"></span>lio <span class=\"_ _189\"></span>di <span class=\"_ _189\"></span>Amminist<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one <span class=\"_ _187\"></span> <span class=\"_ _188\"></span>     Il <span class=\"_ _189\"></span>P<span class=\"_ _0\"></span>residente  <span class=\"_ _187\"></span> <span class=\"_ _188\"></span>     Leonardo <span class=\"_ _189\"></span>FerragamoA<span class=\"_ _4\"></span>ttestaz<span class=\"_ _0\"></span>i<span class=\"_ _4\"></span>one a<span class=\"_ _6\"></span>i sens<span class=\"_ _4\"></span>i del<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>t. 1<span class=\"_ _3\"></span>54 b<span class=\"_ _4\"></span>is d<span class=\"_ _0\"></span>el D<span class=\"_ _6\"></span>.l<span class=\"_ _4\"></span>gs. 2<span class=\"_ _5\"></span>4 f<span class=\"_ _4\"></span>ebb<span class=\"_ _4\"></span>ra<span class=\"_ _4\"></span>io 1<span class=\"_ _3\"></span>998 n. 5<span class=\"_ _4\"></span>8 (<span class=\"_ _1\"></span>T<span class=\"_ _45\"></span>esto U<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>o del<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>a Fi<span class=\"_ _4\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _4\"></span>nza<span class=\"_ _5\"></span>) 1<span class=\"_ _0\"></span>.  <span class=\"_ _3\"></span>I sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i Marco Gob<span class=\"_ _1\"></span>bet<span class=\"_ _1\"></span>ti in qualit<span class=\"_ _1\"></span>\u00e0 di \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>ratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato<span class=\"_ _1\"></span>\u201d e A<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>andro Cor<span class=\"_ _1\"></span>si in qualit\u00e0 di \u201c<span class=\"_ _1\"></span>Dir<span class=\"_ _1\"></span>igente pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pos<span class=\"_ _1\"></span>to alla re<span class=\"_ _1\"></span>dazio<span class=\"_ _1\"></span>ne dei d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>nti cont<span class=\"_ _1\"></span>abili so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>lla Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tano, te<span class=\"_ _1\"></span>nuto anche conto di quanto prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 1<span class=\"_ _4\"></span>54<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>bis<span class=\"_ _1\"></span>, commi 3 e 4, de<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>creto le<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>lativo 24 febbraio 1<span class=\"_ _0\"></span>99<span class=\"_ _1\"></span>8, n.<span class=\"_ _1\"></span>58:\u2022 <span class=\"_ _185\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>ade<span class=\"_ _1\"></span>guate<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a in relaz<span class=\"_ _1\"></span>ione alle c<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>stic<span class=\"_ _1\"></span>he dell<span class=\"_ _2\"></span>\u2019impre<span class=\"_ _1\"></span>sa e \u2022 <span class=\"_ _210\"> </span> <span class=\"_ _49\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiva ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne, de<span class=\"_ _1\"></span>lle pro<span class=\"_ _1\"></span>cedure amminis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ative e cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r la forma<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el bilancio c<span class=\"_ _1\"></span>onso<span class=\"_ _1\"></span>lidato ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o 1\u00b0 gennaio \u2013 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022<span class=\"_ _1\"></span>.2. <span class=\"_ _125\"> </span> <span class=\"_ _45\"></span>L<span class=\"_ _6\"></span>\u2019adeguate<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle proc<span class=\"_ _1\"></span>edure amminis<span class=\"_ _1\"></span>trati<span class=\"_ _1\"></span>ve e cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r la formaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato 2022 \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>ata sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>l mod<span class=\"_ _1\"></span>ello <span class=\"ff79 ls48 ws165\">I<span class=\"_ _1\"></span>nter<span class=\"_ _1\"></span>nal Cont<span class=\"_ _1\"></span>rol<span class=\"_ _1\"></span></span> \u2013 <span class=\"ff79 ls5d ws171\">Int<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d Fra<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>k</span> e<span class=\"_ _1\"></span>manato dal <span class=\"ff79\">Commitee of Spons<span class=\"_ _1\"></span>oring </span>Organitazion<span class=\"_ _1\"></span>s of the T<span class=\"_ _4\"></span>rea<span class=\"_ _1\"></span>dway Commis<span class=\"_ _1\"></span>sion<span class=\"ff71\"> che rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>a il mo<span class=\"_ _1\"></span>dello di rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto a livell<span class=\"_ _1\"></span>o internaz<span class=\"_ _1\"></span>ionale ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span>ralmente accettato.3. <span class=\"_ _184\"> </span> <span class=\"_ _45\"></span>Si att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>, inoltre<span class=\"_ _1\"></span>, che3.<span class=\"_ _4\"></span>1 <span class=\"_ _0\"></span> <span class=\"_ _45\"></span>Il bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2: <span class=\"_ _1a9\"> </span>a<span class=\"_ _4\"></span>) <span class=\"_ _4\"></span> <span class=\"_ _49\"></span>\u00e8 re<span class=\"_ _1\"></span>datto in confor<span class=\"_ _1\"></span>mit\u00e0 ai pr<span class=\"_ _1\"></span>incipi cont<span class=\"_ _1\"></span>abili interna<span class=\"_ _1\"></span>zionali app<span class=\"_ _1\"></span>licabili r<span class=\"_ _1\"></span>icono<span class=\"_ _1\"></span>sciuti dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Unio<span class=\"_ _1\"></span>ne Europe<span class=\"_ _1\"></span>a ai se<span class=\"_ _1\"></span>nsi del Re<span class=\"_ _1\"></span>golame<span class=\"_ _1\"></span>nto (CE) n. 1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6/<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>02 del Parlam<span class=\"_ _1\"></span>ento euro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>o e del Co<span class=\"_ _1\"></span>nsiglio, de<span class=\"_ _1\"></span>l 1<span class=\"_ _0\"></span>9 luglio 20<span class=\"_ _1\"></span>02 e succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sive integrazioni<span class=\"_ _0\"></span>; <span class=\"_ _1ab\"> </span>b<span class=\"_ _4\"></span>)  <span class=\"_ _3\"></span>corrisp<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>e alle risult<span class=\"_ _1\"></span>anze de<span class=\"_ _1\"></span>i libri e de<span class=\"_ _1\"></span>lle scrit<span class=\"_ _1\"></span>ture co<span class=\"_ _1\"></span>ntabili;  <span class=\"_ _49\"></span> <span class=\"_ _1a9\"> </span>c) <span class=\"_ _4\"></span> <span class=\"_ _45\"></span>\u00e8 idone<span class=\"_ _1\"></span>o a fornire una rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne verit<span class=\"_ _1\"></span>iera e c<span class=\"_ _1\"></span>orret<span class=\"_ _1\"></span>ta d<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimoniale<span class=\"_ _1\"></span>, ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziaria dell<span class=\"_ _2\"></span>\u2019Emit<span class=\"_ _1\"></span>tente e d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>insie<span class=\"_ _1\"></span>me dell<span class=\"_ _1\"></span>e impre<span class=\"_ _1\"></span>se inclus<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto.3.2 <span class=\"_ _6\"></span> <span class=\"_ _45\"></span>La rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e compre<span class=\"_ _1\"></span>nde un<span class=\"_ _1\"></span>\u2019an<span class=\"_ _0\"></span>alisi at<span class=\"_ _1\"></span>tendib<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>andamento e de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>ultato de<span class=\"_ _1\"></span>lla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e, non<span class=\"_ _1\"></span>ch\u00e9 della situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019Emit<span class=\"_ _1\"></span>tente e d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>insie<span class=\"_ _1\"></span>me dell<span class=\"_ _1\"></span>e impres<span class=\"_ _1\"></span>e inclus<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto, unitame<span class=\"_ _1\"></span>nte ad una de<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ei princip<span class=\"_ _1\"></span>ali rischi e<span class=\"_ _1\"></span>d ince<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze cui s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>.Firen<span class=\"_ _1\"></span>ze, 2 mar<span class=\"_ _1\"></span>zo 2023 <span class=\"_ _187\"></span> <span class=\"_ _188\"></span>     Amministratore <span class=\"_ _30d\"></span>Delegato <span class=\"_ _187\"></span> <span class=\"_ _188\"></span>     Marco<span class=\"_ _0\"></span> <span class=\"_ _189\"></span>Gobbetti <span class=\"_ _18f\"> </span> <span class=\"_ _204\"> </span> <span class=\"_ _c5\"> </span> <span class=\"_ _c5\"> </span> <span class=\"_ _c5\"> </span> <span class=\"_ _c5\"> </span> <span class=\"_ _c5\"> </span> <span class=\"_ _46\"></span>Dirigente p<span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o alla reda<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei do<span class=\"_ _1\"></span>cumenti c<span class=\"_ _1\"></span>ontabili socie<span class=\"_ _1\"></span>tari <span class=\"_ _187\"></span> <span class=\"_ _188\"></span>     Ales<span class=\"_ _1\"></span>sandro <span class=\"_ _30d\"></span>Corsi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__13": {
   "value": "Salvatore Ferragamo S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__6": {
   "value": "Salvatore Ferragamo S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__9": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__10": {
   "value": "via Tornabuoni 2 Firenze",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__8": {
   "value": "via Tornabuoni 2 Firenze",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__7": {
   "value": "in forma di societ\u00e0 per azioni, regolata dal diritto italiano e organizzata secondo il modello di amministrazione e controllo tradi-zionale con l\u2019Assemblea dei Soci, il Consiglio di Amministrazione e il Collegio Sindacale.",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__15": {
   "value": "Il bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io chiuso al 31 dicembre 2022 \u00e8 s<span class=\"_ _1\"></span>tato ap<span class=\"_ _1\"></span>provato dal Co<span class=\"_ _1\"></span>nsiglio di A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. con delib<span class=\"_ _1\"></span>era d<span class=\"_ _1\"></span>el 2 mar<span class=\"_ _1\"></span>zo 2023.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__11": {
   "value": "Il Gruppo Salvatore Ferragamo \u00e8 attivo nella creazione, produzione e vendita di beni di lusso, per uomo e donna, quali: calzature, pelletteria, abbigliamento, prodotti in seta, gioielli e altri accessori. La gamma dei prodotti compren-de anche profumi, occhiali e orologi, realizzati su licenza da operatori terzi. Nell\u2019attivit\u00e0 del Gruppo rientra anche la concessione in licenza dell\u2019utilizzo del marchio Salvatore Ferragamo e la gestione immobiliare. Il Gruppo Salvatore Ferragamo \u00e8 presente in oltre 90 paesi nel mondo, direttamente attraverso societ\u00e0 controllate in 26 Paesi, ed effettua l\u2019attivit\u00e0 di vendita dei prodotti prevalentemente attraverso un network di negozi monomarca Salvatore Ferragamo, gestiti direttamente (DOS) o gestiti da terzi, ed in maniera complementare attraverso una pre-senza qualificata presso department store e specialty store multibrand, oltre alla presenza nel canale e-commerce. Per maggiori dettagli sulle principali attivit\u00e0 del Gruppo si rimanda alla Relazione sulla gestione.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__12": {
   "value": "Il Gruppo Salvatore Ferragamo \u00e8 presente in oltre 90 paesi nel mondo, direttamente attraverso societ\u00e0 controllate in 26 Paesi, ed effettua l\u2019attivit\u00e0 di vendita dei prodotti prevalentemente attraverso un network di negozi monomarca Salvatore Ferragamo, gestiti direttamente (DOS) o gestiti da terzi, ed in maniera complementare attraverso una pre-senza qualificata presso department store e specialty store multibrand, oltre alla presenza nel canale e-commerce. Per maggiori dettagli sulle principali attivit\u00e0 del Gruppo si rimanda alla Relazione sulla gestione.",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__14": {
   "value": "Ferragamo Finanziaria S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__150": {
   "value": "39",
   "decimals": 0,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR/xbrli:shares"
   }
  },
  "s8_notes__5__16": {
   "value": "2.1 Espr<span class=\"_ _0\"></span>essione di c<span class=\"_ _0\"></span>onfor<span class=\"_ _0\"></span>mit\u00e0 agli IFRSIl bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 s<span class=\"_ _1\"></span>tato r<span class=\"_ _1\"></span>edat<span class=\"_ _1\"></span>to in conformit<span class=\"_ _1\"></span>\u00e0 agli <span class=\"ff79\">Internat<span class=\"_ _1\"></span>ional Financial Re<span class=\"ls0 ws0\">-</span></span>por<span class=\"_ _1\"></span>ting Standards<span class=\"ff71\"> (IFRS), eme<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si dall<span class=\"_ _1\"></span>\u2019</span>Internat<span class=\"_ _1\"></span>ional Accounting Standards Bo<span class=\"_ _1\"></span>ard<span class=\"ff71 lsb ws12d\"> (\u201cIASB<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>) ed omologati dall\u2019<span class=\"_ _1\"></span>Unione<span class=\"_ _0\"></span> </span>Europea e<span class=\"_ _1\"></span>d in vigo<span class=\"_ _1\"></span>re alla data di bilancio. Le n<span class=\"_ _1\"></span>ote es<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ative al Bilancio c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidato so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate inte<span class=\"_ _1\"></span>grate con l<span class=\"_ _1\"></span>e infor<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mazio<span class=\"_ _1\"></span>ni ag<span class=\"_ _1\"></span>giuntive ric<span class=\"_ _1\"></span>hies<span class=\"_ _1\"></span>te da Con<span class=\"_ _1\"></span>sob e dai prov<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>dimenti da e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a emanati in at<span class=\"_ _1\"></span>tuazi<span class=\"_ _1\"></span>one all<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 9 del D.lg<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>. 38/20<span class=\"_ _1\"></span>05 (<span class=\"_ _0\"></span>delibe<span class=\"_ _1\"></span>re 1<span class=\"_ _4\"></span>55<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9 e 1<span class=\"_ _0\"></span>55<span class=\"_ _0\"></span>20) del 27 luglio 200<span class=\"_ _1\"></span>6 e comunic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione DEM/6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>64293 del 28 luglio 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, ai sen<span class=\"_ _1\"></span>si de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019art. 78 de<span class=\"_ _1\"></span>l Regolam<span class=\"_ _1\"></span>ento e<span class=\"_ _1\"></span>mitte<span class=\"_ _1\"></span>nti, del d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>nto CE de<span class=\"_ _1\"></span>l novembre 20<span class=\"_ _1\"></span>03 e<span class=\"_ _1\"></span>, dove appli<span class=\"_ _1\"></span>cabili, de<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>dice Civ<span class=\"_ _1\"></span>ile. C<span class=\"_ _1\"></span>on \u201c<span class=\"_ _1\"></span>IFRS<span class=\"_ _1\"></span>\u201d si intendo<span class=\"_ _1\"></span>no anche gli <span class=\"ff79\">I<span class=\"_ _1\"></span>nternational Acc<span class=\"_ _1\"></span>ounting Standards</span> (\u201c<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>S\u201d<span class=\"_ _2\"></span>) tutt<span class=\"_ _1\"></span>ora in vigo<span class=\"_ _1\"></span>re, no<span class=\"_ _1\"></span>nch\u00e9 tut<span class=\"_ _1\"></span>ti i do<span class=\"_ _1\"></span>cumenti inte<span class=\"_ _1\"></span>rpre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tati<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>si dagli <span class=\"ff79\">I<span class=\"_ _1\"></span>FRS Interpret<span class=\"_ _1\"></span>ation Committ<span class=\"_ _1\"></span>ee</span><span class=\"ls8 ws135\">, prece<span class=\"_ _1\"></span>dentemente denomina<span class=\"_ _0\"></span>to <span class=\"ff79 ls4 wsba\">International Financial Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ting </span></span>Interpret<span class=\"_ _1\"></span>ations Committ<span class=\"_ _1\"></span>ee<span class=\"ff71\"> (<span class=\"_ _1\"></span>\u201cIFRI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) ed anc<span class=\"_ _1\"></span>or prima </span>Standing Inte<span class=\"_ _1\"></span>rpretation<span class=\"_ _1\"></span>s Committe<span class=\"_ _1\"></span>e<span class=\"ff71 ls0 ws2d\"> (\u201c<span class=\"_ _2\"></span>SI<span class=\"_ _1\"></span>C<span class=\"_ _2\"></span>\u201d<span class=\"_ _1\"></span>).</span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__17": {
   "value": "2.2 C<span class=\"_ _4\"></span>ontenuto e forma del bil<span class=\"_ _0\"></span>ancio c<span class=\"_ _0\"></span>onsolidatoL<span class=\"_ _6\"></span>\u2019unit\u00e0 di valut<span class=\"_ _1\"></span>a utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata \u00e8 l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro e tut<span class=\"_ _1\"></span>ti i val<span class=\"_ _1\"></span>ori so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ssi all<span class=\"_ _1\"></span>e migliaia di euro se no<span class=\"_ _1\"></span>n diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>amente indi<span class=\"_ _1\"></span>cato.Gli schemi d<span class=\"_ _0\"></span>i presentazione della situ<span class=\"_ _0\"></span>azione patrimon<span class=\"_ _0\"></span>iale e<span class=\"_ _0\"></span> finanziari<span class=\"_ _0\"></span>a consolidata presentano un<span class=\"_ _0\"></span>a distinzione tra<span class=\"_ _0\"></span> atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti e non cor<span class=\"_ _1\"></span>renti, dove:\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non co<span class=\"_ _1\"></span>rrenti c<span class=\"_ _1\"></span>ompren<span class=\"_ _1\"></span>dono i s<span class=\"_ _1\"></span>aldi at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i con ciclo di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo o<span class=\"_ _1\"></span>ltre do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si e<span class=\"_ _1\"></span>d includon<span class=\"_ _1\"></span>o le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immateriali, mater<span class=\"_ _1\"></span>iali e finan<span class=\"_ _1\"></span>ziarie e le imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite at<span class=\"_ _1\"></span>tive;\u2022 <span class=\"_ _a1\"> </span>le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nti compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o i saldi at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i con cicl<span class=\"_ _1\"></span>o di realiz<span class=\"_ _2\"></span>zo entro i do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si;\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non co<span class=\"_ _1\"></span>rrenti c<span class=\"_ _1\"></span>ompren<span class=\"_ _1\"></span>dono l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ibili oltre do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si, inclus<span class=\"_ _1\"></span>i i deb<span class=\"_ _1\"></span>iti f<span class=\"_ _1\"></span>inanziari, i fon<span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>r rischi e<span class=\"_ _1\"></span>d one<span class=\"_ _1\"></span>ri e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici a dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti e le imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sive;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 cor<span class=\"_ _1\"></span>renti comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sigibili e<span class=\"_ _1\"></span>ntro dodi<span class=\"_ _1\"></span>ci mes<span class=\"_ _1\"></span>i, compre<span class=\"_ _1\"></span>sa la qu<span class=\"_ _1\"></span>ota a br<span class=\"_ _1\"></span>eve dei f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>menti a m<span class=\"_ _1\"></span>edio<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>lungo termine<span class=\"_ _1\"></span>, dei fon<span class=\"_ _1\"></span>di pe<span class=\"_ _1\"></span>r rischi e<span class=\"_ _1\"></span>d one<span class=\"_ _1\"></span>ri e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici a dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti.Il prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico con<span class=\"_ _1\"></span>solidato \u00e8 p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato, diver<span class=\"_ _1\"></span>sam<span class=\"_ _1\"></span>ente dal bilancio s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato de<span class=\"_ _1\"></span>lla socie<span class=\"_ _1\"></span>t\u00e0 C<span class=\"_ _1\"></span>apo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>grupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do una clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinaz<span class=\"_ _1\"></span>ione, fo<span class=\"_ _1\"></span>rma rite<span class=\"_ _1\"></span>nuta pi\u00f9 r<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to alla cosi<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r natura di sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>alloca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zione \u00e8 ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ttuat<span class=\"_ _1\"></span>a dal Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>zando i c<span class=\"_ _1\"></span>entri di co<span class=\"_ _1\"></span>sto ch<span class=\"_ _1\"></span>e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntan<span class=\"_ _1\"></span>o la des<span class=\"_ _1\"></span>tinaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a. La fo<span class=\"_ _1\"></span>rma sce<span class=\"_ _1\"></span>lta \u00e8<span class=\"_ _1\"></span>, infatt<span class=\"_ _1\"></span>i, conforme alle mo<span class=\"_ _1\"></span>dalit\u00e0 di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing</span> inter<span class=\"_ _1\"></span>no e di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.</span> Il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio p<span class=\"_ _1\"></span>er natura di s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sa \u00e8 fornit<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>rno de<span class=\"_ _1\"></span>lle note e<span class=\"_ _1\"></span>splic<span class=\"_ _1\"></span>ative (nota 34 Comp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er natura de<span class=\"_ _1\"></span>lle voci di c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o di conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co<span class=\"_ _0\"></span>). Il rendiconto f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario \u00e8 st<span class=\"_ _1\"></span>ato pre<span class=\"_ _1\"></span>disp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o in bas<span class=\"_ _1\"></span>e al meto<span class=\"_ _1\"></span>do indiret<span class=\"_ _1\"></span>to e v<span class=\"_ _1\"></span>iene p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato in conformit<span class=\"_ _1\"></span>\u00e0 allo IA<span class=\"_ _1\"></span>S 7<span class=\"_ _6\"></span>, c<span class=\"_ _1\"></span>lass<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ican<span class=\"_ _1\"></span>do i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziari tra at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a, di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto e di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto. Si pre<span class=\"_ _1\"></span>cisa ch<span class=\"_ _1\"></span>e con rifer<span class=\"_ _1\"></span>imento alla de<span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>ra Con<span class=\"_ _1\"></span>sob n<span class=\"_ _1\"></span>. 1<span class=\"_ _4\"></span>55<span class=\"_ _4\"></span>19 del 27 luglio 200<span class=\"_ _1\"></span>6 e alla comunic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione n. D<span class=\"_ _1\"></span>EM6<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>4293 del 28 luglio 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>gli sche<span class=\"_ _1\"></span>mi di bilancio \u00e8 dat<span class=\"_ _1\"></span>a evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>vi con p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti corre<span class=\"_ _1\"></span>late, ai f<span class=\"_ _1\"></span>ini di una migliore informati<span class=\"_ _1\"></span>va.A f<span class=\"_ _1\"></span>ini comparati<span class=\"_ _1\"></span>vi i pro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i cons<span class=\"_ _1\"></span>olidati pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntan<span class=\"_ _1\"></span>o il confronto co<span class=\"_ _1\"></span>n i dati patrimoniali co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dati del b<span class=\"_ _1\"></span>ilancio al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 e co<span class=\"_ _1\"></span>n i dati eco<span class=\"_ _1\"></span>nomici co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dati dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1.2.3 P<span class=\"_ _4\"></span>rincipi C<span class=\"_ _4\"></span>ontabili2.3.1 Note gener<span class=\"_ _4\"></span>aliIl bilancio con<span class=\"_ _1\"></span>solidato \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato redat<span class=\"_ _1\"></span>to in bas<span class=\"_ _1\"></span>e al princip<span class=\"_ _1\"></span>io del co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o stor<span class=\"_ _1\"></span>ico, tranne ch<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r gli str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari deri<span class=\"_ _1\"></span>vati e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inate alla vendit<span class=\"_ _1\"></span>a che s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>e al valore e<span class=\"_ _1\"></span>quo, non<span class=\"_ _1\"></span>ch\u00e9 sul pre<span class=\"_ _1\"></span>supp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to della continuit<span class=\"_ _1\"></span>\u00e0 azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>. I principi c<span class=\"_ _1\"></span>ontab<span class=\"_ _1\"></span>ili adot<span class=\"_ _1\"></span>tati ne<span class=\"_ _1\"></span>l Bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si di quelli adot<span class=\"_ _1\"></span>tati n<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dent<span class=\"_ _1\"></span>i con l<span class=\"_ _1\"></span>\u2019ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne dei p<span class=\"_ _1\"></span>rincipi cont<span class=\"_ _1\"></span>abili inter<span class=\"_ _1\"></span>nazionali di nu<span class=\"_ _1\"></span>ova adozio<span class=\"_ _1\"></span>ne nel 202<span class=\"_ _1\"></span>2. Per mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ui principi di nuov<span class=\"_ _1\"></span>a adozion<span class=\"_ _1\"></span>e si rimanda al s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo parag<span class=\"_ _1\"></span>rafo Variazioni di principi c<span class=\"_ _1\"></span>ontabili interna<span class=\"_ _1\"></span>zionali<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__20": {
   "value": "Il prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico con<span class=\"_ _1\"></span>solidato \u00e8 p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato, diver<span class=\"_ _1\"></span>sam<span class=\"_ _1\"></span>ente dal bilancio s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato de<span class=\"_ _1\"></span>lla socie<span class=\"_ _1\"></span>t\u00e0 C<span class=\"_ _1\"></span>apo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>grupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do una clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinaz<span class=\"_ _1\"></span>ione, fo<span class=\"_ _1\"></span>rma rite<span class=\"_ _1\"></span>nuta pi\u00f9 r<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to alla cosi<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r natura di sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>alloca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zione \u00e8 ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ttuat<span class=\"_ _1\"></span>a dal Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>zando i c<span class=\"_ _1\"></span>entri di co<span class=\"_ _1\"></span>sto ch<span class=\"_ _1\"></span>e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntan<span class=\"_ _1\"></span>o la des<span class=\"_ _1\"></span>tinaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a. La fo<span class=\"_ _1\"></span>rma sce<span class=\"_ _1\"></span>lta \u00e8<span class=\"_ _1\"></span>, infatt<span class=\"_ _1\"></span>i, conforme alle mo<span class=\"_ _1\"></span>dalit\u00e0 di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing</span> inter<span class=\"_ _1\"></span>no e di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>.</span> Il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio p<span class=\"_ _1\"></span>er natura di s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sa \u00e8 fornit<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>rno de<span class=\"_ _1\"></span>lle note e<span class=\"_ _1\"></span>splic<span class=\"_ _1\"></span>ative (nota 34 Comp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er natura de<span class=\"_ _1\"></span>lle voci di c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o di conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co<span class=\"_ _0\"></span>).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__19": {
   "value": "2.3 P<span class=\"_ _4\"></span>rincipi C<span class=\"_ _4\"></span>ontabili2.3.1 Note gener<span class=\"_ _4\"></span>aliIl bilancio con<span class=\"_ _1\"></span>solidato \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato redat<span class=\"_ _1\"></span>to in bas<span class=\"_ _1\"></span>e al princip<span class=\"_ _1\"></span>io del co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o stor<span class=\"_ _1\"></span>ico, tranne ch<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r gli str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari deri<span class=\"_ _1\"></span>vati e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inate alla vendit<span class=\"_ _1\"></span>a che s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>e al valore e<span class=\"_ _1\"></span>quo, non<span class=\"_ _1\"></span>ch\u00e9 sul pre<span class=\"_ _1\"></span>supp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to della continuit<span class=\"_ _1\"></span>\u00e0 azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>. I principi c<span class=\"_ _1\"></span>ontab<span class=\"_ _1\"></span>ili adot<span class=\"_ _1\"></span>tati ne<span class=\"_ _1\"></span>l Bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si di quelli adot<span class=\"_ _1\"></span>tati n<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dent<span class=\"_ _1\"></span>i con l<span class=\"_ _1\"></span>\u2019ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne dei p<span class=\"_ _1\"></span>rincipi cont<span class=\"_ _1\"></span>abili inter<span class=\"_ _1\"></span>nazionali di nu<span class=\"_ _1\"></span>ova adozio<span class=\"_ _1\"></span>ne nel 202<span class=\"_ _1\"></span>2. Per mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ui principi di nuov<span class=\"_ _1\"></span>a adozion<span class=\"_ _1\"></span>e si rimanda al s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo parag<span class=\"_ _1\"></span>rafo Variazioni di principi c<span class=\"_ _1\"></span>ontabili interna<span class=\"_ _1\"></span>zionali<span class=\"_ _1\"></span>.V<span class=\"_ _0\"></span>alutazioni discre<span class=\"_ _0\"></span>zionali<span class=\"_ _1\"></span>, stime contabili ed assunzioni significativeLa re<span class=\"_ _1\"></span>dazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato richie<span class=\"_ _1\"></span>de l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>zione di s<span class=\"_ _1\"></span>time e di a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ia nella det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione di alcune att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, sia ne<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pote<span class=\"_ _1\"></span>nziali, ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ttuate s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>elle miglio<span class=\"_ _1\"></span>ri informazio<span class=\"_ _1\"></span>ni dispo<span class=\"_ _1\"></span>nibili. Gli eve<span class=\"_ _1\"></span>nti potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ero no<span class=\"_ _1\"></span>n confermare p<span class=\"_ _1\"></span>iename<span class=\"_ _1\"></span>nte le st<span class=\"_ _1\"></span>ime.I principal<span class=\"_ _0\"></span>i dati cong<span class=\"_ _0\"></span>etturati si riferiscono a<span class=\"_ _0\"></span>:\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>fondi ob<span class=\"_ _1\"></span>sole<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>lle rimane<span class=\"_ _1\"></span>nze di mater<span class=\"_ _1\"></span>ie prime e<span class=\"_ _1\"></span>d acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>i e delle r<span class=\"_ _1\"></span>imanen<span class=\"_ _1\"></span>ze di prodot<span class=\"_ _1\"></span>ti f<span class=\"_ _1\"></span>initi; poich<span class=\"_ _1\"></span>\u00e9 il Grupp<span class=\"_ _1\"></span>o trat<span class=\"_ _1\"></span>ta p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>ti agli andam<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato, all<span class=\"_ _1\"></span>\u2019inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della mo<span class=\"_ _1\"></span>da, le riman<span class=\"_ _1\"></span>enze di p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti alla f<span class=\"_ _1\"></span>ine della s<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a ridu<span class=\"_ _1\"></span>zioni di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, il fond<span class=\"_ _1\"></span>o obs<span class=\"_ _1\"></span>ole<span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a rimanen<span class=\"_ _1\"></span>ze di prod<span class=\"_ _1\"></span>otti f<span class=\"_ _1\"></span>initi rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te la st<span class=\"_ _1\"></span>ima del <span class=\"ff79 ls47 ws9\">managem<span class=\"_ _1\"></span>ent</span> circa le p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>se sui pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lle dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e colle<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ni di st<span class=\"_ _1\"></span>agioni pas<span class=\"_ _1\"></span>sate<span class=\"_ _1\"></span>, tene<span class=\"_ _1\"></span>ndo in c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e la capa<span class=\"_ _1\"></span>cit\u00e0 di ve<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>e gli ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si canali di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>utiv<span class=\"_ _1\"></span>i in cui ope<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ra il Grupp<span class=\"_ _1\"></span>o. T<span class=\"_ _4\"></span>ale as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zione pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re de<span class=\"_ _1\"></span>clinata in mo<span class=\"_ _1\"></span>do dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o nell<span class=\"_ _1\"></span>e diver<span class=\"_ _1\"></span>se are<span class=\"_ _1\"></span>e ge<span class=\"_ _1\"></span>ograf<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e dove il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra in con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla cono<span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a delle c<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>stich<span class=\"_ _1\"></span>e del s<span class=\"_ _1\"></span>ingolo me<span class=\"_ _1\"></span>rcato in me<span class=\"_ _1\"></span>rito alla c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 loc<span class=\"_ _1\"></span>ale di ass<span class=\"_ _1\"></span>orb<span class=\"_ _1\"></span>ire la vendit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i riferit<span class=\"_ _1\"></span>i a st<span class=\"_ _1\"></span>agioni pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ate. In<span class=\"_ _1\"></span>dicati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte le as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni di s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no comunque p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali di sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e cres<span class=\"_ _1\"></span>centi c<span class=\"_ _1\"></span>on l<span class=\"_ _1\"></span>\u2019aumentare de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019anzianit\u00e0 de<span class=\"_ _1\"></span>lla colle<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in mod<span class=\"_ _1\"></span>o tal<span class=\"_ _1\"></span>e da rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere da un lato la diminuzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi di ve<span class=\"_ _1\"></span>ndita s<span class=\"_ _1\"></span>ui canali s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndari (p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte <span class=\"ff79 ls3a wsa\">outl<span class=\"_ _1\"></span>et</span>) e dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altro la di<span class=\"ls0 ws0\">-</span>minuzion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>babilit<span class=\"_ _1\"></span>\u00e0 di vendit<span class=\"_ _1\"></span>a col pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>are de<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o. Alla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>lla dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne di tal<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rcentuale c<span class=\"_ _2\"></span>\u2019\u00e8<span class=\"_ _0\"></span> sia un\u2019analisi st<span class=\"_ _1\"></span>atist<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l variare d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019anzianit\u00e0 de<span class=\"_ _1\"></span>l pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>o in giacen<span class=\"_ _1\"></span>za ch<span class=\"_ _1\"></span>e una valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di cos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o di utiliz<span class=\"_ _1\"></span>zo di p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali. Ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o si rile<span class=\"_ _1\"></span>vi una var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e nelle informa<span class=\"_ _1\"></span>zioni di<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nibili le pe<span class=\"_ _1\"></span>rcentuali vengo<span class=\"_ _1\"></span>no riana<span class=\"ls0 ws0\">-</span>liz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate ed e<span class=\"_ _1\"></span>ventualme<span class=\"_ _1\"></span>nte ade<span class=\"_ _1\"></span>guate. Il fo<span class=\"_ _1\"></span>ndo ob<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za di mater<span class=\"_ _1\"></span>ie prime r<span class=\"_ _1\"></span>ifl<span class=\"_ _1\"></span>ette la s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls47 ws9\">manageme<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span><span class=\"ff71 ls4 ws103\">circ<span class=\"_ _1\"></span>a la </span></span>diminuzion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>babilit\u00e0 di ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>lle s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se ch<span class=\"_ _1\"></span>e vie<span class=\"_ _1\"></span>ne analiz<span class=\"_ _2\"></span>zata s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>el ca<span class=\"_ _1\"></span>lcolo d<span class=\"_ _1\"></span>elle mate<span class=\"_ _1\"></span>rie prime a le<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a mov<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>one;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>fondo s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei cr<span class=\"_ _1\"></span>editi p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e vendite all<span class=\"_ _2\"></span>\u2019ingros<span class=\"_ _1\"></span>so, le<span class=\"_ _1\"></span>gato alla s<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ibilit\u00e0 de<span class=\"_ _1\"></span>lla cliente<span class=\"_ _1\"></span>la ed allo <span class=\"ff79 ls5f ws7\">s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>nding</span><span class=\"ls8 ws10e\"> degli </span>ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si, con cui v<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o per<span class=\"_ _1\"></span>altro in gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e rappo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti con<span class=\"_ _1\"></span>solidati n<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>mpo. Il Gr<span class=\"_ _1\"></span>uppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a una matrice p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>alco<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lare le ECL (<span class=\"ff79\">Ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d Credit Los<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span><span class=\"ff71\">) per i cr<span class=\"_ _1\"></span>editi c<span class=\"_ _1\"></span>ommerciali. Le ali<span class=\"_ _1\"></span>quote di acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto si bas<span class=\"_ _1\"></span>ano sui gi<span class=\"_ _1\"></span>orni di </span></span>sc<span class=\"_ _1\"></span>aduto p<span class=\"_ _1\"></span>er ogni cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e di clienti r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>i vari s<span class=\"_ _1\"></span>egme<span class=\"_ _1\"></span>nti che pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o similari andame<span class=\"_ _1\"></span>nti di pe<span class=\"_ _1\"></span>rdita s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ica (<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>empio, p<span class=\"_ _1\"></span>er area ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica, t<span class=\"_ _1\"></span>ipo di pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to, tipo di clie<span class=\"_ _1\"></span>nte, <span class=\"ff79 ls5d ws9f\">rat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span></span> e garan<span class=\"_ _1\"></span>zie)<span class=\"_ _0\"></span>. La matric<span class=\"_ _1\"></span>e si bas<span class=\"_ _1\"></span>a inizialme<span class=\"_ _1\"></span>nte sui ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>torici o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vati de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o calibr<span class=\"_ _1\"></span>a la matrice p<span class=\"_ _1\"></span>er af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inare il dato st<span class=\"_ _1\"></span>orico s<span class=\"_ _1\"></span>ulle pe<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>dite su cre<span class=\"_ _1\"></span>diti con e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ionali. Ad e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>mpio, se s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>conomich<span class=\"_ _1\"></span>e prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pio, il rischi<span class=\"_ _1\"></span>o pae<span class=\"_ _1\"></span>se) si deteri<span class=\"_ _1\"></span>orino l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo, ci\u00f2 pu\u00f2 p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are a un aumento d<span class=\"_ _1\"></span>el nume<span class=\"_ _1\"></span>ro di inade<span class=\"_ _1\"></span>mpien<span class=\"_ _1\"></span>ze in quel pa<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e, i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di inso<span class=\"_ _1\"></span>lve<span class=\"_ _1\"></span>nza s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ici vengono p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati. Ad og<span class=\"_ _1\"></span>ni data di rife<span class=\"_ _1\"></span>rimento, i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di ins<span class=\"_ _1\"></span>olve<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a sto<span class=\"_ _1\"></span>rici vengon<span class=\"_ _1\"></span>o ag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>nati e vengono anali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati i c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e su ele<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nti prev<span class=\"_ _1\"></span>isionali<span class=\"_ _1\"></span>. La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione della co<span class=\"_ _1\"></span>rrela<span class=\"_ _1\"></span>zione t<span class=\"_ _1\"></span>ra i t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>i di inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>tori<span class=\"_ _1\"></span>ci, le condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche pre<span class=\"_ _1\"></span>visi<span class=\"_ _1\"></span>onali e le ECL rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ano una stima s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _1\"></span>e di ECL \u00e8 sen<span class=\"_ _1\"></span>sibile ai c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti delle circo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anze e d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e. A<span class=\"_ _1\"></span>nche l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>oric<span class=\"_ _1\"></span>a sull<span class=\"_ _1\"></span>\u2019andamento dell<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite su cre<span class=\"_ _1\"></span>dito de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e la prev<span class=\"_ _1\"></span>isio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e condi<span class=\"ls0 ws0\">-</span>zioni e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>he future p<span class=\"_ _1\"></span>otreb<span class=\"_ _1\"></span>bero n<span class=\"_ _1\"></span>on es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ative de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l cliente in futuro. Pe<span class=\"_ _1\"></span>r i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>analisi de<span class=\"_ _1\"></span>i rischi di cre<span class=\"_ _1\"></span>dito s<span class=\"_ _1\"></span>i rinvia alle note 3 e 1<span class=\"_ _0\"></span>4;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _5\"></span>fondi pe<span class=\"_ _1\"></span>r rischi e o<span class=\"_ _1\"></span>neri, in par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i per l<span class=\"_ _2\"></span>\u2019impe<span class=\"_ _1\"></span>gno co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uale al ripris<span class=\"_ _1\"></span>tino f<span class=\"_ _1\"></span>uturo di loc<span class=\"_ _1\"></span>ali in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d i cos<span class=\"_ _1\"></span>ti per c<span class=\"_ _1\"></span>onten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i in cor<span class=\"_ _1\"></span>so o pre<span class=\"_ _1\"></span>vedibili;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>so in<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>duato a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>i ric<span class=\"_ _1\"></span>avi da contr<span class=\"_ _1\"></span>atti co<span class=\"_ _1\"></span>n clienti, ove pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ente ne<span class=\"_ _1\"></span>lle condi<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali o nella pr<span class=\"_ _1\"></span>atica co<span class=\"_ _1\"></span>mmerciale ab<span class=\"_ _1\"></span>ituale p<span class=\"_ _1\"></span>er la ven<span class=\"_ _1\"></span>dita di b<span class=\"_ _1\"></span>eni . Il Gr<span class=\"_ _1\"></span>uppo ha de<span class=\"_ _1\"></span>terminato ch<span class=\"_ _1\"></span>e il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so \u00e8 il meto<span class=\"_ _1\"></span>do pi\u00f9 appro<span class=\"_ _1\"></span>priato p<span class=\"_ _1\"></span>er st<span class=\"_ _1\"></span>imare l<span class=\"_ _1\"></span>\u2019entit\u00e0 de<span class=\"_ _1\"></span>l corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivo variab<span class=\"_ _1\"></span>ile sulle ven<span class=\"_ _1\"></span>dite di be<span class=\"_ _1\"></span>ni con dirit<span class=\"_ _1\"></span>ti di re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>itu<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>, dato l<span class=\"_ _1\"></span>\u2019elevato num<span class=\"_ _1\"></span>ero di contr<span class=\"_ _1\"></span>atti c<span class=\"_ _1\"></span>on car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche simili; \u2022 <span class=\"_\"> </span> <span class=\"_ _11f\"></span>vita ut<span class=\"_ _1\"></span>ile de<span class=\"_ _1\"></span>gli immobili, impianti e mac<span class=\"_ _1\"></span>chinari, delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita e d<span class=\"_ _1\"></span>egli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immobiliari non<span class=\"_ _1\"></span>ch\u00e9 alla verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to dei re<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>i di iscri<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e misura<span class=\"_ _1\"></span>zione di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali pe<span class=\"_ _1\"></span>r cos<span class=\"_ _1\"></span>ti di sv<span class=\"_ _1\"></span>ilupp<span class=\"_ _1\"></span>o;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, i cui valo<span class=\"_ _1\"></span>ri son<span class=\"_ _1\"></span>o dete<span class=\"_ _1\"></span>rminati in bas<span class=\"_ _1\"></span>e a stim<span class=\"_ _1\"></span>e attuariali; per l<span class=\"_ _1\"></span>e principali a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni at<span class=\"_ _1\"></span>tuariali si rinvia alla not<span class=\"_ _1\"></span>a 22;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>ferite ch<span class=\"_ _1\"></span>e sono r<span class=\"_ _1\"></span>ilevate n<span class=\"_ _1\"></span>ella misur<span class=\"_ _1\"></span>a in cui sia probab<span class=\"_ _1\"></span>ile l<span class=\"_ _1\"></span>\u2019esis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>za di a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uati utili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali fu<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>turi a fronte de<span class=\"_ _1\"></span>i quali le dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee o eve<span class=\"_ _1\"></span>ntuali pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pot<span class=\"_ _1\"></span>ranno e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate. A t<span class=\"_ _1\"></span>al riguardo, il <span class=\"_ _1\"></span><span class=\"ff79 ls47 ws9\">manageme<span class=\"_ _1\"></span>nt</span><span class=\"ls4 ws10e\"> del Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>tima la probab<span class=\"_ _1\"></span>ile manifes<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e temp<span class=\"_ _1\"></span>orale e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ammontare d<span class=\"_ _1\"></span>ei futuri ut<span class=\"_ _1\"></span>ili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>almente </span>imponib<span class=\"_ _1\"></span>ili;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>valor e<span class=\"_ _1\"></span>quo (<span class=\"ff79 ls4\">f<span class=\"_ _0\"></span>air value<span class=\"_ _4\"></span><span class=\"ff71 ls42\">) d<span class=\"_ _1\"></span>egli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari, t<span class=\"_ _1\"></span>ra cui rive<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tono par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anza g<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, di </span></span>cui il Grupp<span class=\"_ _1\"></span>o fa largo u<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>er la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio; per i d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli sulle a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni alla base d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>alcolo del <span class=\"_ _1\"></span><span class=\"ff79 ls4 ws0\">fair value</span><span class=\"ws0\"> si rinvia alle note 3 e 3<span class=\"_ _1\"></span>0;</span>\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>val<span class=\"_ _1\"></span>ore equ<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span><span class=\"ff79\">fair value<span class=\"_ _4\"></span><span class=\"ff71\">) d<span class=\"_ _1\"></span>ei piani di pagam<span class=\"_ _1\"></span>ento ba<span class=\"_ _1\"></span>sati su a<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ia regolati p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa che re<span class=\"_ _1\"></span>golati co<span class=\"_ _1\"></span>n azio<span class=\"_ _1\"></span>ni di cui </span></span>la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o fa us<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>entiv<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l <span class=\"ff79 ls47 ws9\">management</span> de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o; per i det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli sulle as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni alla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>l calcolo del <span class=\"ff79 ls4 ws0\">fair value<span class=\"ff71\"> si rinvia alla not<span class=\"_ _1\"></span>a 40<span class=\"_ _1\"></span>; </span></span>\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>risc<span class=\"_ _1\"></span>hio di soc<span class=\"_ _1\"></span>comb<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a nell<span class=\"_ _1\"></span>e controver<span class=\"_ _1\"></span>sie in cui il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o \u00e8 coinvolto; il Grupp<span class=\"_ _1\"></span>o acce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 a front<span class=\"_ _1\"></span>e di conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i e cau<span class=\"_ _1\"></span>se le<span class=\"_ _1\"></span>gali in cor<span class=\"_ _1\"></span>so quand<span class=\"_ _1\"></span>o ritie<span class=\"_ _1\"></span>ne probab<span class=\"_ _1\"></span>ile che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>r\u00e0 un e<span class=\"_ _1\"></span>sbo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>inanziario e quand<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019am<span class=\"ls0 ws0\">-</span>montar<span class=\"_ _1\"></span>e delle p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e che ne de<span class=\"_ _1\"></span>rive<span class=\"_ _1\"></span>ranno pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re ragio<span class=\"_ _1\"></span>nevolme<span class=\"_ _1\"></span>nte st<span class=\"_ _1\"></span>imato. Stante le inc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze in<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nti l<span class=\"_ _1\"></span>\u2019esito di tali pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dimenti, \u00e8 dif<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icile p<span class=\"_ _1\"></span>redire c<span class=\"_ _1\"></span>on cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>za l<span class=\"_ _1\"></span>\u2019esb<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>so che d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ver\u00e0 da t<span class=\"_ _1\"></span>ali controve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ie ed \u00e8 quindi p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile che il valo<span class=\"_ _1\"></span>re dei fon<span class=\"_ _1\"></span>di per p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti leg<span class=\"_ _1\"></span>ali pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a variare a se<span class=\"_ _1\"></span>guito di f<span class=\"_ _1\"></span>uturi s<span class=\"_ _1\"></span>viluppi n<span class=\"_ _1\"></span>ei pro<span class=\"_ _1\"></span>cedim<span class=\"_ _1\"></span>enti in cor<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o monito<span class=\"_ _1\"></span>ra lo <span class=\"ff79 lsc ws5\">st<span class=\"_ _1\"></span>atus</span> de<span class=\"_ _1\"></span>lle c<span class=\"_ _1\"></span>ause e pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dimenti in c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o e si con<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span>a con i prop<span class=\"_ _1\"></span>ri cons<span class=\"_ _1\"></span>ulenti l<span class=\"_ _1\"></span>egali e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti in materia le<span class=\"_ _1\"></span>gale<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a inolt<span class=\"_ _1\"></span>re le po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ni f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e e se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ario rile<span class=\"_ _1\"></span>va una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0.Con rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S1<span class=\"_ _4\"></span>6, s<span class=\"_ _1\"></span>ono st<span class=\"_ _1\"></span>ate ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate le s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uenti s<span class=\"_ _1\"></span>time co<span class=\"_ _1\"></span>ntabili sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>ve, com<span class=\"_ _1\"></span>e Grupp<span class=\"_ _1\"></span>o nella qualit<span class=\"_ _1\"></span>\u00e0 di locatario:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls4b wsd1\">Lea<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span><span class=\"ff71 ls4 ws75\">: l<span class=\"_ _1\"></span>\u2019id<span class=\"_ _1\"></span>entif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla durata de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o \u00e8 una tematic<span class=\"_ _1\"></span>a molto r<span class=\"_ _1\"></span>ilevante dal m<span class=\"_ _1\"></span>oment<span class=\"_ _1\"></span>o che la </span></span>forma, la le<span class=\"_ _1\"></span>gisla<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e le pra<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali sui contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o immobiliare var<span class=\"_ _1\"></span>iano signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativam<span class=\"_ _1\"></span>ente da una giuris<span class=\"_ _1\"></span>dizion<span class=\"_ _1\"></span>e ad un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra e la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lle opzioni di rinnovo al t<span class=\"_ _1\"></span>ermine de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do non c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llabile sulla stima di <span class=\"ff79 ls3a ws18\">l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e te<span class=\"_ _1\"></span>rm</span> comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo di as<span class=\"_ _1\"></span>sunz<span class=\"_ _1\"></span>ioni. l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"ff79\">Interpret<span class=\"_ _1\"></span>ation Committ<span class=\"_ _1\"></span>ee</span> ha chiarito ch<span class=\"_ _1\"></span>e ai f<span class=\"_ _1\"></span>ini della identif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do di es<span class=\"_ _1\"></span>igibilit<span class=\"_ _1\"></span>\u00e0 un loc<span class=\"_ _1\"></span>atario d<span class=\"_ _1\"></span>eve con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare il mom<span class=\"_ _1\"></span>ento co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e nel quale e<span class=\"_ _1\"></span>ntramb<span class=\"_ _1\"></span>e le par<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>involte po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sercit<span class=\"_ _1\"></span>are il loro dir<span class=\"_ _1\"></span>itto di re<span class=\"_ _1\"></span>scin<span class=\"_ _1\"></span>dere il co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>nza in<span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>re in pe<span class=\"_ _1\"></span>nali che non s<span class=\"_ _1\"></span>ono irrilev<span class=\"_ _1\"></span>anti; il concet<span class=\"_ _1\"></span>to di pe<span class=\"_ _1\"></span>nale non de<span class=\"_ _1\"></span>ve avere un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>acce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne mer<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuale ma va v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o tutti gli aspetti economici<span class=\"_ _0\"></span> del contratto. I<span class=\"_ _0\"></span>l Gruppo ha<span class=\"_ _0\"></span> considerato tali conc<span class=\"_ _0\"></span>lusioni nel<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>\u2019identificazione della dura<span class=\"_ _0\"></span>ta dei co<span class=\"_ _1\"></span>ntratti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to. Il Gr<span class=\"_ _1\"></span>uppo infat<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r la def<span class=\"_ _1\"></span>iniz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla durata d<span class=\"_ _1\"></span>el <span class=\"ff79 ls38 ws8b\">leas<span class=\"_ _1\"></span>e</span> ha consid<span class=\"_ _1\"></span>erato la p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di opzio<span class=\"_ _1\"></span>ni di rinnovo e canc<span class=\"_ _1\"></span>ellaz<span class=\"_ _1\"></span>ione ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte in cap<span class=\"_ _1\"></span>o al loc<span class=\"_ _1\"></span>atari<span class=\"_ _1\"></span>o, al loc<span class=\"_ _1\"></span>atore o a entr<span class=\"_ _1\"></span>ambi. In pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di opzioni di rinnovo es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abili da entr<span class=\"_ _1\"></span>ambe le p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti contr<span class=\"_ _1\"></span>attuali ha con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nza o m<span class=\"_ _1\"></span>eno di s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vi dis<span class=\"_ _1\"></span>incenti<span class=\"_ _1\"></span>vi eco<span class=\"_ _1\"></span>nomici ne<span class=\"_ _1\"></span>l rif<span class=\"_ _1\"></span>iutare la r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di rinnovo come r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>to dal par<span class=\"_ _1\"></span>agrafo B34 de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16. In pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di opzioni es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abili sol<span class=\"_ _1\"></span>o da una delle due p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti ha con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato il parag<span class=\"_ _1\"></span>rafo B35 dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16.L<span class=\"_ _6\"></span>\u2019applicazi<span class=\"_ _1\"></span>one di quanto so<span class=\"_ _1\"></span>pra, te<span class=\"_ _1\"></span>nuto conto d<span class=\"_ _1\"></span>egli s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici fatt<span class=\"_ _1\"></span>i e circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze nonch\u00e9 d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tima sull<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>sere r<span class=\"_ _1\"></span>agio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nevolm<span class=\"_ _1\"></span>ente ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione, ha co<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato che:-  <span class=\"_ _49\"></span>pe<span class=\"_ _1\"></span>r i contr<span class=\"_ _1\"></span>atti di durat<span class=\"_ _1\"></span>a annuale rinnov<span class=\"_ _1\"></span>abili automatic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte sal<span class=\"_ _1\"></span>vo disde<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a si \u00e8 co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a una durata me<span class=\"_ _1\"></span>dia di cinque anni, bas<span class=\"_ _1\"></span>ando t<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a sull<span class=\"_ _1\"></span>\u2019evid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>oric<span class=\"_ _1\"></span>a;-  <span class=\"_ _49\"></span>negli alt<span class=\"_ _1\"></span>ri ca<span class=\"_ _1\"></span>si se \u00e8 s<span class=\"_ _1\"></span>olo il Gr<span class=\"_ _1\"></span>uppo a p<span class=\"_ _1\"></span>oter e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcitare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opzione si \u00e8 c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a una durat<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>ino al se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o rinnovo prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o dal contrat<span class=\"_ _1\"></span>to, bas<span class=\"_ _1\"></span>ando<span class=\"_ _1\"></span>si sull<span class=\"_ _1\"></span>\u2019evide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>oric<span class=\"_ _1\"></span>a e sul fatt<span class=\"_ _1\"></span>o di non pot<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare rag<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>volmente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to il rinnovo oltre il s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do.Dop<span class=\"_ _1\"></span>o la data di de<span class=\"_ _1\"></span>corr<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a del c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o rive<span class=\"_ _1\"></span>de la durat<span class=\"_ _1\"></span>a dell<span class=\"_ _1\"></span>o ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so se s<span class=\"_ _1\"></span>i verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a un eve<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>vo o un signif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>lle circos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anze che<span class=\"_ _1\"></span>, dipen<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>do dalla volont<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, abbia un\u2019<span class=\"_ _1\"></span>incide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a sulla ragion<span class=\"_ _1\"></span>evole c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l loc<span class=\"_ _1\"></span>atario di e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are un\u2019opzione non pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte inclus<span class=\"_ _1\"></span>a nella sua d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>mi<span class=\"ls0 ws0\">-</span>nazio<span class=\"_ _1\"></span>ne della dur<span class=\"_ _1\"></span>ata de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> o di no<span class=\"_ _1\"></span>n es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are un\u2019opzione pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>mente in<span class=\"_ _1\"></span>clusa n<span class=\"_ _1\"></span>ella sua de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione della durat<span class=\"_ _1\"></span>a del <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ls0\">.</span>\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>D<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inizio<span class=\"_ _1\"></span>ne del t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto: poich<span class=\"_ _1\"></span>\u00e9 nella mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ior par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ei contr<span class=\"_ _1\"></span>atti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to st<span class=\"_ _1\"></span>ipulati dal Grup<span class=\"_ _1\"></span>po, non \u00e8 pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sente un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e implicito, il Grup<span class=\"_ _1\"></span>po ha ca<span class=\"_ _1\"></span>lcolato un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ale di ind<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto (<span class=\"ff79 ws3c\">Incremental </span>Borro<span class=\"_ _1\"></span>wing Rat<span class=\"_ _1\"></span>e-<span class=\"_ _2\"></span>IBR<span class=\"ff71 ls4 ws2d\">). Al f<span class=\"_ _1\"></span>ine di det<span class=\"_ _1\"></span>erminare l<span class=\"_ _2\"></span>\u2019IBR da ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>ttuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei pag<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i futuri de<span class=\"_ _1\"></span>i canoni </span>di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to, il Grup<span class=\"_ _1\"></span>po ha ide<span class=\"_ _1\"></span>ntif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o ogni Pae<span class=\"_ _1\"></span>se co<span class=\"_ _1\"></span>me un por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio di c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti con c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tiche s<span class=\"_ _1\"></span>imili e ha dete<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>minato il relativo IBR c<span class=\"_ _1\"></span>ome il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pri<span class=\"_ _1\"></span>vo di rischio d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo Paes<span class=\"_ _1\"></span>e in cui il contr<span class=\"_ _1\"></span>atto \u00e8 s<span class=\"_ _1\"></span>tato stip<span class=\"_ _1\"></span>ulato, basato s<span class=\"_ _1\"></span>ulle diver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e sca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ze contr<span class=\"_ _1\"></span>attuali, mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rato de<span class=\"_ _1\"></span>l <span class=\"ff79\">Credit spread</span><span class=\"ls5 wsc\"> di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.</span>Le stim<span class=\"_ _1\"></span>e e le as<span class=\"_ _1\"></span>sunzi<span class=\"_ _1\"></span>oni son<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uate dagli amminist<span class=\"_ _1\"></span>ratori co<span class=\"_ _1\"></span>n il suppo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle funzi<span class=\"_ _1\"></span>oni azie<span class=\"_ _1\"></span>ndali e, quan<span class=\"_ _1\"></span>do ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>propriato, di sp<span class=\"_ _1\"></span>eciali<span class=\"_ _1\"></span>sti in<span class=\"_ _1\"></span>dipen<span class=\"_ _1\"></span>denti e s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dic<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, iscri<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>do a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, ove richie<span class=\"_ _1\"></span>sto, gli ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i di ciascuna v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo in cui t<span class=\"_ _1\"></span>ali s<span class=\"_ _1\"></span>time e<span class=\"_ _1\"></span>d as<span class=\"_ _1\"></span>sunzi<span class=\"_ _1\"></span>oni dove<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ero dif<span class=\"_ _1\"></span>ferire dall<span class=\"_ _1\"></span>e circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>.Riduzione durev<span class=\"_ _0\"></span>ole /Ripristini di valor<span class=\"_ _0\"></span>e di Immobili impianti e macchinari, In<span class=\"_ _4\"></span>vestimenti immobiliari, Atti<span class=\"_ _0\"></span>vit\u00e0 immateriali a vita utile definita, A<span class=\"_ _4\"></span>ttivit\u00e0 per Diritto d\u2019uso e AvviamentoIl valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e di Immobili impianti e mac<span class=\"_ _1\"></span>chinari, Inves<span class=\"_ _1\"></span>timenti imm<span class=\"_ _1\"></span>obiliari, Att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a e Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Us<span class=\"_ _1\"></span>o vengon<span class=\"_ _1\"></span>o sot<span class=\"_ _1\"></span>topo<span class=\"_ _1\"></span>sti a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent </span>nei c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>i in cui vi siano in<span class=\"_ _1\"></span>dicator<span class=\"_ _1\"></span>i di <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> </span>(<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>venti o c<span class=\"_ _1\"></span>ambiamenti di s<span class=\"_ _1\"></span>ituazi<span class=\"_ _1\"></span>one che in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di cari<span class=\"_ _1\"></span>co non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato) che richiedano un\u2019<span class=\"_ _1\"></span>immediat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di eve<span class=\"_ _1\"></span>ntuali perdit<span class=\"_ _1\"></span>e di valore<span class=\"_ _1\"></span>, o che si s<span class=\"_ _1\"></span>iano verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati fat<span class=\"_ _1\"></span>ti che comun<span class=\"_ _1\"></span>que richie<span class=\"_ _1\"></span>dono la ripet<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura. Una ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te quando il v<span class=\"_ _1\"></span>alore cont<span class=\"_ _1\"></span>abile di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di un<span class=\"_ _1\"></span>\u2019un<span class=\"_ _0\"></span>it\u00e0 gene<span class=\"_ _1\"></span>ratrice di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de il pro<span class=\"_ _1\"></span>prio val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile, ch<span class=\"_ _1\"></span>e \u00e8 il mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>e tra il suo <span class=\"ff79\">fair value</span> de<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i i cos<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dita e il su<span class=\"_ _1\"></span>o valore d<span class=\"_ _2\"></span>\u2019uso. Il calco<span class=\"_ _1\"></span>lo de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dedot<span class=\"_ _1\"></span>ti i cos<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita \u00e8 ba<span class=\"_ _1\"></span>sato s<span class=\"_ _1\"></span>ui dati dispo<span class=\"_ _1\"></span>nibili da ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni di vendit<span class=\"_ _1\"></span>a tra p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti libe<span class=\"_ _1\"></span>re e autono<span class=\"_ _1\"></span>me, di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>imili o prez<span class=\"_ _2\"></span>zi di me<span class=\"_ _1\"></span>rcato os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili, ded<span class=\"_ _1\"></span>otti i mag<span class=\"_ _2\"></span>giori co<span class=\"_ _1\"></span>sti r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>i alla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso \u00e8 c<span class=\"_ _1\"></span>alcolato tr<span class=\"_ _1\"></span>amite mo<span class=\"_ _1\"></span>delli di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o un ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sconto ante imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima cor<span class=\"_ _1\"></span>rente de<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato rifer<span class=\"_ _1\"></span>ito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al te<span class=\"_ _1\"></span>mpo e ai rischi s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Il <span class=\"ff79 lsd ws75\">test</span><span class=\"ws12c\"> di<span class=\"ff79 ls5f wsb0\"> impairme<span class=\"_ _1\"></span>nt</span><span class=\"ls4 wse2\"> vie<span class=\"_ _1\"></span>ne con<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ando quali unit<span class=\"_ _1\"></span>\u00e0 gene<span class=\"_ _1\"></span>ratrici di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa (<span class=\"_ _1\"></span>\u201c<span class=\"ff79\">Cash Generating Unit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>\u201d o \u201c<span class=\"_ _1\"></span>CGU<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) le </span></span>singole are<span class=\"_ _1\"></span>e geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche in cui il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra, di no<span class=\"_ _1\"></span>rma coincid<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e singole e<span class=\"_ _1\"></span>ntit\u00e0 l<span class=\"_ _1\"></span>egali d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, fat<span class=\"_ _1\"></span>ti sal<span class=\"_ _1\"></span>vi i cas<span class=\"_ _1\"></span>i in cui pi\u00f9 entit<span class=\"_ _1\"></span>\u00e0 le<span class=\"_ _1\"></span>gali del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>rino ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>imo Pae<span class=\"_ _1\"></span>se o in te<span class=\"_ _1\"></span>rritor<span class=\"_ _1\"></span>i e merc<span class=\"_ _1\"></span>ati limitrof<span class=\"_ _1\"></span>i car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati da cliente<span class=\"_ _1\"></span>la comune e<span class=\"_ _1\"></span>d omoge<span class=\"_ _1\"></span>nea<span class=\"_ _1\"></span>.I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>cavati dalle s<span class=\"_ _1\"></span>time e<span class=\"_ _1\"></span>labor<span class=\"_ _1\"></span>ate dal <span class=\"ff79 ls47 ws9\">management</span> a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale, che r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntano la miglio<span class=\"_ _1\"></span>r stima ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uabile dalla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sulle con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ni econ<span class=\"_ _1\"></span>omiche pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do di piano. Le proie<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>oni del p<span class=\"_ _1\"></span>iano copron<span class=\"_ _1\"></span>o un arco temp<span class=\"_ _1\"></span>orale di t<span class=\"_ _1\"></span>re es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i ed il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a a lungo te<span class=\"_ _1\"></span>rmine (<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span>) utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato al f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>lla st<span class=\"_ _1\"></span>ima del val<span class=\"_ _1\"></span>ore terminale d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato as<span class=\"_ _1\"></span>sunto pari all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>sa n<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>dio \u2013 lungo pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do dei p<span class=\"_ _1\"></span>rincipali me<span class=\"_ _1\"></span>rcati in cui il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra. I f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa no<span class=\"_ _1\"></span>n includo<span class=\"_ _1\"></span>no le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 di ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per cui la S<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0 no<span class=\"_ _1\"></span>n abbia gi\u00e0 un<span class=\"_ _1\"></span>\u2019ob<span class=\"ls0 ws0\">-</span>bliga<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente, n<span class=\"_ _1\"></span>\u00e9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i inves<span class=\"_ _1\"></span>timenti f<span class=\"_ _1\"></span>uturi che incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>eranno il re<span class=\"_ _1\"></span>ndime<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 compo<span class=\"_ _1\"></span>nenti l<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratric<span class=\"_ _1\"></span>e di flu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsibilme<span class=\"_ _1\"></span>nte dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sconto ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato nel m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zati cos<span class=\"_ _1\"></span>\u00ec come dai f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa in e<span class=\"_ _1\"></span>ntrata at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si in futuro e dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cres<span class=\"_ _1\"></span>cita ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato ai f<span class=\"_ _1\"></span>ini dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>trap<span class=\"_ _1\"></span>olazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di pe<span class=\"_ _1\"></span>rdita di v<span class=\"_ _1\"></span>alore alme<span class=\"_ _1\"></span>no una volt<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019anno (<span class=\"_ _4\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto al 3<span class=\"_ _0\"></span>1 dicembre) o con mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ore fre<span class=\"_ _1\"></span>quen<span class=\"_ _1\"></span>za, quand<span class=\"_ _1\"></span>o le circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze faccian<span class=\"_ _1\"></span>o riten<span class=\"_ _1\"></span>ere che il v<span class=\"_ _1\"></span>alore di is<span class=\"_ _1\"></span>crizi<span class=\"_ _1\"></span>one pot<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to a per<span class=\"_ _1\"></span>dita di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>.La p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di valore d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019A<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento \u00e8 de<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>ando il v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ice di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari (o gruppo di unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari) cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 ricon<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove il valo<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>bile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari fos<span class=\"_ _1\"></span>se mino<span class=\"_ _1\"></span>re del v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019unit\u00e0 ge<span class=\"_ _1\"></span>neratr<span class=\"_ _1\"></span>ice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato allo<span class=\"_ _1\"></span>cato, vie<span class=\"_ _1\"></span>ne rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a una perdit<span class=\"_ _1\"></span>a di val<span class=\"_ _1\"></span>ore. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>abbat<span class=\"_ _1\"></span>timento d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto non pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span> ripris<span class=\"_ _1\"></span>tinato in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rciz<span class=\"_ _1\"></span>i futuri.V<span class=\"_ _4\"></span>alutazione degli impatti del cambiamento climaticoCoe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente alle p<span class=\"_ _1\"></span>riorit<span class=\"_ _1\"></span>\u00e0 def<span class=\"_ _1\"></span>inite dall<span class=\"_ _2\"></span>\u2019<span class=\"ff79 ls80 ws119\">Europ<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>an</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span></span><span class=\"ff79\">Se<span class=\"_ _1\"></span>curities and M<span class=\"_ _1\"></span>arket Authority</span> (E<span class=\"_ _1\"></span>SMA) de<span class=\"_ _1\"></span>l 28 otto<span class=\"_ _1\"></span>bre 2022 p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>\u2019anno di rendicont<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne 2022, co<span class=\"_ _1\"></span>me indic<span class=\"_ _1\"></span>ato nel p<span class=\"_ _1\"></span>aragrafo \u201c<span class=\"_ _1\"></span>Principali ri<span class=\"_ _1\"></span>schi e<span class=\"_ _1\"></span>d incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>ze<span class=\"_ _1\"></span>\u201d della Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla G<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>stio<span class=\"_ _1\"></span>ne, il G<span class=\"_ _1\"></span>ruppo ha r<span class=\"_ _1\"></span>ilevato e i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato, in mod<span class=\"_ _1\"></span>o tras<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ale alle v<span class=\"_ _1\"></span>arie tipo<span class=\"_ _1\"></span>logie di r<span class=\"_ _1\"></span>ischio, eve<span class=\"_ _1\"></span>ntuali fatt<span class=\"_ _1\"></span>ori di ris<span class=\"_ _1\"></span>chio di natura ambient<span class=\"_ _1\"></span>ale e mo<span class=\"_ _1\"></span>nitora la co<span class=\"_ _1\"></span>ntinua evoluz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l quadro normati<span class=\"_ _1\"></span>vo, nazio<span class=\"_ _1\"></span>nale ed inte<span class=\"_ _1\"></span>rnaz<span class=\"_ _1\"></span>ionale<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, il camb<span class=\"_ _1\"></span>iamento climatico e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atte<span class=\"_ _1\"></span>nzion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opinione p<span class=\"_ _1\"></span>ubblic<span class=\"_ _1\"></span>a sul tema p<span class=\"_ _1\"></span>otreb<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ro avere impat<span class=\"_ _1\"></span>ti sulle prefer<span class=\"_ _1\"></span>enze d<span class=\"_ _1\"></span>ella cliente<span class=\"_ _1\"></span>la, det<span class=\"_ _1\"></span>erminand<span class=\"_ _1\"></span>o eventuali var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di alcune par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olari c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e di prod<span class=\"_ _1\"></span>otto, marginali ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> di Gr<span class=\"_ _1\"></span>uppo, e ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eventuale approv<span class=\"_ _2\"></span>vigio<span class=\"_ _1\"></span>namento di t<span class=\"_ _1\"></span>alune mate<span class=\"_ _1\"></span>rie prime<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a che al mome<span class=\"_ _1\"></span>nto si po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a ipoti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una riduz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla qualit\u00e0 de<span class=\"_ _1\"></span>lle st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>sidia, p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, i ris<span class=\"_ _1\"></span>chi leg<span class=\"_ _1\"></span>ati al cambiame<span class=\"_ _1\"></span>nto climatico al f<span class=\"_ _1\"></span>ine di ri<span class=\"_ _1\"></span>durre le eve<span class=\"_ _1\"></span>ntuali ripe<span class=\"_ _1\"></span>rcus<span class=\"_ _1\"></span>sioni sull<span class=\"_ _1\"></span>e proprie at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Inoltr<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po se<span class=\"_ _1\"></span>gue la c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>tinua evolu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el quadro nor<span class=\"_ _1\"></span>mativo, nazi<span class=\"_ _1\"></span>onale e<span class=\"_ _1\"></span>d interna<span class=\"_ _1\"></span>zionale<span class=\"_ _1\"></span>, e la pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e introdu<span class=\"_ _1\"></span>zione di ulte<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>i normati<span class=\"_ _1\"></span>ve leg<span class=\"_ _1\"></span>ate alla riduzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>gli impatt<span class=\"_ _1\"></span>i ambient<span class=\"_ _1\"></span>ali del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span><span class=\"ls0\">. </span>Attualme<span class=\"_ _1\"></span>nte l<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>atto de<span class=\"_ _1\"></span>lle que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ioni leg<span class=\"_ _1\"></span>ate al clima non \u00e8 ril<span class=\"_ _1\"></span>evante sul b<span class=\"_ _1\"></span>ilancio del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o e non ha comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni signif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve sulle s<span class=\"_ _1\"></span>time di bilanci<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o continue<span class=\"_ _1\"></span>r\u00e0 a monit<span class=\"_ _1\"></span>orare t<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one valut<span class=\"_ _1\"></span>and<span class=\"_ _1\"></span>o nello spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico l<span class=\"_ _2\"></span>\u2019impatto s<span class=\"_ _1\"></span>ui cos<span class=\"_ _1\"></span>ti di pro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne le<span class=\"_ _1\"></span>gati all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>introduz<span class=\"_ _1\"></span>ione di no<span class=\"_ _1\"></span>rmative sulla ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e emis<span class=\"_ _1\"></span>sioni e<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o di impatto s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo, il Grupp<span class=\"_ _1\"></span>o include<span class=\"_ _1\"></span>r\u00e0 t<span class=\"_ _1\"></span>ali ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni nelle p<span class=\"_ _1\"></span>roprie s<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>. Per acce<span class=\"_ _1\"></span>ler<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019adozione di fonti en<span class=\"_ _1\"></span>erge<span class=\"_ _1\"></span>tiche rinnov<span class=\"_ _1\"></span>abili, nel 202<span class=\"_ _1\"></span>2 il Grupp<span class=\"_ _1\"></span>o, insie<span class=\"_ _1\"></span>me al <span class=\"ff79 ls4b wsd3\">Fashion Pact<span class=\"_ _1\"></span></span>, ha par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipato con altri 1<span class=\"_ _4\"></span>1 <span class=\"ff79 ws0\">brand <span class=\"_ _1\"></span></span>al proget<span class=\"_ _1\"></span>to di lancio di un <span class=\"ff79\">Colle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ive Vir<span class=\"_ _1\"></span>tual Power Purchase A<span class=\"_ _1\"></span>gree<span class=\"_ _1\"></span>ment</span> (CVPP<span class=\"_ _0\"></span>A) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea europ<span class=\"_ _1\"></span>ea, che pre<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>\u00e0 av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>io so<span class=\"_ _1\"></span>ltanto ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei pros<span class=\"_ _1\"></span>simi anni. Si s<span class=\"_ _1\"></span>tima che il re<span class=\"_ _1\"></span>lativo impat<span class=\"_ _1\"></span>to in bilanci<span class=\"_ _1\"></span>o non sar<span class=\"_ _1\"></span>\u00e0 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo.Informativ<span class=\"_ _4\"></span>a sulle riduzioni durevoli di valor<span class=\"_ _4\"></span>eSulla base di quanto p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di<span class=\"ff79\"> Impairme<span class=\"_ _1\"></span>nt test</span> ap<span class=\"_ _1\"></span>provat<span class=\"_ _1\"></span>a dal Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po ha svo<span class=\"_ _1\"></span>lto l<span class=\"_ _1\"></span>\u2019analisi finali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a ad in<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>duare la pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di e<span class=\"_ _1\"></span>ventuali indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o per<span class=\"_ _1\"></span>dite durevoli di va<span class=\"_ _1\"></span>lore sugli att<span class=\"_ _1\"></span>ivi ov<span class=\"_ _2\"></span>vero l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eventuale ve<span class=\"_ _1\"></span>nir men<span class=\"_ _1\"></span>o dei mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e avevano ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato la s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne durante i pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, il Gr<span class=\"_ _1\"></span>uppo ha e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziato una bu<span class=\"_ _1\"></span>ona <span class=\"ff79 ls2c ws9d\">pe<span class=\"_ _1\"></span>rformance</span> sia nei ri<span class=\"_ _1\"></span>cavi ch<span class=\"_ _1\"></span>e nei mar<span class=\"_ _1\"></span>gini, anche s<span class=\"_ _1\"></span>e alcune are<span class=\"_ _1\"></span>e hanno mos<span class=\"_ _1\"></span>trato un r<span class=\"_ _1\"></span>allent<span class=\"_ _1\"></span>amento d<span class=\"_ _1\"></span>ella cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019ultima parte de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019anno.Nel 202<span class=\"_ _1\"></span>2 lo sce<span class=\"_ _1\"></span>nario macro<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nomico ha m<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>rato se<span class=\"_ _1\"></span>gni di ripre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al biennio p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte (2020 \u2013 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), quando er<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>gativ<span class=\"_ _1\"></span>amente inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nzato dag<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i della pan<span class=\"_ _1\"></span>demia da Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9, ma \u00e8 rima<span class=\"_ _1\"></span>sto inc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ia a caus<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>nflit<span class=\"_ _1\"></span>to ru<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o ucraino, sia p<span class=\"_ _1\"></span>er la for<span class=\"_ _1\"></span>te s<span class=\"_ _1\"></span>pinta inf<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>ica n<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>incipali ec<span class=\"_ _1\"></span>onomie mo<span class=\"_ _1\"></span>ndiali, sia dal rialzo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e con una cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>rope<span class=\"_ _1\"></span>nsio<span class=\"_ _1\"></span>ne e del p<span class=\"_ _1\"></span>oter<span class=\"_ _1\"></span>e di spe<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei con<span class=\"_ _1\"></span>sumatori, no<span class=\"_ _1\"></span>nch\u00e9, nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea cine<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, dalla recru<span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za d<span class=\"_ _1\"></span>ella pand<span class=\"_ _1\"></span>emia e dalla polit<span class=\"_ _1\"></span>ica ze<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Covi<span class=\"_ _1\"></span>d che ha dete<span class=\"_ _1\"></span>rminato nuove limit<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni alle pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>one e al co<span class=\"_ _1\"></span>mmercio. D<span class=\"_ _1\"></span>i cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a, le s<span class=\"_ _1\"></span>time di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>che rilas<span class=\"_ _1\"></span>ciate dal Fondo M<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ario Inte<span class=\"_ _1\"></span>rna<span class=\"ls0 ws0\">-</span>zionale<span class=\"_ _1\"></span>, pur se<span class=\"_ _1\"></span>mpre po<span class=\"_ _1\"></span>siti<span class=\"_ _1\"></span>ve, so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te al riba<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o durante l<span class=\"_ _1\"></span>\u2019anno. Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 che al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2020 erano s<span class=\"_ _1\"></span>tate o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di <span class=\"ff79 ls5f ws135\">impairm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t</span> e p<span class=\"_ _1\"></span>er le quali e<span class=\"_ _1\"></span>ra st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a rilev<span class=\"_ _1\"></span>ata una pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a di valore<span class=\"_ _1\"></span>, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 si \u00e8 v<span class=\"_ _1\"></span>alutato di no<span class=\"_ _1\"></span>n proce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re ad un eve<span class=\"_ _1\"></span>ntuale ripr<span class=\"_ _1\"></span>istin<span class=\"_ _1\"></span>o di valore<span class=\"_ _1\"></span>, in cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>llo sce<span class=\"_ _1\"></span>nario macro<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o ancor<span class=\"_ _1\"></span>a incer<span class=\"_ _1\"></span>to, co<span class=\"_ _1\"></span>me so<span class=\"_ _1\"></span>pra de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itto, in par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea europ<span class=\"_ _1\"></span>ea e no<span class=\"_ _1\"></span>rd-ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ana.Con rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _1\"></span>e altre CGU, l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>analisi s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a non ha indi<span class=\"_ _1\"></span>viduato in<span class=\"_ _1\"></span>dicato<span class=\"_ _1\"></span>ri di pos<span class=\"_ _1\"></span>sibili p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e di valore al 31 dicembre 2022 (<span class=\"_ _0\"></span>c.d<span class=\"_ _1\"></span>. <span class=\"ff79 ls2e ws156\">tri<span class=\"_ _0\"></span>g<span class=\"_ _1\"></span>ger ev<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws12c\">), in quanto si ritiene ch<span class=\"_ _1\"></span>e le incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze, che l<span class=\"_ _1\"></span>e hanno car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>iano st<span class=\"_ _1\"></span>ate dete<span class=\"_ _1\"></span>rminate da </span></span>situaz<span class=\"_ _1\"></span>ioni continge<span class=\"_ _1\"></span>nti, come que<span class=\"_ _1\"></span>lle de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019area cinese<span class=\"_ _1\"></span>, e quindi non dure<span class=\"_ _1\"></span>voli.2.3.2 Immobili, Impianti e macc<span class=\"_ _0\"></span>hinariLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate al co<span class=\"_ _1\"></span>sto s<span class=\"_ _1\"></span>tori<span class=\"_ _1\"></span>co, compre<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>vo dei co<span class=\"_ _1\"></span>sti ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ori diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente imput<span class=\"_ _1\"></span>abili e ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ari alla mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a in funzio<span class=\"_ _1\"></span>ne del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019uso pe<span class=\"_ _1\"></span>r cui \u00e8 st<span class=\"_ _1\"></span>ato ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ato. T<span class=\"_ _4\"></span>ale cos<span class=\"_ _1\"></span>to inclu<span class=\"_ _1\"></span>de i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er la so<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>e di par<span class=\"_ _1\"></span>te di macchinari e imp<span class=\"_ _1\"></span>ianti nel mo<span class=\"_ _1\"></span>mento in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuti s<span class=\"_ _1\"></span>e conformi ai crite<span class=\"_ _1\"></span>ri di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. Il valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to (il cos<span class=\"_ _1\"></span>to men<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto accumulato e le p<span class=\"_ _1\"></span>erdite p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re accumulate) delle par<span class=\"_ _1\"></span>ti di mac<span class=\"_ _1\"></span>chinari e impianti sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>i \u00e8 rilev<span class=\"_ _1\"></span>ato a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto della lo<span class=\"_ _1\"></span>ro sos<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. Le spe<span class=\"_ _1\"></span>se di manut<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ione e ripar<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one, ch<span class=\"_ _1\"></span>e non siano s<span class=\"_ _1\"></span>usce<span class=\"_ _1\"></span>ttib<span class=\"_ _1\"></span>ili di valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o prolungare la v<span class=\"_ _1\"></span>ita re<span class=\"_ _1\"></span>sidua d<span class=\"_ _1\"></span>ei beni, s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sate ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enute<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o contr<span class=\"_ _1\"></span>ario vengon<span class=\"_ _1\"></span>o capit<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>ste al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o dei re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amenti a<span class=\"_ _1\"></span>ccumulati e di eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore ac<span class=\"_ _1\"></span>cu<span class=\"ls0 ws0\">-</span>mulate dete<span class=\"_ _1\"></span>rminate se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o le mo<span class=\"_ _1\"></span>dalit\u00e0 de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itte n<span class=\"_ _1\"></span>el se<span class=\"_ _1\"></span>guito. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e alla vit<span class=\"_ _1\"></span>a utile st<span class=\"_ _1\"></span>imata de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impres<span class=\"_ _1\"></span>a. Le v<span class=\"_ _1\"></span>ite utili de<span class=\"_ _1\"></span>lle principali cla<span class=\"_ _1\"></span>ssi di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 materiali so<span class=\"_ _1\"></span>no le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniImpianti e Macchinari<span class=\"_ _256\"> </span>5-6 anniAttrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _257\"> </span>4-7 anniAltri beni:- Mobili Ar<span class=\"_ _0\"></span>redi Uffici<span class=\"_ _258\"> </span>5-8 anni- Macchine Elettr<span class=\"_ _0\"></span>oniche<span class=\"_ _259\"> </span>3-5 anni- C<span class=\"_ _0\"></span>ollezione Storica<span class=\"_ _25a\"> </span>5 anni- Automezzi<span class=\"_ _25b\"> </span><span class=\"ws0\">3-4 anni</span>Migliorie su beni di terzi<span class=\"_ _11d\"> </span>In base alla dur<span class=\"_ _4\"></span>ata residua del contratto di affitto del beneIl valore re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>duo del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e, la vit<span class=\"_ _1\"></span>a utile e i m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>di di ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amento ap<span class=\"_ _1\"></span>plicati s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ti alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio e ade<span class=\"_ _1\"></span>guati, se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ario, in mo<span class=\"_ _1\"></span>do pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>ttic<span class=\"_ _1\"></span>o.Qualor<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>ti signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative di t<span class=\"_ _1\"></span>ali att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 mate<span class=\"_ _1\"></span>riali abbiano dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nti vite ut<span class=\"_ _1\"></span>ili, tali co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. I terre<span class=\"_ _1\"></span>ni, sia libe<span class=\"_ _1\"></span>ri da cos<span class=\"_ _1\"></span>tru<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ia annes<span class=\"_ _1\"></span>si a f<span class=\"_ _1\"></span>abbric<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>paratam<span class=\"_ _1\"></span>ente e no<span class=\"_ _1\"></span>n sono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati in quanto e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e illimitata<span class=\"_ _1\"></span>.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli imm<span class=\"_ _1\"></span>obili, impianti e macchinari \u00e8 s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>sto a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>r rilev<span class=\"_ _1\"></span>arne eve<span class=\"_ _1\"></span>ntuali per<span class=\"_ _1\"></span>dite di valo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re, qualor<span class=\"_ _1\"></span>a eventi o c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di situaz<span class=\"_ _1\"></span>ione indic<span class=\"_ _1\"></span>hino che il valo<span class=\"_ _1\"></span>re di caric<span class=\"_ _1\"></span>o non po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato. S<span class=\"_ _1\"></span>e esi<span class=\"_ _1\"></span>ste un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valo<span class=\"_ _1\"></span>re di pres<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono sv<span class=\"_ _1\"></span>alutate f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>o a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>egli immo<span class=\"_ _1\"></span>bili, impianti e macchinari \u00e8 rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ato dal mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>re tra il pre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zo nett<span class=\"_ _1\"></span>o di vendit<span class=\"_ _1\"></span>a e il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso.Nel d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto ante imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te la st<span class=\"_ _1\"></span>ima corre<span class=\"_ _1\"></span>nte del m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato riferito al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to del d<span class=\"_ _1\"></span>enaro rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al temp<span class=\"_ _1\"></span>o e ai ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>. Per un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 ch<span class=\"_ _1\"></span>e non gen<span class=\"_ _1\"></span>era f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ampiame<span class=\"_ _1\"></span>nte indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, il valore di r<span class=\"_ _1\"></span>ealiz<span class=\"_ _2\"></span>zo \u00e8 determinato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tale at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le perdit<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore s<span class=\"_ _1\"></span>ono ripr<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>inate nel c<span class=\"_ _1\"></span>aso in cui vengano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e di un ele<span class=\"_ _1\"></span>mento di immo<span class=\"_ _1\"></span>bili, impianti e macchinari e<span class=\"_ _1\"></span>d ogni co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo iniz<span class=\"_ _1\"></span>ialmente rilev<span class=\"_ _1\"></span>ato \u00e8 eliminato al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>ci<span class=\"_ _1\"></span>o\u00e8 alla data in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>cquirente n<span class=\"_ _1\"></span>e ottie<span class=\"_ _1\"></span>ne il contro<span class=\"_ _1\"></span>llo<span class=\"_ _0\"></span>) o quando non ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de alcun be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>o eco<span class=\"_ _1\"></span>nomico fut<span class=\"_ _1\"></span>uro dal suo utiliz<span class=\"_ _2\"></span>zo o dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>utile<span class=\"_ _1\"></span>/perdit<span class=\"_ _1\"></span>a che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge al mo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eliminazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>calco<span class=\"_ _1\"></span>lato come dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za tr<span class=\"_ _1\"></span>a il valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>d il corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>) \u00e8 r<span class=\"_ _1\"></span>ilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019elem<span class=\"_ _1\"></span>ento \u00e8 eliminato co<span class=\"_ _1\"></span>ntabilme<span class=\"_ _1\"></span>nte.2.3.3 In<span class=\"_ _0\"></span>vestimenti ImmobiliariLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali de<span class=\"_ _1\"></span>tenute a f<span class=\"_ _1\"></span>ini di re<span class=\"_ _1\"></span>ddito e n<span class=\"_ _1\"></span>on a us<span class=\"_ _1\"></span>o str<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in un<span class=\"_ _1\"></span>\u2019apposit<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>nomi<span class=\"ls0 ws0\">-</span>nata \u201c<span class=\"_ _1\"></span>Inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari<span class=\"_ _2\"></span>\u201d<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>econ<span class=\"_ _1\"></span>do lo IA<span class=\"_ _1\"></span>S 4<span class=\"_ _1\"></span>0, e s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate al co<span class=\"_ _1\"></span>sto. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 r<span class=\"_ _1\"></span>ientranti in t<span class=\"_ _1\"></span>ali fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cie cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ono in ter<span class=\"_ _1\"></span>reni e<span class=\"_ _1\"></span>/o fabbricati (o parti di fab<span class=\"_ _1\"></span>bric<span class=\"_ _1\"></span>ati) detenut<span class=\"_ _1\"></span>i dal propri<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>io o dal loc<span class=\"_ _1\"></span>atario n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di un contrat<span class=\"_ _1\"></span>to di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>va al f<span class=\"_ _1\"></span>ine di con<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>erli in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e.T<span class=\"_ _6\"></span>ali t<span class=\"_ _1\"></span>ipolo<span class=\"_ _1\"></span>gie di immob<span class=\"_ _1\"></span>ili sono cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icate s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atame<span class=\"_ _1\"></span>nte dagli altri b<span class=\"_ _1\"></span>eni immob<span class=\"_ _1\"></span>ili pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>duti. G<span class=\"_ _1\"></span>li inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>biliari son<span class=\"_ _1\"></span>o esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>enti accumulati e di e<span class=\"_ _1\"></span>ventuali pe<span class=\"_ _1\"></span>rdite di val<span class=\"_ _1\"></span>ore. L<span class=\"_ _1\"></span>a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>egli inves<span class=\"_ _1\"></span>timenti imm<span class=\"_ _1\"></span>obiliari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 di 33 anni.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti imm<span class=\"_ _1\"></span>obiliari \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qualora eve<span class=\"_ _1\"></span>nti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazion<span class=\"_ _1\"></span>e indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato. Le per<span class=\"_ _1\"></span>dite di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>o econ<span class=\"_ _1\"></span>omico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Gli inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>liminati dal bilancio quando s<span class=\"_ _1\"></span>ono ce<span class=\"_ _1\"></span>duti (cio\u00e8 alla data in cui l<span class=\"_ _1\"></span>\u2019acquirente ne ott<span class=\"_ _1\"></span>iene il controllo) o quando l<span class=\"_ _1\"></span>\u2019inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto \u00e8 durevolm<span class=\"_ _1\"></span>ente inutiliz<span class=\"_ _2\"></span>zabile e n<span class=\"_ _1\"></span>on son<span class=\"_ _1\"></span>o atte<span class=\"_ _1\"></span>si b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci eco<span class=\"_ _1\"></span>nomici futur<span class=\"_ _1\"></span>i dalla sua ce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019ammontare del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo da c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derare p<span class=\"_ _1\"></span>er la d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile o de<span class=\"_ _1\"></span>lla pe<span class=\"_ _1\"></span>rdita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla cance<span class=\"_ _1\"></span>llazio<span class=\"_ _1\"></span>ne di un inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto immobiliare \u00e8 de<span class=\"_ _1\"></span>terminato in co<span class=\"_ _1\"></span>nformit\u00e0 ai re<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>i per la d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del prez<span class=\"_ _1\"></span>zo dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>operazione nell<span class=\"_ _1\"></span>\u2019IFRS 1<span class=\"_ _4\"></span>5.2.3.4 <span class=\"ff77\">L<span class=\"_ _4\"></span>easing</span>Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a all<span class=\"_ _1\"></span>\u2019ini<span class=\"_ _1\"></span>zio del c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to se il co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o \u00e8, o contie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>, un <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing</span>. Il contrat<span class=\"_ _1\"></span>to \u00e8, o co<span class=\"_ _1\"></span>ntiene<span class=\"_ _1\"></span>, un <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls0 ws0\"> </span>se, in c<span class=\"_ _1\"></span>ambio di un co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo, confe<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e il diritto di c<span class=\"_ _1\"></span>ontrollare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er un p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di tempo. Il Grupp<span class=\"_ _1\"></span>o si av<span class=\"_ _2\"></span>vale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019esen<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6 p<span class=\"_ _1\"></span>er le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali. Il Gruppo in veste di locatarioIl Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un singolo mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo cont<span class=\"_ _1\"></span>abile p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>ti i contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in cui \u00e8 loc<span class=\"_ _1\"></span>atario, e<span class=\"_ _1\"></span>ccet<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er cont<span class=\"_ _1\"></span>ratti di breve durat<span class=\"_ _1\"></span>a e contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione di b<span class=\"_ _1\"></span>eni di v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>siguo. Il G<span class=\"_ _1\"></span>ruppo r<span class=\"_ _1\"></span>ileva una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria per<span class=\"ff79 ls5f ws0\"> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ls0 ws106\"> e </span>un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso.Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Di<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019us<span class=\"_ _1\"></span>o: Il Grupp<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019uso alla data di de<span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>vale a dire alla dat<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante \u00e8 a dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l loc<span class=\"_ _1\"></span>atario). Le a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to, al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amenti a<span class=\"_ _1\"></span>ccumulati e di eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore ac<span class=\"_ _1\"></span>cumulate dete<span class=\"_ _1\"></span>rminate se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o le mo<span class=\"_ _1\"></span>dalit\u00e0 de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itte n<span class=\"_ _1\"></span>el seg<span class=\"_ _1\"></span>uito, e ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>icate p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>r conto di eve<span class=\"_ _1\"></span>ntuali ridet<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>el <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span>. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Us<span class=\"_ _1\"></span>o include il v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per<span class=\"ff79 ls5f wsf1\"> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing </span>rile<span class=\"_ _1\"></span>vata<span class=\"_ _1\"></span>, i cos<span class=\"_ _1\"></span>ti iniziali diret<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuti, i pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>ovuti p<span class=\"_ _1\"></span>er il <span class=\"_ _1\"></span><span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls4 wsa6\"> e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuat<span class=\"_ _1\"></span>i alla data o prima de<span class=\"_ _1\"></span>lla data di de<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>renz<span class=\"_ _1\"></span>a al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>gli ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>i al <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> ri<span class=\"_ _1\"></span>cevut<span class=\"_ _1\"></span>i, e la stima d<span class=\"_ _1\"></span>ei </span>cos<span class=\"_ _1\"></span>ti che il Gr<span class=\"_ _1\"></span>uppo dov<span class=\"_ _1\"></span>r\u00e0 so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il ripris<span class=\"_ _1\"></span>tino de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante nell<span class=\"_ _1\"></span>e condiz<span class=\"_ _1\"></span>ioni orig<span class=\"_ _1\"></span>inali, qualora pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dal contratt<span class=\"_ _1\"></span>o.A meno ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o non sia r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>volmente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>are il b<span class=\"_ _1\"></span>ene lo<span class=\"_ _1\"></span>cato alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne, l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e al minore tra la dur<span class=\"_ _1\"></span>ata de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto e la v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e stimat<span class=\"_ _1\"></span>a del bene, come segue:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniAttrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _25c\"> </span>3-5 anniAutomezzi<span class=\"_ _25d\"> </span>3-4 anniIl valore d<span class=\"_ _1\"></span>elle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019U<span class=\"_ _1\"></span>so \u00e8 s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to a ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica, p<span class=\"_ _1\"></span>er ril<span class=\"_ _1\"></span>evarn<span class=\"_ _1\"></span>e eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>venti o cambiame<span class=\"_ _1\"></span>nti di situa<span class=\"_ _1\"></span>zione in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di car<span class=\"_ _1\"></span>ico non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato. S<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valore di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>no s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ate f<span class=\"_ _1\"></span>ino a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dal mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iore tra il p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to di ven<span class=\"_ _1\"></span>dita e il valore d<span class=\"_ _2\"></span>\u2019uso. Nel de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si son<span class=\"_ _1\"></span>o attualiz<span class=\"_ _2\"></span>zati utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>do un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto ante impos<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima co<span class=\"_ _1\"></span>rrente de<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>rcato rife<span class=\"_ _1\"></span>rito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato al t<span class=\"_ _1\"></span>empo e ai r<span class=\"_ _1\"></span>ischi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0. Per un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 che no<span class=\"_ _1\"></span>n gene<span class=\"_ _1\"></span>ra f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari amp<span class=\"_ _1\"></span>iamente in<span class=\"_ _1\"></span>dipen<span class=\"_ _1\"></span>denti, il v<span class=\"_ _1\"></span>alore di reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 dete<span class=\"_ _1\"></span>rminato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico f<span class=\"_ _1\"></span>ra i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nti e s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni. T<span class=\"_ _4\"></span>ali per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate nel c<span class=\"_ _1\"></span>aso in cui ve<span class=\"_ _1\"></span>ngano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e le hanno ge<span class=\"_ _1\"></span>nerat<span class=\"_ _1\"></span>e.Passivit\u00e0 per<span class=\"_ _0\"></span><span class=\"ff78 ls45 wse0\"> leasin<span class=\"_ _0\"></span>g<span class=\"ff76 ls0 ws0\">: </span></span>Alla data di d<span class=\"_ _1\"></span>ecor<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>a una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls2e wsb2\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> c<span class=\"_ _1\"></span>alcolat<span class=\"_ _1\"></span>a come il v<span class=\"_ _1\"></span>alore att<span class=\"_ _1\"></span>uale dei pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>uturi re<span class=\"_ _1\"></span>sidui f<span class=\"_ _1\"></span>ino alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto. I pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>uturi includ<span class=\"_ _1\"></span>ono i pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>si, al n<span class=\"_ _1\"></span>etto di eventuali ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>i al <span class=\"ff79 ls2e wsb2\">le<span class=\"_ _1\"></span>asing</span> da ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, i pagam<span class=\"_ _1\"></span>enti var<span class=\"_ _1\"></span>iabili che dipe<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o da un indice o un ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o e gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti che si pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o dovr<span class=\"_ _1\"></span>\u00e0 pagare a tit<span class=\"_ _1\"></span>olo di gar<span class=\"_ _1\"></span>anzie d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>siduo. I pag<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i futuri includ<span class=\"_ _1\"></span>ono anche il pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione di acquis<span class=\"_ _1\"></span>to, se il Gr<span class=\"_ _1\"></span>uppo ha la r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>vole ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a di es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019opzione, e i pagame<span class=\"_ _1\"></span>nti di pe<span class=\"_ _1\"></span>nalit\u00e0 di ri<span class=\"_ _1\"></span>solu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el <span class=\"ff79 ls2e wsb2\">le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span></span>, se il Gr<span class=\"_ _1\"></span>uppo ha la rag<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>vole ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za di e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcit<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019opzione di riso<span class=\"_ _1\"></span>luzion<span class=\"_ _1\"></span>e. I pag<span class=\"_ _1\"></span>amenti v<span class=\"_ _1\"></span>ariabili, che no<span class=\"_ _1\"></span>n dipen<span class=\"_ _1\"></span>dono da un in<span class=\"_ _1\"></span>dice o ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o, ma che pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o dipe<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o prin<span class=\"ls0 ws0\">-</span>cipalmente dal vo<span class=\"_ _1\"></span>lume dell<span class=\"_ _1\"></span>e vendite<span class=\"_ _1\"></span>, continuano a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati com<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>ti ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, tra i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>zi. Per c<span class=\"_ _1\"></span>alcolare il v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>i pagame<span class=\"_ _1\"></span>nti futuri, il G<span class=\"_ _1\"></span>ruppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"ff79\">Increm<span class=\"_ _1\"></span>ental B<span class=\"_ _1\"></span>orrowing </span>Rate<span class=\"ff71 ls46 wsca\"> (IBR) alla data di inizi<span class=\"_ _1\"></span>o del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o. Succe<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>, la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er </span><span class=\"ls2e wsb2\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls46 wsca\"> \u00e8 incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er gli inte<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>res<span class=\"_ _1\"></span>si e de<span class=\"_ _1\"></span>crem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er i pag<span class=\"_ _1\"></span>amenti ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati. In<span class=\"_ _1\"></span>oltre, la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er<span class=\"ff79 ls2e wsca\"> le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>nto di modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che ai te<span class=\"_ _1\"></span>rmini de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto.Cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di br<span class=\"_ _1\"></span>eve durat<span class=\"_ _1\"></span>a e co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>i di valo<span class=\"_ _1\"></span>re e<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>uo: Il Grupp<span class=\"_ _1\"></span>o si av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>nzion<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019applicazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16 per i contrat<span class=\"_ _1\"></span>ti di bre<span class=\"_ _1\"></span>ve durata (inferi<span class=\"_ _1\"></span>ore a 1<span class=\"_ _4\"></span>2 me<span class=\"_ _1\"></span>si) e per i c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti in cui il singolo b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e loc<span class=\"_ _1\"></span>ato \u00e8 di valor<span class=\"_ _1\"></span>e esig<span class=\"_ _1\"></span>uo (inferiore a Euro 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0). I pagamenti d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>anoni di t<span class=\"_ _1\"></span>ali contrat<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati linear<span class=\"_ _1\"></span>mente c<span class=\"_ _1\"></span>ome co<span class=\"_ _1\"></span>sti a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>i termini e d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni del contratto.Il Gruppo in veste di locatoreI contrat<span class=\"_ _1\"></span>ti di <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> c<span class=\"_ _1\"></span>he so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialme<span class=\"_ _1\"></span>nte las<span class=\"_ _1\"></span>ciano in cap<span class=\"_ _1\"></span>o al Grupp<span class=\"_ _1\"></span>o tutt<span class=\"_ _1\"></span>i i ris<span class=\"_ _1\"></span>chi e ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>lla proprie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne sono cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icati co<span class=\"_ _1\"></span>me <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"lsb wsa\"> op<span class=\"_ _1\"></span>erativi. </span>I canoni di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati in quote co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti lungo la durata d<span class=\"_ _1\"></span>ei contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re alla data di bilanci<span class=\"_ _1\"></span>o e, se d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti da inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>lla voce Loc<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni Immob<span class=\"_ _1\"></span>iliari. I cos<span class=\"_ _1\"></span>ti diret<span class=\"_ _1\"></span>ti iniziali s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ste<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ottenime<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span></span>o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativo s<span class=\"_ _1\"></span>ono c<span class=\"_ _1\"></span>apitali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati e rilev<span class=\"_ _1\"></span>ati come amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento lungo la durat<span class=\"_ _1\"></span>a del lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws0\"> co<span class=\"_ _1\"></span>n lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so crit<span class=\"_ _1\"></span>erio di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prove<span class=\"_ _1\"></span>nti del </span>l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls0 ws0\">.</span>2.3.5 Aggr<span class=\"_ _4\"></span>egazioni <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>ed AvviamentoLe aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _1\"></span>zando il metodo dell\u2019acqu<span class=\"_ _0\"></span>isto. Il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to \u00e8 valut<span class=\"_ _1\"></span>ato co<span class=\"_ _1\"></span>me somma d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito mis<span class=\"_ _1\"></span>urato al <span class=\"ff79\">fair value</span> (<span class=\"_ _0\"></span>valore e<span class=\"_ _1\"></span>quo<span class=\"_ _0\"></span>) alla data di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di qualsiasi p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. Per ogni ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019acquirente deve v<span class=\"_ _1\"></span>alutare quals<span class=\"_ _1\"></span>iasi par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>zione di min<span class=\"_ _1\"></span>oranz<span class=\"_ _1\"></span>a ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita al <span class=\"ff79\">fair value</span><span class=\"lsb wsd9\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) oppure i<span class=\"_ _0\"></span>n </span>propo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>ione alla quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. I cos<span class=\"_ _1\"></span>ti di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sati e cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cati tr<span class=\"_ _1\"></span>a le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e amminist<span class=\"_ _1\"></span>rative<span class=\"_ _1\"></span>.Il Grupp<span class=\"_ _1\"></span>o dete<span class=\"_ _1\"></span>rmina di aver ac<span class=\"_ _1\"></span>quisito un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 azi<span class=\"_ _1\"></span>endale quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e integr<span class=\"_ _1\"></span>ato di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e be<span class=\"_ _1\"></span>ni include alme<span class=\"_ _1\"></span>no un fatto<span class=\"_ _1\"></span>re della p<span class=\"_ _1\"></span>roduz<span class=\"_ _1\"></span>ione e<span class=\"_ _1\"></span>d un proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale che ins<span class=\"_ _1\"></span>ieme c<span class=\"_ _1\"></span>ontribuis<span class=\"_ _1\"></span>cono in m<span class=\"_ _1\"></span>odo s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo alla capa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cit\u00e0 di ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>are un <span class=\"ff79 ls3a wsa\">output<span class=\"_ _1\"></span></span>. Il pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so a<span class=\"_ _1\"></span>cquisito \u00e8 c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale s<span class=\"_ _1\"></span>e \u00e8 cruciale p<span class=\"_ _1\"></span>er la cap<span class=\"_ _1\"></span>acit<span class=\"_ _1\"></span>\u00e0 di continuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e i fat<span class=\"_ _1\"></span>tori di pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one ac<span class=\"_ _1\"></span>quisiti comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono una for<span class=\"_ _1\"></span>za lavoro o<span class=\"_ _1\"></span>rgani<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a che dis<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>e delle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e compe<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ze, con<span class=\"_ _1\"></span>osc<span class=\"_ _1\"></span>enze o e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>erie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>eguire t<span class=\"_ _1\"></span>ale p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o o contr<span class=\"_ _1\"></span>ibuisc<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivame<span class=\"_ _1\"></span>nte alla capa<span class=\"_ _1\"></span>cit\u00e0 di co<span class=\"_ _1\"></span>ntinuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e<span class=\"_ _1\"></span>d \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato unico o sc<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>o o non p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituito se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a cos<span class=\"_ _1\"></span>ti, sfor<span class=\"_ _1\"></span>zi o rit<span class=\"_ _1\"></span>ardi signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r le c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di continuare a gen<span class=\"_ _1\"></span>erare un <span class=\"ff79 ls3a wsa\">o<span class=\"_ _1\"></span>utput<span class=\"_ _1\"></span></span><span class=\"ls0\">.</span>Ogni cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziale deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019acquirente al <span class=\"ff79\">fair value</span> alla data di acquisi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. La v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne del <span class=\"ff79 wse\">fair value<span class=\"ff71\"> del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pote<span class=\"_ _1\"></span>nziale cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cato com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9, sar\u00e0 </span></span>rilev<span class=\"_ _1\"></span>ata se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico o ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle altre comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di conto economico complessivo. Se il<span class=\"_ _0\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _0\"></span>lassific<span class=\"_ _1\"></span>ato come<span class=\"_ _0\"></span> strumento di<span class=\"_ _0\"></span> patrimon<span class=\"_ _0\"></span>io netto, i<span class=\"_ _0\"></span>l suo valore<span class=\"_ _0\"></span> non deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rimisurato e la s<span class=\"_ _1\"></span>ua es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ar\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zata a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto. N<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>asi in cui il cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo pote<span class=\"_ _1\"></span>nziale n<span class=\"_ _1\"></span>on ric<span class=\"_ _1\"></span>ade ne<span class=\"_ _1\"></span>llo sco<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comunqu<span class=\"_ _1\"></span>e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> e le variazioni d<span class=\"_ _1\"></span>evono e<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sere rilevate nel conto economico.L<span class=\"_ _6\"></span>\u2019avv<span class=\"_ _1\"></span>iamento a<span class=\"_ _1\"></span>cquisito in un<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale \u00e8 inizialme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge come e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019insie<span class=\"_ _1\"></span>me dei c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e dell<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er le inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enze di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al val<span class=\"_ _1\"></span>ore equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili ac<span class=\"_ _1\"></span>quisite e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 as<span class=\"_ _1\"></span>sunte dal Grup<span class=\"_ _1\"></span>po. Que<span class=\"_ _1\"></span>sto r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>e la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne a valo<span class=\"_ _1\"></span>re equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili (inclus<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te non ric<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>ciute) e delle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ident<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cabili (inclus<span class=\"_ _1\"></span>e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali ed e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e le ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zioni fu<span class=\"_ _1\"></span>ture)<span class=\"_ _0\"></span> dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>azienda acquistata.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore accumulate<span class=\"_ _1\"></span>. Al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e della ve<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto acquis<span class=\"_ _1\"></span>ito in un\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 allo<span class=\"_ _1\"></span>cato, alla dat<span class=\"_ _1\"></span>a di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, alle singole unit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ici di flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo, o ai gr<span class=\"_ _1\"></span>uppi di unit\u00e0 ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ratrici di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si che d<span class=\"_ _1\"></span>ovre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciare dalle sine<span class=\"_ _1\"></span>rgie de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, indip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente dal fat<span class=\"_ _1\"></span>to che altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>iano as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nate a tali unit<span class=\"_ _1\"></span>\u00e0 o rag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>uppame<span class=\"_ _1\"></span>nti di unit\u00e0<span class=\"_ _1\"></span>.Quando il G<span class=\"_ _1\"></span>ruppo a<span class=\"_ _1\"></span>cquisis<span class=\"_ _1\"></span>ce un <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span>, d<span class=\"_ _1\"></span>eve clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are o de<span class=\"_ _1\"></span>signare le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie ac<span class=\"_ _1\"></span>quisite o le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ass<span class=\"_ _1\"></span>unte in accor<span class=\"_ _1\"></span>do con i te<span class=\"_ _1\"></span>rmini contr<span class=\"_ _1\"></span>attuali, le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche e l<span class=\"_ _1\"></span>e altre con<span class=\"_ _1\"></span>dizioni p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inenti in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne. C<span class=\"_ _1\"></span>i\u00f2 include la ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>tab<span class=\"_ _1\"></span>ilire se un de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato incorp<span class=\"_ _1\"></span>orato de<span class=\"_ _1\"></span>bba e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sere s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato dal con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>o primario. Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ag<span class=\"_ _2\"></span>grega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata in p<span class=\"_ _1\"></span>i\u00f9 fasi, la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ric<span class=\"_ _1\"></span>alcola il <span class=\"ff79\">fair value</span><span class=\"ls8 wsfd\"> della partecipazione prece<span class=\"_ _1\"></span>dente<span class=\"ls0 ws0\">-</span></span>mente de<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>a e rile<span class=\"_ _1\"></span>va ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019eventuale utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>ultante<span class=\"_ _1\"></span>.Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>av<span class=\"_ _2\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato alloc<span class=\"_ _1\"></span>ato a un<span class=\"_ _1\"></span>\u2019unit\u00e0 gener<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari e l<span class=\"_ _1\"></span>\u2019entit\u00e0 dis<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>te par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di t<span class=\"_ _1\"></span>ale uni<span class=\"_ _1\"></span><span class=\"ws0\">-</span>t\u00e0, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>viam<span class=\"_ _1\"></span>ento as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato all<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 dism<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere inclu<span class=\"_ _1\"></span>so ne<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 quando si de<span class=\"_ _1\"></span>termina l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato con l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 dis<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato sulla bas<span class=\"_ _1\"></span>e dei val<span class=\"_ _1\"></span>ori re<span class=\"_ _1\"></span>lativi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 di<span class=\"_ _1\"></span>sme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e della p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te mantenut<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari.Le <span class=\"ff79 ls2c ws3c\">busines<span class=\"_ _1\"></span>s combination</span><span class=\"ls4 wsa\"> effet<span class=\"_ _1\"></span>tuate tra e<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to comune c<span class=\"_ _1\"></span>ontrollo no<span class=\"_ _1\"></span>n rientr<span class=\"_ _1\"></span>ano nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>I<span class=\"ls0 ws0\">-</span></span>FRS 3. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui la <span class=\"ff79 ls2c ws113\">busines<span class=\"_ _1\"></span>s combination</span> tra entit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to co<span class=\"_ _1\"></span>mune contro<span class=\"_ _1\"></span>llo non abbia s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>za e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mica e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nti una mer<span class=\"_ _1\"></span>a rior<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>dale la so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>a il meto<span class=\"_ _1\"></span>do di cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla <span class=\"ff79 ls9 ws99\">busines<span class=\"_ _1\"></span>s com<span class=\"ls0 ws0\">-</span></span>bination <span class=\"ff71 lsb wse0\">cosiddetti </span><span class=\"ls4 ws0\">po<span class=\"_ _1\"></span>oling of interes<span class=\"_ _1\"></span>t meth<span class=\"_ _1\"></span>od<span class=\"ff71\">, ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>gando l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 linea p<span class=\"_ _1\"></span>er line<span class=\"_ _1\"></span>a ai valor<span class=\"_ _1\"></span>i di libro.</span></span>2.3.6 Atti<span class=\"_ _0\"></span>vit\u00e0 ImmaterialiLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>e nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo al cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to quando \u00e8 p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>r\u00e0 ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomici f<span class=\"_ _1\"></span>uturi e quando il co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>u\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere det<span class=\"_ _1\"></span>erminato in mo<span class=\"_ _1\"></span>do at<span class=\"_ _1\"></span>tendib<span class=\"_ _1\"></span>ile. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 imma<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>teriali ac<span class=\"_ _1\"></span>quisite at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni di ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione di imp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>te al v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo def<span class=\"_ _1\"></span>inito alla dat<span class=\"_ _1\"></span>a di ac<span class=\"ls0 ws0\">-</span>quisizi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>e tal<span class=\"_ _1\"></span>e valor<span class=\"_ _1\"></span>e pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere de<span class=\"_ _1\"></span>terminato in mo<span class=\"_ _1\"></span>do at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibile. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita s<span class=\"_ _1\"></span>ono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate a qu<span class=\"_ _1\"></span>ote cos<span class=\"_ _1\"></span>tanti lungo la lo<span class=\"_ _1\"></span>ro vit<span class=\"_ _1\"></span>a utile s<span class=\"_ _1\"></span>timata; la vit<span class=\"_ _1\"></span>a utile v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminata co<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>riodicit<span class=\"_ _1\"></span>\u00e0 annuale ed e<span class=\"_ _1\"></span>ventuali camb<span class=\"_ _1\"></span>iamenti, lad<span class=\"_ _1\"></span>dove ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ari, son<span class=\"_ _1\"></span>o appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati co<span class=\"_ _1\"></span>n applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>a.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali s<span class=\"_ _1\"></span>ono es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ste al n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>lativi amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>enti ac<span class=\"_ _1\"></span>cumulati e di eventuali p<span class=\"_ _1\"></span>erdite di va<span class=\"_ _1\"></span>lore accumulati det<span class=\"_ _1\"></span>erminate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le mo<span class=\"_ _1\"></span>dalit<span class=\"_ _1\"></span>\u00e0 des<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>te nel s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito. Le vite utili d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>incipali clas<span class=\"_ _1\"></span>si di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti:Vita UtileDiritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _22a\"> </span>2-5 anniC<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _25e\"> </span>10 anniKey money<span class=\"_ _25f\"> </span>In base alla durat<span class=\"_ _0\"></span>a residua del c<span class=\"_ _0\"></span>ontratto di affitto del beneKnow-how<span class=\"_ _260\"> </span><span class=\"ff74\">8 anni</span>Un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riale vie<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>liminata al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ia, alla data in cui l<span class=\"_ _1\"></span>\u2019acquirente ne ot<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne il controllo) o quando non ci si att<span class=\"_ _1\"></span>endo<span class=\"_ _1\"></span>no be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici futuri dal su<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>zo o dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>. Quals<span class=\"_ _1\"></span>iasi util<span class=\"_ _1\"></span>e o per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019eliminazione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 (calcolat<span class=\"_ _1\"></span>a come dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra il c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o della dis<span class=\"_ _1\"></span>miss<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e il valo<span class=\"_ _1\"></span>re contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0<span class=\"_ _0\"></span>) \u00e8 inclusa n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qua<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lora e<span class=\"_ _1\"></span>venti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>o. Le perdit<span class=\"_ _1\"></span>e di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.C<span class=\"_ _4\"></span>osti di sviluppoI cos<span class=\"_ _1\"></span>ti di rice<span class=\"_ _1\"></span>rca s<span class=\"_ _1\"></span>ono imput<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui son<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i. I cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nuti in rela<span class=\"_ _1\"></span>zione a un d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato proget<span class=\"_ _1\"></span>to so<span class=\"_ _1\"></span>no cap<span class=\"_ _1\"></span>italiz<span class=\"_ _2\"></span>zati s<span class=\"_ _1\"></span>olo quando il G<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>u\u00f2 dimos<span class=\"_ _1\"></span>trare la p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit\u00e0 t<span class=\"_ _1\"></span>ecnic<span class=\"_ _1\"></span>a di compl<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immaterial<span class=\"_ _1\"></span>e in modo da r<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>rla disp<span class=\"_ _1\"></span>onibile p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso o p<span class=\"_ _1\"></span>er la vendit<span class=\"_ _1\"></span>a, la prop<span class=\"_ _1\"></span>ria inten<span class=\"_ _1\"></span>zione di co<span class=\"_ _1\"></span>mplet<span class=\"_ _1\"></span>are det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>arla o vend<span class=\"_ _1\"></span>erla, l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 in cui es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rer\u00e0 probabili b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici eco<span class=\"_ _1\"></span>nomici fut<span class=\"_ _1\"></span>uri, la disp<span class=\"_ _1\"></span>onibilit\u00e0 di ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>ecnich<span class=\"_ _1\"></span>e, f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e o di altro tipo p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>omplet<span class=\"_ _1\"></span>are lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o e la sua capa<span class=\"_ _1\"></span>cit\u00e0 di v<span class=\"_ _1\"></span>alutare in m<span class=\"_ _1\"></span>odo at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibile il cos<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 dur<span class=\"_ _1\"></span>ante il suo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o.Durante il p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o, l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 \u00e8 rie<span class=\"_ _1\"></span>saminat<span class=\"_ _1\"></span>a annualmente ai f<span class=\"_ _1\"></span>ini de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di eve<span class=\"_ _1\"></span>ntuali perdit<span class=\"_ _1\"></span>e di valore<span class=\"_ _1\"></span>. Succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente alla r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale<span class=\"_ _1\"></span>, i cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o sono v<span class=\"_ _1\"></span>alutati al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>ntato di og<span class=\"_ _1\"></span>ni eventuale amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a accumulat<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 inizia ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui lo s<span class=\"_ _1\"></span>vilup<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>po si \u00e8 co<span class=\"_ _1\"></span>mplet<span class=\"_ _1\"></span>ato e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 dis<span class=\"_ _1\"></span>ponibil<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto al per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o in cui si preve<span class=\"_ _1\"></span>de che il proget<span class=\"_ _1\"></span>to coll<span class=\"_ _1\"></span>egato ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rer\u00e0 ri<span class=\"_ _1\"></span>cavi p<span class=\"_ _1\"></span>er il G<span class=\"_ _1\"></span>ruppo. Diritti di br<span class=\"_ _0\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _0\"></span>e d\u2019ingegno I diritti di b<span class=\"_ _1\"></span>revet<span class=\"_ _1\"></span>ti e di utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>re di ingegno s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>o ai cost<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r licen<span class=\"_ _1\"></span>ze d<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>i <span class=\"ff79 ws19\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span><span class=\"ls0 ws141\"> e<span class=\"_ _1\"></span>d </span>alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r il dep<span class=\"_ _1\"></span>osito e la re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione marchi e d<span class=\"_ _1\"></span>ei bre<span class=\"_ _1\"></span>vett<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ai pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo<span class=\"_ _1\"></span>.C<span class=\"_ _4\"></span>oncessioni, diritti lic<span class=\"_ _0\"></span>enze e mar<span class=\"_ _0\"></span>chi similar<span class=\"_ _0\"></span>i La voc<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>ame si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ce alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>o e regis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e del marchio S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o. I cos<span class=\"_ _1\"></span>ti di acqui<span class=\"ls0 ws0\">-</span>sto s<span class=\"_ _1\"></span>ono ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zati in un arco te<span class=\"_ _1\"></span>mporal<span class=\"_ _1\"></span>e pari alla vit<span class=\"_ _1\"></span>a util<span class=\"_ _1\"></span>e del dirit<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>quisito.Altre attivit\u00e0 immater<span class=\"_ _0\"></span>iali a vita utile definitaLa voc<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>a princip<span class=\"_ _1\"></span>almente imput<span class=\"_ _1\"></span>abile all<span class=\"_ _1\"></span>e somme p<span class=\"_ _1\"></span>agate p<span class=\"_ _1\"></span>er ot<span class=\"_ _1\"></span>tene<span class=\"_ _1\"></span>re la disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di immobili in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione sube<span class=\"_ _1\"></span>ntrand<span class=\"_ _1\"></span>o a contrat<span class=\"_ _1\"></span>ti es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti o<span class=\"_ _1\"></span>d otte<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do il re<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei con<span class=\"_ _1\"></span>dutto<span class=\"_ _1\"></span>ri in mo<span class=\"_ _1\"></span>do da pote<span class=\"_ _1\"></span>r ott<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re nuovi co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con i lo<span class=\"_ _1\"></span>cator<span class=\"_ _1\"></span>i (<span class=\"ff79 ls43 ws0\">k<span class=\"_ _0\"></span>ey money<span class=\"ff71 ls42 ws11f\">). T<span class=\"_ _6\"></span>ali oner<span class=\"_ _1\"></span>i vengono amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zati lungo un ori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zonte te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ale pari alla durat<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>tratt<span class=\"_ _1\"></span>o di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to.La voc<span class=\"_ _1\"></span>e include<span class=\"_ _1\"></span>, a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2020, anch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls38 ws119\">know how</span> acquisit<span class=\"_ _1\"></span>o attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale di A<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. e Aura 1 S<span class=\"_ _1\"></span>.r<span class=\"_ _0\"></span>.l., is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to al suo v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo alla data di ac<span class=\"_ _1\"></span>quisiz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>le one<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato lungo un oriz<span class=\"ls0 ws0\">-</span>zonte temp<span class=\"_ _1\"></span>oral<span class=\"_ _1\"></span>e di 8 anni.2.3.7 Strumenti finanziari Uno st<span class=\"_ _1\"></span>rumento f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario \u00e8 qualsia<span class=\"_ _1\"></span>si contr<span class=\"_ _1\"></span>atto che d\u00e0 o<span class=\"_ _1\"></span>rigine a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria p<span class=\"_ _1\"></span>er un<span class=\"_ _1\"></span>\u2019entit\u00e0 e ad una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria o ad uno s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ativo di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale pe<span class=\"_ _1\"></span>r un\u2019altra entit<span class=\"_ _1\"></span>\u00e0. Nell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 il principio ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rale \u00e8 che un<span class=\"_ _1\"></span>\u2019entit\u00e0 de<span class=\"_ _1\"></span>ve rilev<span class=\"_ _1\"></span>are nella pro<span class=\"_ _1\"></span>pria situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria un\u2019atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria quando e s<span class=\"_ _1\"></span>olo quando di<span class=\"_ _1\"></span>vie<span class=\"_ _1\"></span>ne par<span class=\"_ _1\"></span>te n<span class=\"_ _1\"></span>elle clau<span class=\"_ _1\"></span>sole c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali dello s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento. Attivit\u00e0 finanziarieAl mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in f<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ssi di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie e d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s</span> ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>a per la l<span class=\"_ _1\"></span>oro ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne. L<span class=\"_ _1\"></span>a va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>luta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attuali \u00e8 indi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a come <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st<span class=\"ff71 wscb\"> SPPI<span class=\"_ _0\"></span> (<span class=\"_ _4\"></span>cos<span class=\"_ _1\"></span>iddetto \u201c<span class=\"ff79 ls44 wsa0\">solely paymen<span class=\"_ _0\"></span>ts </span></span></span>of principal and intere<span class=\"_ _1\"></span>st-SPPI<span class=\"ff71\">) e v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>a a live<span class=\"_ _1\"></span>llo di st<span class=\"_ _1\"></span>rumento. T<span class=\"_ _4\"></span>ut<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>avia, st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari id<span class=\"_ _1\"></span>entici p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono </span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re analiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in grup<span class=\"_ _1\"></span>po dal mom<span class=\"_ _1\"></span>ento che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esit<span class=\"_ _1\"></span>o del <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st</span> non s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nte risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al ca<span class=\"_ _1\"></span>so in cui fos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ro st<span class=\"_ _1\"></span>ati valut<span class=\"_ _1\"></span>ati indi<span class=\"_ _1\"></span>vidualm<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. Il mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce al mo<span class=\"_ _1\"></span>do in cui ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce le p<span class=\"_ _1\"></span>roprie atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e di gene<span class=\"_ _1\"></span>rare f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i. Il mod<span class=\"_ _1\"></span>ello a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale dete<span class=\"_ _1\"></span>rmina se i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>iver<span class=\"_ _1\"></span>anno dalla racco<span class=\"_ _1\"></span>lta di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali, dalla vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie o da entramb<span class=\"_ _1\"></span>i. In bas<span class=\"_ _1\"></span>e a tali c<span class=\"_ _1\"></span>arat<span class=\"ls0 ws0\">-</span>teri<span class=\"_ _1\"></span>stich<span class=\"_ _1\"></span>e le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie son<span class=\"_ _1\"></span>o clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in quat<span class=\"_ _1\"></span>tro cate<span class=\"_ _1\"></span>gorie:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmor<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (strume<span class=\"_ _1\"></span>nti di deb<span class=\"_ _1\"></span>ito<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span> rilev<span class=\"_ _1\"></span>ato nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo con r<span class=\"_ _1\"></span>iclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a degli ut<span class=\"_ _1\"></span>ili e perdit<span class=\"_ _1\"></span>e cumu<span class=\"ls0 ws0\">-</span>late (<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti di de<span class=\"_ _1\"></span>bito);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al <span class=\"ff79\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rigiro d<span class=\"_ _1\"></span>egli utili e p<span class=\"_ _1\"></span>erdite c<span class=\"_ _1\"></span>umulate nel momento dell\u2019eli<span class=\"_ _0\"></span>minazione<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>strumenti rappresentativi di capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span><span class=\"lsd wse\"> rilevato a conto economico.</span>In se<span class=\"_ _1\"></span>de di rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one inizial<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po valut<span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria al su<span class=\"_ _1\"></span>o <span class=\"ff79\">fair value </span>pi\u00f9, nel ca<span class=\"_ _1\"></span>so di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziaria non al fair v<span class=\"_ _1\"></span>alue rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, i cost<span class=\"_ _1\"></span>i di trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, che non cont<span class=\"_ _1\"></span>engono una compo<span class=\"_ _1\"></span>nente di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va o p<span class=\"_ _1\"></span>er i quali il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ente prat<span class=\"_ _1\"></span>ico, sono v<span class=\"_ _1\"></span>alutati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dete<span class=\"_ _1\"></span>rminato se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>5.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, al<span class=\"ff79\"> fair value</span><span class=\"lsb ws134\"> rileva<span class=\"_ _0\"></span>to nel </span>conto economic<span class=\"_ _0\"></span>o complessivo e al<span class=\"ff79 ls4 ws0\"> f<span class=\"_ _0\"></span>air value<span class=\"ff71 lsd wse\"> rilevato nel conto economico.<span class=\"_ _0\"></span> </span></span>Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato se e<span class=\"_ _1\"></span>ntrambi i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti re<span class=\"_ _1\"></span>quisiti s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>oddi<span class=\"_ _1\"></span>sfat<span class=\"_ _1\"></span>ti:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia \u00e8 pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>dut<span class=\"_ _1\"></span>a nel quadro di un mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span> il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 il p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zato alla racc<span class=\"_ _1\"></span>olta d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali;\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>i te<span class=\"_ _1\"></span>rmini contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no a dete<span class=\"_ _1\"></span>rminate date f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati unic<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apita<span class=\"_ _1\"></span>le e dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se sull<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>stituire<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente valut<span class=\"_ _1\"></span>ate utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il criter<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo e so<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad <span class=\"ff79 ls8 ws6e\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>a o ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>ra le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o inclusi i cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali e i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato nel conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _4\"></span>omplessivo (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o al<span class=\"ff79\"> fair value</span><span class=\"ls45 ws10c\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo se entram<span class=\"ls0 ws0\">-</span></span>be le seguenti condizioni<span class=\"_ _0\"></span> sono soddisfatte: \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria \u00e8 po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>duta ne<span class=\"_ _1\"></span>l quadro di un mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls8 ws6e\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> il cui o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ia mediante l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali che me<span class=\"_ _1\"></span>diante la vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e; e\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>i termini co<span class=\"_ _1\"></span>ntrattuali d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o a dete<span class=\"_ _1\"></span>rminate date flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati unica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apital<span class=\"_ _1\"></span>e ed inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minati sull<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tituire.Per le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls45 ws105\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo gli u<span class=\"_ _0\"></span>tili e<span class=\"_ _0\"></span> le </span>per<span class=\"_ _1\"></span>dite son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sivo a<span class=\"_ _1\"></span>d ecc<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle var<span class=\"_ _1\"></span>iazioni p<span class=\"_ _1\"></span>er dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze c<span class=\"_ _1\"></span>ambio e de<span class=\"_ _1\"></span>lle per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e, insie<span class=\"_ _1\"></span>me alle rip<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e, che s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eliminazi<span class=\"_ _1\"></span>one, la v<span class=\"_ _1\"></span>aria<span class=\"ls0 ws0\">-</span>zione cumulati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span><span class=\"ls45 wsb2\"> rileva<span class=\"_ _0\"></span>ta nel conto economico<span class=\"_ _0\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _0\"></span>;<span class=\"_ _0\"></span> </span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciuti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si che s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>ero s<span class=\"_ _1\"></span>tati r<span class=\"_ _1\"></span>ilevati s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>ria foss<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a da semp<span class=\"_ _1\"></span>re valut<span class=\"_ _1\"></span>ata al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto il Grupp<span class=\"_ _1\"></span>o non ha que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cie.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al<span class=\"ff77\"> fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _0\"></span>onomicoIn gene<span class=\"_ _1\"></span>rale l<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 def<span class=\"_ _1\"></span>inis<span class=\"_ _1\"></span>ce la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span> rilevato a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico com<span class=\"_ _1\"></span>e una cate<span class=\"_ _1\"></span>goria re<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>duale da applic<span class=\"_ _1\"></span>are a tut<span class=\"_ _1\"></span>te quelle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, in vir<span class=\"_ _1\"></span>t\u00f9 d<span class=\"_ _1\"></span>elle lo<span class=\"_ _1\"></span>ro carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche contr<span class=\"_ _1\"></span>attuali, non s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato o al <span class=\"ff79\">fair value</span><span class=\"ls45 ws113\"> rileva<span class=\"_ _0\"></span>to a con<span class=\"_ _0\"></span>to economico com<span class=\"_ _0\"></span>plessi<span class=\"_ _1\"></span>vo. T<span class=\"_ _6\"></span>uttavia, il Gru<span class=\"_ _0\"></span>ppo pu\u00f2<span class=\"_ _0\"></span> </span>deci<span class=\"_ _1\"></span>dere<span class=\"_ _1\"></span>, in se<span class=\"_ _1\"></span>de di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale, di de<span class=\"_ _1\"></span>signare irr<span class=\"_ _1\"></span>evoc<span class=\"_ _1\"></span>abilmente un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria come mis<span class=\"_ _1\"></span>urata al <span class=\"ff79 ls0 ws0\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r </span>value <span class=\"_ _1\"></span><span class=\"ff71 ws81\">ril<span class=\"_ _1\"></span>evato a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico s<span class=\"_ _1\"></span>e ci\u00f2 comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eliminazione o la r<span class=\"_ _1\"></span>iduzio<span class=\"_ _1\"></span>ne signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a di un disalline<span class=\"_ _1\"></span>amento </span>contab<span class=\"_ _1\"></span>ile (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>inito com<span class=\"_ _1\"></span>e un \u201c<span class=\"_ _0\"></span><span class=\"ff79\">accounting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che invece e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgere<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e se le p<span class=\"_ _1\"></span>erdite o i p<span class=\"_ _1\"></span>rof<span class=\"_ _1\"></span>itti s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 </span></span>foss<span class=\"_ _1\"></span>ero ril<span class=\"_ _1\"></span>evati s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo un dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ente crite<span class=\"_ _1\"></span>rio. S<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ene que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere in qualche m<span class=\"_ _1\"></span>odo a<span class=\"_ _1\"></span>ssimilat<span class=\"_ _1\"></span>a ad un<span class=\"ff79 ls42 wsad\"> accounting polic<span class=\"_ _1\"></span>y choice<span class=\"ff71\">, t<span class=\"_ _1\"></span>utt<span class=\"_ _1\"></span>avia va n<span class=\"_ _1\"></span>otato che il p<span class=\"_ _1\"></span>rincipio no<span class=\"_ _1\"></span>n richie<span class=\"_ _1\"></span>de che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia appli<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a in modo c<span class=\"_ _1\"></span>oer<span class=\"_ _1\"></span>ente </span></span>a tutt<span class=\"_ _1\"></span>e le trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni similari.Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i finan<span class=\"_ _1\"></span>ziari al <span class=\"ff79\">fair value</span> con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situazione pa<span class=\"_ _0\"></span>trimoni<span class=\"_ _0\"></span>ale-finanziaria<span class=\"_ _0\"></span> al <span class=\"ff79 ls42 ws13f\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\"> e le varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>el </span>fair value<span class=\"ff71 ls45 wsbc\"> rilevate<span class=\"_ _0\"></span> nel prospetto dell<span class=\"_ _1\"></span>\u2019u<span class=\"_ _0\"></span>tile/</span></span>(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. In ques<span class=\"_ _1\"></span>ta c<span class=\"_ _1\"></span>atego<span class=\"_ _1\"></span>ria rientr<span class=\"_ _1\"></span>ano gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati. I d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i dete<span class=\"_ _1\"></span>nuti per la n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>alvo ch<span class=\"_ _1\"></span>e non siano de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icac<span class=\"_ _1\"></span>e. Il deri<span class=\"_ _1\"></span>vato inco<span class=\"_ _1\"></span>rpor<span class=\"_ _1\"></span>ato conte<span class=\"_ _1\"></span>nuto in un contrat<span class=\"_ _1\"></span>to ibri<span class=\"_ _1\"></span>do non de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, in una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o in un contrat<span class=\"ls0 ws0\">-</span>to non f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iario princip<span class=\"_ _1\"></span>ale, \u00e8 s<span class=\"_ _1\"></span>eparato dal c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to princip<span class=\"_ _1\"></span>ale e cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato com<span class=\"_ _1\"></span>e deri<span class=\"_ _1\"></span>vato s<span class=\"_ _1\"></span>eparato, s<span class=\"_ _1\"></span>e: le sue c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omiche e<span class=\"_ _1\"></span>d i ris<span class=\"_ _1\"></span>chi ad es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ass<span class=\"_ _1\"></span>ociati no<span class=\"_ _1\"></span>n son<span class=\"_ _1\"></span>o stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>lati a quelli de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to principale<span class=\"_ _0\"></span>; uno strumento<span class=\"_ _0\"></span> separato con gli stessi termini del derivato inc<span class=\"_ _0\"></span>orporato soddisferebb<span class=\"_ _1\"></span>e la definizione di<span class=\"_ _4\"></span> deri<span class=\"_ _1\"></span>vato; e il contrat<span class=\"_ _1\"></span>to ibrid<span class=\"_ _1\"></span>o non \u00e8 valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span><span class=\"ls46 wscd\"> rilevato nel conto economico. I derivati incorporati sono<span class=\"_ _0\"></span> </span>valutati al<span class=\"ff79 ls42 ws0\"> fair value<span class=\"ff71\">, con le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni di </span>fair value</span><span class=\"ls46 wse\"> rilevate nel con<span class=\"_ _0\"></span>to economico. </span>Riclassificazione Una riclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e solo n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso in cui inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nga un camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>i termini d<span class=\"_ _1\"></span>el contrat<span class=\"_ _1\"></span>to che mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a altrime<span class=\"_ _1\"></span>nti att<span class=\"_ _1\"></span>esi o quan<span class=\"_ _1\"></span>do il Grupp<span class=\"_ _1\"></span>o mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica il su<span class=\"_ _1\"></span>o <span class=\"ff79 ls0 ws0\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </span>model<span class=\"ff71 ls4 wsfd\"> pe<span class=\"_ _1\"></span>r ges<span class=\"_ _1\"></span>tire le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. La ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere app<span class=\"_ _1\"></span>licat<span class=\"_ _1\"></span>a prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente dalla dat<span class=\"_ _1\"></span>a di ri<span class=\"ls0 ws0\">-</span></span>clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di ride<span class=\"_ _1\"></span>terminare prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti, p<span class=\"_ _1\"></span>erdite e inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi g<span class=\"_ _1\"></span>i\u00e0 prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente rile<span class=\"_ _1\"></span>vati.Canc<span class=\"_ _4\"></span>ellazioneUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria (<span class=\"_ _0\"></span>o, ove applicabil<span class=\"_ _1\"></span>e, par<span class=\"_ _1\"></span>te di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria o par<span class=\"_ _1\"></span>te di un grupp<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie simi<span class=\"ls0 ws0\">-</span>li) \u00e8 cance<span class=\"_ _1\"></span>llata in primo lu<span class=\"_ _1\"></span>ogo (<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>. rimo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dal pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo) q<span class=\"_ _0\"></span>uando:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>i dir<span class=\"_ _1\"></span>itti a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inti; o\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>il Gruppo ha t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferito a<span class=\"_ _1\"></span>d una ter<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>te il dirit<span class=\"_ _1\"></span>to a rice<span class=\"_ _1\"></span>vere f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o ha as<span class=\"_ _1\"></span>sunto l<span class=\"_ _1\"></span>\u2019obbligo con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>uale di corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rli interam<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rit<span class=\"_ _1\"></span>ardi e (<span class=\"_ _4\"></span>a) ha tras<span class=\"_ _1\"></span>ferito s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente tut<span class=\"_ _1\"></span>ti i ri<span class=\"_ _1\"></span>schi e b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci della propri<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, oppur<span class=\"_ _1\"></span>e (b) non ha trasfe<span class=\"_ _1\"></span>rito n\u00e9 t<span class=\"_ _1\"></span>ratte<span class=\"_ _1\"></span>nuto s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0, ma ha tras<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ito il controllo d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Nei c<span class=\"_ _1\"></span>asi in cui il G<span class=\"_ _1\"></span>ruppo ab<span class=\"_ _1\"></span>bia tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o i diritt<span class=\"_ _1\"></span>i a riceve<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari da un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o abbia s<span class=\"_ _1\"></span>iglato un accor<span class=\"_ _1\"></span>do in base a<span class=\"_ _1\"></span>l quale mantiene i dirit<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali a riceve<span class=\"_ _1\"></span>re i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, ma as<span class=\"_ _1\"></span>sume un<span class=\"_ _1\"></span>\u2019obbli<span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e a pagare i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari a uno o pi\u00f9 be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari (<span class=\"_ _2\"></span><span class=\"ff79 ls0 ws0\">p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hrou<span class=\"_ _1\"></span>gh</span>)<span class=\"_ _0\"></span>, es<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>aluta s<span class=\"_ _1\"></span>e e in che misur<span class=\"_ _1\"></span>a abbia trat<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>o i rischi e i b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici iner<span class=\"_ _1\"></span>enti al po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o. Se tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ine<span class=\"_ _1\"></span>renti al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziaria s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>riti, il Grup<span class=\"_ _1\"></span>po elimina dal pro<span class=\"_ _1\"></span>prio bilanci<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia ed is<span class=\"_ _1\"></span>crive s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 qualsiasi dirit<span class=\"_ _1\"></span>to e o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zione cr<span class=\"_ _1\"></span>eati o mantenut<span class=\"_ _1\"></span>i; in caso co<span class=\"_ _1\"></span>ntrario l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0\">-</span>ziaria continua ad e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e mantenut<span class=\"_ _1\"></span>a in bilancio. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui non ab<span class=\"_ _1\"></span>bia n\u00e9 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rito n\u00e9 tr<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nuto so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tutt<span class=\"_ _1\"></span>i i rischi e b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici o non abb<span class=\"_ _1\"></span>ia per<span class=\"_ _1\"></span>so il c<span class=\"_ _1\"></span>ontrollo sulla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ntinua ad e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a nel bilan<span class=\"_ _1\"></span>cio del Grupp<span class=\"_ _1\"></span>o nella mis<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l suo coinvolg<span class=\"_ _1\"></span>imento re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa; qualora il contro<span class=\"_ _1\"></span>llo sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria non foss<span class=\"_ _1\"></span>e mantenuto, il G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>limina dal propri<span class=\"_ _1\"></span>o bilancio l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria ed i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 qual<span class=\"_ _1\"></span>siasi dirit<span class=\"_ _1\"></span>to e ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>ati o mantenut<span class=\"_ _1\"></span>i. L<span class=\"_ _6\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rita e la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociata s<span class=\"_ _1\"></span>ono v<span class=\"_ _1\"></span>alutate in mod<span class=\"_ _1\"></span>o da rifl<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ere i dirit<span class=\"_ _1\"></span>ti e le ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni che r<span class=\"_ _1\"></span>imangono di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tine<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo.Quando il co<span class=\"_ _1\"></span>involgimento r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>duo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 \u00e8 una garan<span class=\"_ _1\"></span>zia sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>a, il coinvolgim<span class=\"_ _1\"></span>ento \u00e8 misur<span class=\"_ _1\"></span>ato sulla bas<span class=\"_ _1\"></span>e del mino<span class=\"_ _1\"></span>re tra l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o mas<span class=\"_ _1\"></span>simo de<span class=\"_ _1\"></span>l corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo ricev<span class=\"_ _1\"></span>uto che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e dover rip<span class=\"_ _1\"></span>agare<span class=\"_ _1\"></span>.P<span class=\"_ _4\"></span>erdita di valor<span class=\"_ _4\"></span>e di attivit\u00e0 finanziarieIl Grupp<span class=\"_ _1\"></span>o iscr<span class=\"_ _1\"></span>ive una s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span><span class=\"ff79\">ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d credit lo<span class=\"_ _1\"></span>ss<span class=\"ff71\"> \u201c<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie rap<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate da st<span class=\"_ _1\"></span>rumenti di d<span class=\"_ _1\"></span>ebito n<span class=\"_ _1\"></span>on dete<span class=\"_ _1\"></span>nuti al <span class=\"ff79\">fair value</span> rilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. Nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico le dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni di <span class=\"_ _0\"></span><span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls4 ws104\"> si ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ano a tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e al <span class=\"ff79\">fair value</span><span class=\"lsb wsa4\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> </span></span></span>eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, mentr<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>se le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"ff79\">fair value</span><span class=\"lsd ws106\"> rilevato a conto economico.<span class=\"_ _0\"></span> </span>Inoltre<span class=\"_ _1\"></span>, rientr<span class=\"_ _1\"></span>ano nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>imetro di app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione an<span class=\"_ _1\"></span>che le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti tip<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws0\">Loan Commitment<span class=\"ff71\"> non valut<span class=\"_ _1\"></span>ati a F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL;</span></span>\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>G<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie f<span class=\"_ _1\"></span>inanziarie n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne IFRS 9;\u2022 <span class=\"_ _14\"> </span> Credit<span class=\"_ _1\"></span>i <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff79 ls4b wsc\">Lea<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g</span><span class=\"ws0\"> rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6;</span>\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls48 ws106\">Contrac<span class=\"_ _1\"></span>t A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et <span class=\"ff71 ls4 ws0\">rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5.</span></span>Le ECL si bas<span class=\"_ _1\"></span>ano sulla dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari contr<span class=\"_ _1\"></span>attuali dov<span class=\"_ _1\"></span>uti in confor<span class=\"_ _1\"></span>mit\u00e0 al co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e tutti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nanziari che il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o si asp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ta di ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, sc<span class=\"_ _1\"></span>ontati a<span class=\"_ _1\"></span>d un\u2019appross<span class=\"_ _1\"></span>imazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo or<span class=\"_ _1\"></span>iginario. I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ta di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re dipe<span class=\"_ _1\"></span>ndono dalla p<span class=\"_ _1\"></span>robabilit<span class=\"_ _1\"></span>\u00e0 che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi un evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult</span><span class=\"ls0 ws0\"> </span>della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te e quanto, in ta<span class=\"_ _1\"></span>le ca<span class=\"_ _1\"></span>so, ci si att<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e di riuscire a r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erare; i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>i include<span class=\"_ _1\"></span>ranno quindi anche i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>cuss<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle gar<span class=\"_ _1\"></span>anzie re<span class=\"_ _1\"></span>ali dete<span class=\"_ _1\"></span>nute o di altre g<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie sul cre<span class=\"_ _1\"></span>dito che s<span class=\"_ _1\"></span>ono parte integrante delle cond<span class=\"_ _0\"></span>izioni contra<span class=\"_ _0\"></span>ttuali.Se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019approccio gen<span class=\"_ _1\"></span>erale p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>isto dal Prin<span class=\"_ _1\"></span>cipio, la modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls5f ws7\">impairme<span class=\"_ _1\"></span>nt <span class=\"_ _2\"></span></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziarie \u00e8 in fun<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esito d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>nitorag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>io del m<span class=\"_ _1\"></span>erito cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>lle contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ti. Re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alle e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ni credit<span class=\"_ _1\"></span>izie p<span class=\"_ _1\"></span>er le quali no<span class=\"_ _1\"></span>n vi \u00e8 st<span class=\"_ _1\"></span>ato un aume<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, biso<span class=\"_ _1\"></span>gna rile<span class=\"_ _1\"></span>vare le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u credit<span class=\"_ _1\"></span>i che der<span class=\"_ _1\"></span>ivan<span class=\"_ _1\"></span>o dalla stima di eve<span class=\"_ _1\"></span>nti di <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>faul<span class=\"_ _1\"></span>t</span> che s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili entro i su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi 12<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> (12<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span><span class=\"ff79 ls48 wsd1\">mont<span class=\"_ _1\"></span>hs</span><span class=\"ls4 ws134\"> EC<span class=\"_ _1\"></span>L). P<span class=\"_ _0\"></span>er le e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ioni cre<span class=\"_ _1\"></span>ditizie p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali vi \u00e8 st<span class=\"_ _1\"></span>ato un signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo aume<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di </span>credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, b<span class=\"_ _1\"></span>iso<span class=\"_ _1\"></span>gna rilev<span class=\"_ _1\"></span>are integ<span class=\"_ _1\"></span>ralmente l<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono alla re<span class=\"_ _1\"></span>sidua durat<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, a pre<span class=\"_ _1\"></span>scind<span class=\"_ _1\"></span>ere dal mo<span class=\"_ _1\"></span>mento in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efau<span class=\"_ _1\"></span>lt</span> si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi (\u201c<span class=\"ff79 ls5f ws7\">Lif<span class=\"_ _1\"></span>etim<span class=\"_ _1\"></span>e </span><span class=\"ls0\">EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>). </span>Per i credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>rivanti da c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un appro<span class=\"_ _1\"></span>ccio se<span class=\"_ _1\"></span>mplif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o nel c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o delle per<span class=\"_ _1\"></span>dite atte<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, il Grupp<span class=\"_ _1\"></span>o non monit<span class=\"_ _1\"></span>ora le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito, ma rile<span class=\"_ _1\"></span>va integ<span class=\"_ _1\"></span>ralmente la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa a o<span class=\"_ _1\"></span>gni data di rife<span class=\"_ _1\"></span>rimento (<span class=\"_ _1\"></span>\u201c<span class=\"ff79 ls53 wseb\">Lifet<span class=\"_ _1\"></span>ime</span> ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>). Pi\u00f9 nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico, il Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r le su<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>te att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019espe<span class=\"_ _1\"></span>die<span class=\"_ _1\"></span>nte pratico d<span class=\"_ _1\"></span>ella <span class=\"ff79 ls4c ws8b\">provi<span class=\"_ _1\"></span>sion matri<span class=\"_ _1\"></span>x</span> pe<span class=\"_ _1\"></span>r il calco<span class=\"_ _1\"></span>lo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls0 ws6e\">, ov<span class=\"_ _2\"></span>vero ha def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o un sis<span class=\"_ _1\"></span>tema matric<span class=\"_ _1\"></span>iale bas<span class=\"_ _1\"></span>ato </span></span>sulle informaz<span class=\"_ _1\"></span>ioni st<span class=\"_ _1\"></span>oriche di in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>so, ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>tici c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>iche tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>gie di deb<span class=\"_ _1\"></span>itori e de<span class=\"_ _1\"></span>l loro amb<span class=\"_ _1\"></span>iente e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e.P<span class=\"_ _4\"></span>assivit\u00e0 finanziarieLe pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate e valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il tas<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo ad ecce<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione di que<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, non ri<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo ai re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>oter e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutate al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ammor<span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate al <span class=\"ff79\">fair value</span> rile<span class=\"_ _1\"></span>vato a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Ri<span class=\"_ _1\"></span>entrano in qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo ca<span class=\"_ _1\"></span>so le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ziarie det<span class=\"_ _1\"></span>enute a s<span class=\"_ _1\"></span>copo di n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o inoltre p<span class=\"_ _1\"></span>u\u00f2 sce<span class=\"_ _1\"></span>glie<span class=\"_ _1\"></span>re, in se<span class=\"_ _1\"></span>de di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale, di de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nare irrevoc<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsb wse0\">con<span class=\"_ _0\"></span> imputazione a con<span class=\"_ _0\"></span>to economico q<span class=\"_ _0\"></span>uando q<span class=\"_ _0\"></span>uesto consente di </span>fornire un<span class=\"_ _1\"></span>\u2019informativ<span class=\"_ _1\"></span>a pi\u00f9 rilev<span class=\"_ _1\"></span>ante, in quanto:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>elimina o riduce s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte un<span class=\"_ _1\"></span>\u2019inco<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>ella misur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne o rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a anche com<span class=\"_ _1\"></span>e \u201c<span class=\"ff79\">an accoun<span class=\"ls0 ws0\">-</span></span>ting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che eme<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e dalla misura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o delle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o dalla rile<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o </span>dell<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite su di una b<span class=\"_ _1\"></span>ase dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rente;\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>un gruppo di at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie \u00e8 ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ito e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> in applica<span class=\"_ _1\"></span>zione di una p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls0 ws0\">ris<span class=\"_ _1\"></span>k </span>management<span class=\"ff71 ls4 ws127\"> o sulla ba<span class=\"_ _1\"></span>se di una st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ia di invest<span class=\"_ _1\"></span>imento e l<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a su det<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>uppo \u00e8 fornit<span class=\"_ _1\"></span>a inter<span class=\"_ _1\"></span>namente ai </span>dirigenti chiave su t<span class=\"_ _1\"></span>ale ba<span class=\"_ _1\"></span>se.Anche i d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati con<span class=\"ff79\"> fair value</span> neg<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati e valut<span class=\"_ _1\"></span>ati al<span class=\"ff79\"> fair value</span><span class=\"lsd ws6e\"> rilevato a con<span class=\"_ _0\"></span>to economico ad eccez<span class=\"_ _1\"></span>io<span class=\"ls0 ws0\">-</span></span>ne di quelli de<span class=\"_ _1\"></span>tenuti c<span class=\"_ _1\"></span>ome ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>aci s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vate inizialme<span class=\"_ _1\"></span>nte al fair value<span class=\"ff71\"> cui si agg<span class=\"_ _1\"></span>iungono, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti e deb<span class=\"_ _1\"></span>iti, i cos<span class=\"_ _1\"></span>ti di tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>si diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuibili. </span>Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali e altri de<span class=\"_ _1\"></span>biti, f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti, inc<span class=\"_ _1\"></span>lusi sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di conto cor<span class=\"_ _1\"></span>rente e s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e dipen<span class=\"_ _1\"></span>de dalla loro cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, come pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al <span class=\"ff79\">fair value</span><span class=\"ls0 wsc8\"> a </span>conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti).P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al <span class=\"ff79\">fair value</span> rilevat<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evate ini<span class=\"_ _1\"></span>zialmente al <span class=\"ff79\">fair value</span> con var<span class=\"_ _1\"></span>iazioni r<span class=\"_ _1\"></span>ilevate a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. Le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ono tut<span class=\"_ _1\"></span>te que<span class=\"_ _1\"></span>lle as<span class=\"_ _1\"></span>sunte con l<span class=\"_ _2\"></span>\u2019intento di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguerl<span class=\"_ _1\"></span>e o tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>irle ne<span class=\"_ _1\"></span>l breve te<span class=\"_ _1\"></span>rmine<span class=\"_ _1\"></span>. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cate<span class=\"_ _1\"></span>goria inclu<span class=\"_ _1\"></span>de inoltre g<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>oscr<span class=\"_ _1\"></span>itti dal G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o che non s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>signati c<span class=\"_ _1\"></span>ome str<span class=\"_ _1\"></span>umenti di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ura in una rela<span class=\"_ _1\"></span>zione di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dallo IA<span class=\"_ _1\"></span>S 39. I de<span class=\"_ _1\"></span>rivat<span class=\"_ _1\"></span>i incorp<span class=\"_ _1\"></span>orati, s<span class=\"_ _1\"></span>corp<span class=\"_ _1\"></span>orati dal co<span class=\"_ _1\"></span>ntrat<span class=\"ls0 ws0\">-</span>to princip<span class=\"_ _1\"></span>ale, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dete<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>alvo che n<span class=\"_ _1\"></span>on siano de<span class=\"_ _1\"></span>signati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci<span class=\"_ _1\"></span>. Gli utili o le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>ulle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a) d\u2019ese<span class=\"_ _1\"></span>rcizio. Le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no de<span class=\"_ _1\"></span>signate al <span class=\"ff79\">fair value </span>con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o dalla data di prima is<span class=\"_ _1\"></span>criz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, solo s<span class=\"_ _1\"></span>e i crite<span class=\"_ _1\"></span>ri de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fat<span class=\"_ _1\"></span>ti. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione ini<span class=\"_ _1\"></span>ziale, il G<span class=\"_ _1\"></span>ruppo n<span class=\"_ _1\"></span>on ha de<span class=\"_ _1\"></span>signato pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsd wse\">con vari<span class=\"_ _0\"></span>azioni rilevate a conto<span class=\"_ _0\"></span> economico.</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al costo ammortizzato (prestiti e finanziamenti)Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ati con il crit<span class=\"_ _1\"></span>erio de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato us<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>o del ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 es<span class=\"_ _1\"></span>tint<span class=\"_ _1\"></span>a, oltre che at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento. Il cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato \u00e8 cal<span class=\"_ _1\"></span>colato rile<span class=\"_ _1\"></span>vand<span class=\"_ _1\"></span>o lo sco<span class=\"_ _1\"></span>nto o il premio sull<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne e gli ono<span class=\"_ _1\"></span>rari o co<span class=\"_ _1\"></span>sti ch<span class=\"_ _1\"></span>e fanno par<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>grante d<span class=\"_ _1\"></span>el t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>mpre<span class=\"_ _1\"></span>so tra g<span class=\"_ _1\"></span>li oner<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdita).<span class=\"_ _0\"></span> Non \u00e8 p<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span>ibile ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie. Canc<span class=\"_ _4\"></span>ellazioneUna pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>ancellat<span class=\"_ _1\"></span>a quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante la p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 \u00e8 e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inta, annullata ov<span class=\"_ _2\"></span>vero a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>piuta<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tente fo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a da un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra de<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tator<span class=\"_ _1\"></span>e, a con<span class=\"_ _1\"></span>dizioni s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zialmente di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, oppure le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte venis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ero so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate<span class=\"_ _1\"></span>, tal<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>ambio o modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne tr<span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ato come una c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>riginale, a<span class=\"_ _1\"></span>ccompag<span class=\"_ _1\"></span>nata dalla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione di una nuova pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, co<span class=\"_ _1\"></span>n iscri<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio di eve<span class=\"_ _1\"></span>ntuali diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze tra i val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili.C<span class=\"_ _0\"></span>ompensazione di strumenti finanziariUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ate e il sal<span class=\"_ _1\"></span>do net<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o nel pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria, se e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te un dirit<span class=\"_ _1\"></span>to leg<span class=\"_ _1\"></span>ale att<span class=\"_ _1\"></span>uale a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti rile<span class=\"_ _1\"></span>vati cont<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte e vi sia l<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one di e<span class=\"_ _1\"></span>stingu<span class=\"_ _1\"></span>ere il re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to, o realiz<span class=\"_ _2\"></span>zare l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e co<span class=\"_ _1\"></span>ntemp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>amente e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tingue<span class=\"_ _1\"></span>re la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0.Strumenti finanziari der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati e hedge ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ountingRilevazione iniziale e v<span class=\"_ _0\"></span>alutazione succ<span class=\"_ _4\"></span>essivaIl Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati tra i quali: contratt<span class=\"_ _1\"></span>i a termin<span class=\"_ _1\"></span>e in valuta<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r coprire i r<span class=\"_ _1\"></span>ischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari relati<span class=\"_ _1\"></span>vi alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di cambi<span class=\"_ _1\"></span>o sulle tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>mmerciali in valut<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no inizialm<span class=\"_ _1\"></span>ente r<span class=\"_ _1\"></span>ilev<span class=\"_ _1\"></span>ati al <span class=\"ff79 ls4 ws12a\">fair value<span class=\"ff71\"> alla data in cui il contrat<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato \u00e8 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e, suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ati </span></span>nuovame<span class=\"_ _1\"></span>nte al <span class=\"ff79\">fair value</span>. I deriv<span class=\"_ _1\"></span>ati son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati come at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie quand<span class=\"_ _1\"></span>o il <span class=\"ff79\">fair value</span> \u00e8 positi<span class=\"_ _1\"></span>vo e come pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie quando il <span class=\"ff79\">fair value</span> \u00e8 neg<span class=\"_ _1\"></span>ativo. Co<span class=\"_ _1\"></span>me con<span class=\"_ _1\"></span>sentit<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 par<span class=\"_ _1\"></span>agrafo 7<span class=\"_ _4\"></span>.2<span class=\"_ _1\"></span>.21<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _1\"></span>o ha opt<span class=\"_ _1\"></span>ato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>S 39 in merito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Coe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente co<span class=\"_ _1\"></span>n quanto st<span class=\"_ _1\"></span>abilito dallo IA<span class=\"_ _1\"></span>S 39.<span class=\"_ _1\"></span>88 e r<span class=\"_ _1\"></span>ipres<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9.6.4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 st<span class=\"_ _1\"></span>abilite p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls22 wse4\"> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o:</span></span>\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la de<span class=\"_ _1\"></span>signa<span class=\"_ _1\"></span>zione for<span class=\"_ _1\"></span>male e la doc<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa, degli o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 nella ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio e della s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tuare la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>ar\u00e0 alt<span class=\"_ _1\"></span>amente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>per l<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ture di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i, l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rogrammat<span class=\"_ _1\"></span>a che \u00e8 og<span class=\"_ _2\"></span>getto di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re altam<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span><span class=\"ws0\">-</span>babile e de<span class=\"_ _1\"></span>ve pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>are un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e alle valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ch<span class=\"_ _1\"></span>e potre<span class=\"_ _1\"></span>bbe in<span class=\"_ _1\"></span>cider<span class=\"_ _1\"></span>e sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>cia pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibilmente mis<span class=\"_ _1\"></span>urata; e \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a \u00e8 altam<span class=\"_ _1\"></span>ente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace durante i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r i quali \u00e8 desig<span class=\"_ _1\"></span>nata. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span>. Quando gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati hann<span class=\"_ _1\"></span>o le car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche per e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"_ _1\"></span></span><span class=\"lsb wsa\">, si appl<span class=\"_ _0\"></span>icano i seguenti trattamenti con<span class=\"_ _0\"></span>tabili<span class=\"_ _4\"></span>:</span>\u2022  <span class=\"_ _1af\"></span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _1\"></span>e<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato co<span class=\"_ _1\"></span>me cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione all<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni </span>del v<span class=\"_ _1\"></span>alore cor<span class=\"_ _1\"></span>rente di una att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 o di una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di bilancio o di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile ch<span class=\"_ _1\"></span>e pu\u00f2 det<span class=\"_ _1\"></span>erminare ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> del der<span class=\"_ _1\"></span>ivato di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura \u00e8 rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dello st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile al r<span class=\"_ _1\"></span>ischio co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to \u00e8 rilev<span class=\"_ _1\"></span>ato come p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l valore di c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span><span class=\"ws0\">-</span>rico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eleme<span class=\"_ _1\"></span>nto cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d \u00e8 inolt<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. N<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile<span class=\"_ _1\"></span>, il <span class=\"ff79\">fair value</span> della co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte relati<span class=\"_ _1\"></span>va al ri<span class=\"_ _1\"></span>schio cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o \u00e8 iscrit<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>llo s<span class=\"_ _1\"></span>tato patr<span class=\"_ _1\"></span>imoniale com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, andand<span class=\"_ _1\"></span>o a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icare la vo<span class=\"_ _1\"></span>ce di st<span class=\"_ _1\"></span>ato patrim<span class=\"_ _1\"></span>oniale che s<span class=\"_ _1\"></span>ar\u00e0 intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto del su<span class=\"_ _1\"></span>o realiz<span class=\"_ _2\"></span>zo.\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 wse3\">Cash f<span class=\"_ _1\"></span>low he<span class=\"_ _1\"></span>dge<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o deri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato c<span class=\"_ _1\"></span>ome cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e alla variabi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>lit\u00e0 de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a di una atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 di b<span class=\"_ _1\"></span>ilancio o di un\u2019oper<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta alt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte probab<span class=\"_ _1\"></span>ile o di un impeg<span class=\"_ _1\"></span>no irrevo<span class=\"_ _1\"></span>cabil<span class=\"_ _1\"></span>e e che potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e avere ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico, la p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace d<span class=\"_ _1\"></span>egli ut<span class=\"_ _1\"></span>ili o delle per<span class=\"_ _1\"></span>dite sullo s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario \u00e8 ril<span class=\"_ _1\"></span>evat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo; l<span class=\"_ _1\"></span>\u2019utile o la pe<span class=\"_ _1\"></span>rdita cumulati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tornati dal p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o nel<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura; l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciati a una cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, o a quella par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ella cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a divent<span class=\"_ _1\"></span>ata in<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>ce, s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia \u00e8 rilev<span class=\"_ _1\"></span>ata.Qualora non<span class=\"_ _0\"></span> ricorrano le<span class=\"_ _0\"></span> condizioni per l\u2019a<span class=\"_ _0\"></span>pplicazione dell\u2019<span class=\"ff79 ls9 wsfe\">hedge accounting</span><span class=\"ls4 wsa0\">, gli e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione al </span>\u201c<span class=\"ff79 ls4\">fair value<span class=\"_ _1\"></span><span class=\"ff71\">\u201d de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato son<span class=\"_ _1\"></span>o imputat<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co.</span></span>2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _1\"></span>ivalentiLe dispo<span class=\"_ _1\"></span>nibilit\u00e0 liqui<span class=\"_ _1\"></span>de e i dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i a breve te<span class=\"_ _1\"></span>rmine co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono il de<span class=\"_ _1\"></span>naro in ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e i dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i a vis<span class=\"_ _1\"></span>ta e a b<span class=\"_ _1\"></span>reve te<span class=\"_ _1\"></span>rmi<span class=\"ls0 ws0\">-</span>ne, in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ultimo ca<span class=\"_ _1\"></span>so co<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nza o<span class=\"_ _1\"></span>riginaria pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta n<span class=\"_ _1\"></span>on oltre i t<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>si.2.3.9 Azioni <span class=\"_ _1\"></span>proprieLe azio<span class=\"_ _1\"></span>ni proprie a<span class=\"_ _1\"></span>cquist<span class=\"_ _1\"></span>ate s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate al co<span class=\"_ _1\"></span>sto e p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate in diminuzione d<span class=\"_ _1\"></span>el patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o, la vendit<span class=\"_ _1\"></span>a o la cance<span class=\"_ _1\"></span>llazi<span class=\"_ _1\"></span>one di az<span class=\"_ _1\"></span>ioni prop<span class=\"_ _1\"></span>rie non danno o<span class=\"_ _1\"></span>rigine a ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sun prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to o pe<span class=\"_ _1\"></span>rdita n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico. L<span class=\"_ _1\"></span>a diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za tra il val<span class=\"_ _1\"></span>ore di acquis<span class=\"_ _1\"></span>to e il co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo, in c<span class=\"_ _1\"></span>aso di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a e/o ass<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, vie<span class=\"_ _1\"></span>ne rile<span class=\"_ _1\"></span>vata in una ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>va de<span class=\"_ _1\"></span>l Patri<span class=\"ls0 ws0\">-</span>monio Netto.2.3.10 RimanenzeLe rimanen<span class=\"_ _1\"></span>ze di magaz<span class=\"_ _2\"></span>zino so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore tr<span class=\"_ _1\"></span>a il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>/o di produzio<span class=\"_ _1\"></span>ne, det<span class=\"_ _1\"></span>erminato s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>dio po<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>ato, e il valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di realiz<span class=\"_ _2\"></span>zo. Il cost<span class=\"_ _1\"></span>o di acquis<span class=\"_ _1\"></span>to \u00e8 inclus<span class=\"_ _1\"></span>ivo de<span class=\"_ _1\"></span>gli one<span class=\"_ _1\"></span>ri acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sori; il cos<span class=\"_ _1\"></span>to di pro<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e compre<span class=\"_ _1\"></span>nde i co<span class=\"_ _1\"></span>sti di dire<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a imput<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e una quot<span class=\"_ _1\"></span>a dei co<span class=\"_ _1\"></span>sti in<span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>i, ragion<span class=\"_ _1\"></span>evolme<span class=\"_ _1\"></span>nte im<span class=\"ls0 ws0\">-</span>putab<span class=\"_ _1\"></span>ili ai prod<span class=\"_ _1\"></span>otti. Il v<span class=\"_ _1\"></span>alore ne<span class=\"_ _1\"></span>tto di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 cos<span class=\"_ _1\"></span>tituito dal n<span class=\"_ _1\"></span>ormale p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zo stimato di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a ded<span class=\"_ _1\"></span>otti i cos<span class=\"_ _1\"></span>ti st<span class=\"_ _1\"></span>imati di comple<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento e i cos<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>timati p<span class=\"_ _1\"></span>er reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are la vendit<span class=\"_ _1\"></span>a.2.3.11 <span class=\"_ _0\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 possedute per la vendit<span class=\"_ _0\"></span>a T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e voce inclu<span class=\"_ _1\"></span>de le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti, il cui valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e sar\u00e0 re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte attr<span class=\"_ _1\"></span>avers<span class=\"_ _1\"></span>o la ven<span class=\"_ _1\"></span>dita piutto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o che attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>ontinuativo. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 de<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinate alla vendit<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore t<span class=\"_ _1\"></span>ra il loro valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile e il <span class=\"ff79\">fair value</span> al netto d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti di ve<span class=\"_ _1\"></span>ndita<span class=\"_ _1\"></span>.2.3.12 Fondi rischi ed oneri Gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti a fondi p<span class=\"_ _1\"></span>er ris<span class=\"_ _1\"></span>chi e one<span class=\"_ _1\"></span>ri son<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati quando il Grup<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ve far fronte a un<span class=\"_ _1\"></span>\u2019obbligazi<span class=\"_ _1\"></span>one att<span class=\"_ _1\"></span>ua<span class=\"ls0 ws0\">-</span>le (l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e o implicit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) risult<span class=\"_ _1\"></span>ante da un evento pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato, \u00e8 probab<span class=\"_ _1\"></span>ile un\u2019uscit<span class=\"_ _1\"></span>a di ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>er far fro<span class=\"_ _1\"></span>nte a tal<span class=\"_ _1\"></span>e obbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ed \u00e8 p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare una s<span class=\"_ _1\"></span>tima af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>idabile de<span class=\"_ _1\"></span>l suo amm<span class=\"_ _1\"></span>ontare<span class=\"_ _1\"></span>. Quando il G<span class=\"_ _1\"></span>ruppo r<span class=\"_ _1\"></span>itien<span class=\"_ _1\"></span>e che un acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto al fondo ri<span class=\"_ _1\"></span>schi e one<span class=\"_ _1\"></span>ri s<span class=\"_ _1\"></span>ar\u00e0 in par<span class=\"_ _1\"></span>te o de<span class=\"_ _1\"></span>l tut<span class=\"_ _1\"></span>to rimbo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ato, per es<span class=\"_ _1\"></span>empio n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di ri<span class=\"_ _1\"></span>schi cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i da poliz<span class=\"_ _2\"></span>ze ass<span class=\"_ _1\"></span>icurati<span class=\"_ _1\"></span>ve, l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo \u00e8 rile<span class=\"_ _1\"></span>vato in mo<span class=\"_ _1\"></span>do dis<span class=\"_ _1\"></span>tinto e se<span class=\"_ _1\"></span>parato n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tivo s<span class=\"_ _1\"></span>e, e so<span class=\"_ _1\"></span>lo se<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>so r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>a pratic<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to. In t<span class=\"_ _1\"></span>al ca<span class=\"_ _1\"></span>so, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o il cos<span class=\"_ _1\"></span>to dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eventual<span class=\"_ _1\"></span>e accanto<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>namento \u00e8 pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entato a<span class=\"_ _1\"></span>l nett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ammontare ril<span class=\"_ _1\"></span>evato p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo. Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>effe<span class=\"_ _1\"></span>tto di at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e del de<span class=\"_ _1\"></span>naro \u00e8 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo, gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i utiliz<span class=\"ls0 ws0\">-</span>zand<span class=\"_ _1\"></span>o un tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di sconto ante imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, ove ade<span class=\"_ _1\"></span>guato, i ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Quand<span class=\"_ _1\"></span>o vie<span class=\"_ _1\"></span>ne ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uata l<span class=\"_ _1\"></span>\u2019attualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione, l<span class=\"_ _2\"></span>\u2019incre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019accantoname<span class=\"_ _1\"></span>nto dov<span class=\"_ _1\"></span>uto al tra<span class=\"_ _1\"></span>scor<span class=\"_ _1\"></span>rere de<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o \u00e8 rile<span class=\"_ _1\"></span>vato com<span class=\"_ _1\"></span>e onere f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario.2.3.13 Fondi P<span class=\"_ _6\"></span>ensione e alt<span class=\"_ _1\"></span>ri benefici a lungo termine per i dipendenti<span class=\"_ _4\"></span> Il Grupp<span class=\"_ _1\"></span>o ha, in Italia, un \u201c<span class=\"_ _1\"></span>Piano a b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci def<span class=\"_ _1\"></span>initi<span class=\"_ _1\"></span>\u201d c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle quot<span class=\"_ _1\"></span>e TFR, r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>amente alla S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. p<span class=\"_ _1\"></span>er le s<span class=\"_ _1\"></span>ole quot<span class=\"_ _1\"></span>e iscrit<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ino al 31 dicembre 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6. Ino<span class=\"_ _1\"></span>ltre, ha \u201c<span class=\"_ _1\"></span>Piani a contrib<span class=\"_ _1\"></span>uzioni d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inite<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>er le quote TFR maturate suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte a tale dat<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ale dis<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>zione \u00e8 c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a alla Leg<span class=\"_ _1\"></span>ge Finan<span class=\"_ _1\"></span>ziaria 20<span class=\"_ _1\"></span>07 ed i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>creti at<span class=\"_ _1\"></span>tuativ<span class=\"_ _1\"></span>i, dalla quale deri<span class=\"_ _1\"></span>va la de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inazio<span class=\"_ _1\"></span>ne obb<span class=\"_ _1\"></span>ligatoria de<span class=\"_ _1\"></span>l TFR alle forme p<span class=\"_ _1\"></span>ensi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>iche comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ment<span class=\"_ _1\"></span>ari o al Fon<span class=\"_ _1\"></span>do di T<span class=\"_ _4\"></span>es<span class=\"_ _1\"></span>orer<span class=\"_ _1\"></span>ia ges<span class=\"_ _1\"></span>tito dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>INP<span class=\"_ _1\"></span>S.Il Grupp<span class=\"_ _1\"></span>o ha inoltre in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e altri \u201c<span class=\"_ _1\"></span>Piani a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>initi<span class=\"_ _2\"></span>\u201d negli St<span class=\"_ _1\"></span>ati Uniti, Me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sico, T<span class=\"_ _4\"></span>ailandia, Francia, Be<span class=\"_ _1\"></span>lgio, Principato di M<span class=\"_ _1\"></span>onaco, T<span class=\"_ _4\"></span>aiw<span class=\"_ _1\"></span>an, Giapp<span class=\"_ _1\"></span>one e Svi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze<span class=\"_ _1\"></span>ra.Il Grupp<span class=\"_ _1\"></span>o ha inoltre al<span class=\"_ _1\"></span>cuni piani a contribu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita p<span class=\"_ _1\"></span>er i pro<span class=\"_ _1\"></span>pri dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti. L<span class=\"_ _6\"></span>\u2019obbligazi<span class=\"_ _1\"></span>one net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vante da piani a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>alcolat<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>paratam<span class=\"_ _1\"></span>ente p<span class=\"_ _1\"></span>er cias<span class=\"_ _1\"></span>cun piano st<span class=\"_ _1\"></span>imando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icio futuro che i dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti hanno maturat<span class=\"_ _1\"></span>o in cambio d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nte e nei pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi; tal<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>icio v<span class=\"_ _1\"></span>iene at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r cal<span class=\"_ _1\"></span>colare il val<span class=\"_ _1\"></span>ore attual<span class=\"_ _1\"></span>e. Il cos<span class=\"_ _1\"></span>to dei b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>l piano a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi \u00e8 det<span class=\"_ _1\"></span>erminato us<span class=\"_ _1\"></span>ando il m<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>o attuariale d<span class=\"_ _1\"></span>ella proie<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e unitaria de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Gli utili e le p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e attuariali s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, cos\u00ec c<span class=\"_ _1\"></span>ome pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dallo IA<span class=\"_ _1\"></span>S 19. Gli interes<span class=\"_ _1\"></span>si net<span class=\"_ _1\"></span>ti sulla p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi devon<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re dete<span class=\"_ _1\"></span>rminati moltip<span class=\"_ _1\"></span>licand<span class=\"_ _1\"></span>o la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>er il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto. La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione at<span class=\"_ _1\"></span>tuariale de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>idat<span class=\"_ _1\"></span>a ad attuar<span class=\"_ _1\"></span>i indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti. 2.3.14 <span class=\"ff77 ws0\">Fair v<span class=\"_ _0\"></span>alue</span>L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>3 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un<span class=\"_ _1\"></span>\u2019unica fonte di riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al <span class=\"ff79\">fair value</span> e per la re<span class=\"_ _1\"></span>lativa infor<span class=\"_ _1\"></span>mativa, quando t<span class=\"_ _1\"></span>ale valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one \u00e8 richie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a o con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntita<span class=\"_ _1\"></span>. Il<span class=\"ff79\"> fair value</span> \u00e8 il prez<span class=\"_ _1\"></span>zo ch<span class=\"_ _1\"></span>e si pe<span class=\"_ _1\"></span>rcepire<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la vendit<span class=\"_ _1\"></span>a di un\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0 o ch<span class=\"_ _1\"></span>e si paghe<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>be p<span class=\"_ _1\"></span>er il tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rimento di una p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una re<span class=\"_ _1\"></span>golare op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e tra op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>atori di me<span class=\"_ _1\"></span>rcato alla data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. Il<span class=\"ff79\"> fair value</span> di un\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 v<span class=\"_ _1\"></span>alutato a<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>tand<span class=\"_ _1\"></span>o le as<span class=\"_ _1\"></span>sunz<span class=\"_ _1\"></span>ioni che gli o<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>atori di merc<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zerebb<span class=\"_ _1\"></span>ero n<span class=\"_ _1\"></span>ella det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 o pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, pr<span class=\"_ _1\"></span>esum<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o che gli st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si agi<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>no pe<span class=\"_ _1\"></span>r so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fare ne<span class=\"_ _1\"></span>l mod<span class=\"_ _1\"></span>o migliore il pro<span class=\"_ _1\"></span>prio inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Una valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del <span class=\"ff79\">fair value</span> di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on f<span class=\"_ _1\"></span>inanziaria co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>era la c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di un ope<span class=\"_ _1\"></span>rator<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato di gene<span class=\"_ _1\"></span>rare b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omici impie<span class=\"_ _1\"></span>gando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 nel s<span class=\"_ _1\"></span>uo mas<span class=\"_ _1\"></span>simo e miglio<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>zo o ve<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>la a un altro ope<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ratore di me<span class=\"_ _1\"></span>rcato ch<span class=\"_ _1\"></span>e la impieg<span class=\"_ _1\"></span>here<span class=\"_ _1\"></span>bbe n<span class=\"_ _1\"></span>el su<span class=\"_ _1\"></span>o mass<span class=\"_ _1\"></span>imo e miglior ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo.Il Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za te<span class=\"_ _1\"></span>cniche di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione che s<span class=\"_ _1\"></span>ono a<span class=\"_ _1\"></span>datte alle circo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anze e p<span class=\"_ _1\"></span>er le quali v<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icienti dati disp<span class=\"_ _1\"></span>onibili p<span class=\"_ _1\"></span>er v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>are il <span class=\"ff79 ls42 ws3e\">fair value<span class=\"ff71\">, mas<span class=\"_ _1\"></span>simiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo di </span><span class=\"ls8 ws6e\">input</span></span><span class=\"ls44 ws6b\"> os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili rile<span class=\"_ _1\"></span>vanti e minimi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019uso di </span>input<span class=\"ff71 ls6 wsd\"> no<span class=\"_ _1\"></span>n os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili. </span>T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali il <span class=\"ff79\">fair val<span class=\"_ _0\"></span>ue<span class=\"ff71\"> vie<span class=\"_ _1\"></span>ne valut<span class=\"_ _1\"></span>ato o e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto in b<span class=\"_ _1\"></span>ilancio so<span class=\"_ _1\"></span>no cate<span class=\"_ _1\"></span>goriz<span class=\"_ _2\"></span>zate in ba<span class=\"_ _1\"></span>se alla </span></span>gerarchia del <span class=\"ff79 ls4 ws0\">fair value<span class=\"ff71\">, come di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>ta: </span></span>\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Live<span class=\"_ _1\"></span>llo 1 - i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi quot<span class=\"_ _1\"></span>ati (non rettif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati) in merc<span class=\"_ _1\"></span>ati atti<span class=\"_ _1\"></span>vi p<span class=\"_ _1\"></span>er at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 ide<span class=\"_ _1\"></span>ntiche a cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 pu\u00f2 acc<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>re alla data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Li<span class=\"_ _1\"></span>vello 2 - <span class=\"ff79 ls3a wsa\">I<span class=\"_ _1\"></span>nput</span> dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i dai pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi quot<span class=\"_ _1\"></span>ati inclus<span class=\"_ _1\"></span>i nel Li<span class=\"_ _1\"></span>vello 1, osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>ili dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte o indiret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 o per la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>L<span class=\"_ _1\"></span>ivello 3 - t<span class=\"_ _1\"></span>ecnich<span class=\"_ _1\"></span>e di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r le quali i dati di <span class=\"ff79 ls5f ws7\">input</span> no<span class=\"_ _1\"></span>n sono o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vabili pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o p<span class=\"_ _1\"></span>er la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> \u00e8 classif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte ne<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so live<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>lla gerarchia de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> in cui \u00e8 classi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato l<span class=\"_ _2\"></span>\u2019<span class=\"ff79 ls5f ws7\">input</span><span class=\"ls4 ws0\"> di pi\u00f9 bass<span class=\"_ _1\"></span>o live<span class=\"_ _1\"></span>llo di gerarchia utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato per la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. </span>I meto<span class=\"_ _1\"></span>di di det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del <span class=\"ff79 ls4 ws8\">fair value<span class=\"ff71\"> con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto agli str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari, con f<span class=\"_ _1\"></span>inalit<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>abili o informative<span class=\"_ _1\"></span>, </span></span>sono r<span class=\"_ _1\"></span>iepilo<span class=\"_ _1\"></span>gati di s<span class=\"_ _1\"></span>eguito c<span class=\"_ _1\"></span>on rifer<span class=\"_ _1\"></span>imento alle p<span class=\"_ _1\"></span>rincipali c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari, cui son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati applic<span class=\"_ _1\"></span>ati:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Strum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati: sono st<span class=\"_ _1\"></span>ati ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ati gli ade<span class=\"_ _1\"></span>guati mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lli di <span class=\"ff79 ls3a wsa\">pricing</span> bas<span class=\"_ _1\"></span>ati sui v<span class=\"_ _1\"></span>alori di me<span class=\"_ _1\"></span>rcato d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di cambio;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>Credit<span class=\"_ _1\"></span>i e Deb<span class=\"_ _1\"></span>iti e att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie non quot<span class=\"_ _1\"></span>ate: pe<span class=\"_ _1\"></span>r gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari co<span class=\"_ _1\"></span>n sca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>iore ad un anno \u00e8 st<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l <span class=\"ff79\">discounte<span class=\"_ _1\"></span>d cash f<span class=\"_ _1\"></span>low</span><span class=\"lsb ws6\">, ossia l\u2019<span class=\"_ _0\"></span>attual<span class=\"_ _0\"></span>iz<span class=\"_ _1\"></span>zazione dei flus<span class=\"_ _1\"></span>si di cassa attesi in considerazione </span>delle c<span class=\"_ _1\"></span>orrenti c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o e me<span class=\"_ _1\"></span>rito cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _1\"></span>o; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari quot<span class=\"_ _1\"></span>ati: \u00e8 utiliz<span class=\"_ _1\"></span>zato il v<span class=\"_ _1\"></span>alore di me<span class=\"_ _1\"></span>rcato alla dat<span class=\"_ _1\"></span>a di riferime<span class=\"_ _1\"></span>nto.2.3.15 C<span class=\"_ _4\"></span>ostiI cos<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti quand<span class=\"_ _1\"></span>o relati<span class=\"_ _1\"></span>vi a b<span class=\"_ _1\"></span>eni e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi ve<span class=\"_ _1\"></span>nduti o con<span class=\"_ _1\"></span>sumati ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio o p<span class=\"_ _1\"></span>er ripar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e sis<span class=\"_ _1\"></span>tematic<span class=\"_ _1\"></span>a, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quando non s<span class=\"_ _1\"></span>i pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a identif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utilit\u00e0 f<span class=\"_ _1\"></span>utura de<span class=\"_ _1\"></span>gli ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si.I cos<span class=\"_ _1\"></span>ti di pubbli<span class=\"_ _1\"></span>cit\u00e0 e ric<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>a, in accord<span class=\"_ _1\"></span>o con lo I<span class=\"_ _1\"></span>AS 38<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>no integr<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>utati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico quand<span class=\"_ _1\"></span>o il ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ato re<span class=\"_ _1\"></span>so e con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnato al Grup<span class=\"_ _1\"></span>po. I cos<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti a s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>onda de<span class=\"_ _1\"></span>lla loro natura con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o i principi ap<span class=\"_ _1\"></span>plicab<span class=\"_ _1\"></span>ili nell<span class=\"_ _1\"></span>\u2019ambito deg<span class=\"_ _1\"></span>li IFRS<span class=\"_ _1\"></span>.2.3.16 Rica<span class=\"_ _4\"></span>vi da contr<span class=\"_ _0\"></span>atti con c<span class=\"_ _0\"></span>lientiI ricav<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti da co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con i client<span class=\"_ _1\"></span>i sono r<span class=\"_ _1\"></span>ilevati quan<span class=\"_ _1\"></span>do il controll<span class=\"_ _1\"></span>o dei b<span class=\"_ _1\"></span>eni e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi \u00e8 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito al clie<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r un ammontar<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te il corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivo che il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a di rice<span class=\"_ _1\"></span>vere in c<span class=\"_ _1\"></span>ambio di t<span class=\"_ _1\"></span>ali be<span class=\"_ _1\"></span>ni o ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i.Vendita di beniI ricav<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla ve<span class=\"_ _1\"></span>ndita d<span class=\"_ _1\"></span>ei b<span class=\"_ _1\"></span>eni so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciut<span class=\"_ _1\"></span>i nel mo<span class=\"_ _1\"></span>mento in cui il co<span class=\"_ _1\"></span>ntrollo de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a al cliente, ge<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>lmente al mo<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>lla sp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>zione in r<span class=\"_ _1\"></span>agione d<span class=\"_ _1\"></span>elle claus<span class=\"_ _1\"></span>ole ap<span class=\"_ _1\"></span>plicate<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>a se ci s<span class=\"_ _1\"></span>ono altre p<span class=\"_ _1\"></span>rome<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to che rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni di fare sulle quali una par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo della tr<span class=\"_ _1\"></span>ansa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere allo<span class=\"_ _1\"></span>cato (ad ese<span class=\"_ _1\"></span>mpio gar<span class=\"_ _1\"></span>anzie). Nel dete<span class=\"_ _1\"></span>rminare il pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>lla tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ione di<span class=\"_ _1\"></span> vendit<span class=\"_ _1\"></span>a dei b<span class=\"_ _1\"></span>eni, il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era g<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo variabil<span class=\"_ _1\"></span>e, di comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di f<span class=\"_ _1\"></span>inanzia<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve, di cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i non mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>i e di corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi da pag<span class=\"_ _1\"></span>are al cliente (se pre<span class=\"_ _1\"></span>senti).  <span class=\"_ _45\"></span><span class=\"ff74\">Diritto di reso</span>Alcuni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tono al clie<span class=\"_ _1\"></span>nte di res<span class=\"_ _1\"></span>tituire i b<span class=\"_ _1\"></span>eni e<span class=\"_ _1\"></span>ntro un dete<span class=\"_ _1\"></span>rminato pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di temp<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>timare i be<span class=\"_ _1\"></span>ni che non ve<span class=\"_ _1\"></span>rranno r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tituiti p<span class=\"_ _1\"></span>erch\u00e9 t<span class=\"_ _1\"></span>ale m<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>o \u00e8 il migliore p<span class=\"_ _1\"></span>er pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>ere l<span class=\"_ _1\"></span>\u2019ammontare del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo v<span class=\"_ _1\"></span>ariabile a cui il Gr<span class=\"_ _1\"></span>uppo av<span class=\"_ _1\"></span>r\u00e0 dirit<span class=\"_ _1\"></span>to. La g<span class=\"_ _1\"></span>uida dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5 s<span class=\"_ _1\"></span>ulle limita<span class=\"_ _1\"></span>zioni alla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo variabile s<span class=\"_ _1\"></span>i applic<span class=\"_ _1\"></span>ano pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ammontare del co<span class=\"_ _1\"></span>rris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo v<span class=\"_ _1\"></span>ariabile che p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re inclus<span class=\"_ _1\"></span>o nel p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zo della tr<span class=\"_ _1\"></span>ansa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. Per le m<span class=\"_ _1\"></span>erci che ci s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite il Grup<span class=\"_ _1\"></span>po ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a i ricav<span class=\"_ _1\"></span>i e regi<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er rimb<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>si. Il dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>stitu<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 (e il corrispo<span class=\"_ _1\"></span>ndent<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>gius<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto) \u00e8 riconosciuto a<span class=\"_ _1\"></span>nche pe<span class=\"_ _1\"></span>r il dirit<span class=\"_ _1\"></span>to di riceve<span class=\"_ _1\"></span>re i be<span class=\"_ _1\"></span>ni dal cliente<span class=\"_ _1\"></span>.Roy<span class=\"_ _4\"></span>alt<span class=\"_ _1\"></span>iesI ricav<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">royaltie<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ano da contrat<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n clienti di \u201c<span class=\"ff79\">sale<span class=\"_ _1\"></span>s bas<span class=\"_ _1\"></span>ed royalties<span class=\"_ _2\"></span></span>\u201d e so<span class=\"_ _1\"></span>no dunque is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>eten<span class=\"_ _1\"></span>za con rifer<span class=\"_ _1\"></span>imento allo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato di avanz<span class=\"_ _1\"></span>amento d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite de<span class=\"_ _1\"></span>l licen<span class=\"_ _1\"></span>ziatar<span class=\"_ _1\"></span>io, in base all<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni contr<span class=\"_ _1\"></span>attualme<span class=\"_ _1\"></span>nte previste.2.3.17 Diritti di r<span class=\"_ _0\"></span>ecuper<span class=\"_ _4\"></span>o prodotti da clienti per r<span class=\"_ _0\"></span>esiL<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to di res<span class=\"_ _1\"></span>o rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a il diritto d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rare i b<span class=\"_ _1\"></span>eni che si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de sar<span class=\"_ _1\"></span>anno res<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>i dai clienti. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 valut<span class=\"_ _1\"></span>ata al pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle riman<span class=\"_ _1\"></span>enze al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di eventuali co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>ero, compre<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili ridu<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re dei pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>si. Il Gr<span class=\"_ _1\"></span>uppo ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iorna p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>ente la s<span class=\"_ _1\"></span>tima con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto all<span class=\"_ _1\"></span>\u2019entit\u00e0 pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>si da clienti, n<span class=\"_ _1\"></span>onch\u00e9 e<span class=\"_ _1\"></span>ventuali ulter<span class=\"_ _1\"></span>iori ridu<span class=\"_ _1\"></span>zioni di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>.2.3.18 P<span class=\"_ _6\"></span>assivit\u00e0 per r<span class=\"_ _0\"></span>esiLa pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r rimbo<span class=\"_ _1\"></span>rsi r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbligo di rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>are in par<span class=\"_ _1\"></span>te o tu<span class=\"_ _1\"></span>tto il co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo ri<span class=\"_ _1\"></span>cev<span class=\"_ _1\"></span>uto (<span class=\"_ _0\"></span>o da ricever<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) dal cliente e vi<span class=\"_ _1\"></span>ene v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>a in bas<span class=\"_ _1\"></span>e al valore ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di dover re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituire al cliente<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po ag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rna le sue s<span class=\"_ _1\"></span>time de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r rimbor<span class=\"_ _1\"></span>si (e la corrispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione) alla fine di cia<span class=\"_ _1\"></span>scun pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di rifer<span class=\"_ _1\"></span>imento<span class=\"_ _1\"></span>.2.3.19 Piani di pagamenti basati su azioni Il Grupp<span class=\"_ _1\"></span>o ricon<span class=\"_ _1\"></span>osce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici ad<span class=\"_ _1\"></span>dizionali a<span class=\"_ _1\"></span>d alcuni dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, amministr<span class=\"_ _1\"></span>atori e collab<span class=\"_ _1\"></span>orato<span class=\"_ _1\"></span>ri che ri<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tono r<span class=\"_ _1\"></span>uoli di rilievo, attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so piani di par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zione al c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>goria \u201c<span class=\"ff79 ls46 ws107\">eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty-settl<span class=\"_ _0\"></span>ed<span class=\"_ _1\"></span><span class=\"ff71 ls4 wsc2\">\u201d, in q<span class=\"_ _0\"></span>uanto preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o </span></span>la cons<span class=\"_ _1\"></span>egna f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ica d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni, e att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>iani basati s<span class=\"_ _1\"></span>ul valore d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni ma re<span class=\"_ _1\"></span>golabili p<span class=\"_ _1\"></span>er ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a (\u201c<span class=\"ff79 lsd ws75\">cash-settle<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span></span><span class=\"ls0\">\u201d<span class=\"_ _2\"></span>). </span>Oper<span class=\"_ _0\"></span>azioni con pagamento r<span class=\"_ _4\"></span>egolato con strumenti di capitaleSe<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto st<span class=\"_ _1\"></span>abilito dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 2 \u2013 Pagamenti b<span class=\"_ _1\"></span>asati s<span class=\"_ _1\"></span>u azio<span class=\"_ _1\"></span>ni \u2013 i diritt<span class=\"_ _1\"></span>i ass<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>nati a favore de<span class=\"_ _1\"></span>i dipen<span class=\"_ _1\"></span>denti ve<span class=\"_ _1\"></span>ngono valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls8 ws121\"> al momento<span class=\"_ _0\"></span> della comu<span class=\"_ _0\"></span>nicazione dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>assegnazione degli ste<span class=\"_ _1\"></span>ssi al benef<span class=\"_ _1\"></span>iciario,<span class=\"_ _0\"></span> determina<span class=\"_ _0\"></span>to </span>se<span class=\"_ _1\"></span>condo il m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>llo bino<span class=\"_ _1\"></span>miale. T<span class=\"_ _4\"></span>ale mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo tien<span class=\"_ _1\"></span>e conto di tut<span class=\"_ _1\"></span>te le c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e di tali dirit<span class=\"_ _1\"></span>ti (durata, pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo e con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dizioni di e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizio, e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>), nonch\u00e9 de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re dei tit<span class=\"_ _1\"></span>oli azi<span class=\"_ _1\"></span>onari sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti alla data di as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnaz<span class=\"_ _1\"></span>ione e de<span class=\"_ _1\"></span>lla volatilit<span class=\"_ _1\"></span>\u00e0 attesa degli ste<span class=\"_ _1\"></span>ssi.Se il dirit<span class=\"_ _1\"></span>to div<span class=\"_ _1\"></span>iene e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abile dop<span class=\"_ _1\"></span>o un cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o di temp<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019asseg<span class=\"_ _1\"></span>nazio<span class=\"_ _1\"></span>ne (<span class=\"_ _4\"></span><span class=\"ff79 ls3a wsda\">v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ting p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span><span class=\"ff71 ls4 ws110\">) e al verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>si di </span></span>cer<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di <span class=\"ff79 ls2c ws9d\">per<span class=\"_ _1\"></span>formance</span>, il cos<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni re<span class=\"_ _1\"></span>golate con s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cap<span class=\"_ _1\"></span>itale<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e al corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to, \u00e8 rilev<span class=\"_ _1\"></span>ato sul pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do in cui le con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ni relative al r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto di obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o alla pres<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izio s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>disf<span class=\"_ _1\"></span>atte co<span class=\"_ _1\"></span>n termin<span class=\"_ _1\"></span>e alla data in cui i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari hann<span class=\"_ _1\"></span>o piename<span class=\"_ _1\"></span>nte maturato il diritto a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re il comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>o (\u201cdata di maturazio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>). Alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io il <span class=\"ff79\">fair value</span> dei diritt<span class=\"_ _1\"></span>i as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nati pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente det<span class=\"_ _1\"></span>erminato no<span class=\"_ _1\"></span>n vie<span class=\"_ _1\"></span>ne riv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to; a tale data vi<span class=\"_ _1\"></span>ene inve<span class=\"_ _1\"></span>ce ag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rnata la s<span class=\"_ _1\"></span>tima del num<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>i diritt<span class=\"_ _1\"></span>i che maturer<span class=\"_ _1\"></span>anno f<span class=\"_ _1\"></span>ino alla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a. I cos<span class=\"_ _1\"></span>ti cumulati rile<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vati a fronte di t<span class=\"_ _1\"></span>ali op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni alla dat<span class=\"_ _1\"></span>a di chiusura di og<span class=\"_ _1\"></span>ni es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io sino alla data di matur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o commisur<span class=\"_ _1\"></span>ati alle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di maturazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>d alla migliore s<span class=\"_ _1\"></span>tima disp<span class=\"_ _1\"></span>onibile de<span class=\"_ _1\"></span>l numero di s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipati<span class=\"_ _1\"></span>vi che verrann<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente a matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. Il co<span class=\"_ _1\"></span>sto o ri<span class=\"_ _1\"></span>cavo a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta la var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>sto cumulato r<span class=\"_ _1\"></span>ilevato all<span class=\"_ _2\"></span>\u2019inizio e alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio. Nes<span class=\"_ _1\"></span>sun co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r i diritti ch<span class=\"_ _1\"></span>e non arri<span class=\"_ _1\"></span>vano a matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>initi<span class=\"_ _1\"></span>va, tr<span class=\"_ _1\"></span>anne nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o dei dirit<span class=\"_ _1\"></span>ti la cui as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnazi<span class=\"_ _1\"></span>one \u00e8 sub<span class=\"_ _1\"></span>ordinat<span class=\"_ _1\"></span>a alle co<span class=\"_ _1\"></span>ndiz<span class=\"_ _1\"></span>ioni di me<span class=\"_ _1\"></span>rcato.L<span class=\"_ _6\"></span>\u2019effet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla diluizion<span class=\"_ _1\"></span>e dei dirit<span class=\"_ _1\"></span>ti as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnati no<span class=\"_ _1\"></span>n ancora e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcitati \u00e8 r<span class=\"_ _1\"></span>ifl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>alcolo d<span class=\"_ _1\"></span>ella diluizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile per azione.Oper<span class=\"_ _0\"></span>azioni regol<span class=\"_ _0\"></span>ate per cassaIn pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni con pagam<span class=\"_ _1\"></span>ento ba<span class=\"_ _1\"></span>sato su a<span class=\"_ _1\"></span>zioni re<span class=\"_ _1\"></span>golate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a, il co<span class=\"_ _1\"></span>sto d<span class=\"_ _1\"></span>elle op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa \u00e8 valut<span class=\"_ _1\"></span>ato inizialme<span class=\"_ _1\"></span>nte al valore e<span class=\"_ _1\"></span>quo alla dat<span class=\"_ _1\"></span>a di comunica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario. T<span class=\"_ _4\"></span>ale v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo \u00e8 spe<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>o nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do f<span class=\"_ _1\"></span>ino alla matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, con r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>. Fino a quando la pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 non \u00e8 e<span class=\"_ _1\"></span>stint<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato il ric<span class=\"_ _1\"></span>alcolo d<span class=\"_ _1\"></span>el <span class=\"ff79\">fair value</span> a ciascuna data di chiu<span class=\"_ _1\"></span>sura di bilancio e<span class=\"_ _1\"></span>d alla data di re<span class=\"_ _1\"></span>golame<span class=\"_ _1\"></span>nto imputan<span class=\"_ _1\"></span>do tut<span class=\"_ _1\"></span>te le var<span class=\"_ _1\"></span>iazioni a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>appro<span class=\"_ _1\"></span>ccio utiliz<span class=\"_ _2\"></span>zato pe<span class=\"_ _1\"></span>r cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zare le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni di maturazi<span class=\"_ _1\"></span>one quando si mis<span class=\"_ _1\"></span>urano le op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate c<span class=\"_ _1\"></span>on titoli a<span class=\"_ _1\"></span>zionar<span class=\"_ _1\"></span>i si applic<span class=\"_ _1\"></span>a anche alle t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>.2.3.20 P<span class=\"_ _4\"></span>roventi ed Oneri finanziariI proventi e gli o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nza s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si maturati s<span class=\"_ _1\"></span>ul valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>, utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo.2.3.21 DividendiI divi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>di sono r<span class=\"_ _1\"></span>ilevati c<span class=\"_ _1\"></span>ontabilm<span class=\"_ _1\"></span>ente quando s<span class=\"_ _1\"></span>orge il dirit<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>gli a<span class=\"_ _1\"></span>zionis<span class=\"_ _1\"></span>ti a rice<span class=\"_ _1\"></span>vere il pag<span class=\"_ _1\"></span>amento.2.3.22 C<span class=\"_ _4\"></span>ont<span class=\"_ _1\"></span>ributi pubbliciI contribut<span class=\"_ _1\"></span>i pubblici s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati quand<span class=\"_ _1\"></span>o sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la ragi<span class=\"_ _1\"></span>onevol<span class=\"_ _1\"></span>e cer<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>za che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i sar<span class=\"_ _1\"></span>anno ricev<span class=\"_ _1\"></span>uti e che t<span class=\"_ _1\"></span>utte l<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dizioni ad<span class=\"_ _0\"></span> essi riferiti sia<span class=\"_ _0\"></span>no soddisfatte. I contributi<span class=\"_ _0\"></span> in con<span class=\"_ _0\"></span>to esercizio sono presentati come com<span class=\"_ _0\"></span>ponente positiva nel conto economico.2.3.23 Imposte sul r<span class=\"_ _0\"></span>edditoImposte c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>entiLe impos<span class=\"_ _1\"></span>te cor<span class=\"_ _1\"></span>renti rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o una stima re<span class=\"_ _1\"></span>alist<span class=\"_ _1\"></span>ica d<span class=\"_ _1\"></span>el car<span class=\"_ _1\"></span>ico f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata app<span class=\"_ _1\"></span>lican<span class=\"_ _1\"></span>do le aliquote e la n<span class=\"_ _1\"></span>ormativ<span class=\"_ _1\"></span>a vigente n<span class=\"_ _1\"></span>ei Pae<span class=\"_ _1\"></span>si ne<span class=\"_ _1\"></span>i quali il Grupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>a la sua att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0; il debito p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti vie<span class=\"_ _1\"></span>ne contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato nell<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ato patrimo<span class=\"_ _1\"></span>niale al net<span class=\"_ _1\"></span>to di eve<span class=\"_ _1\"></span>ntuali acconti di imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>a pag<span class=\"_ _1\"></span>ati. Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>te la po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne as<span class=\"_ _1\"></span>sunta n<span class=\"_ _1\"></span>ella dichiara<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>dditi ne<span class=\"_ _1\"></span>i ca<span class=\"_ _1\"></span>si in cui le nor<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali siano s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d interpre<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zioni e, ove appro<span class=\"_ _1\"></span>priato, prov<span class=\"_ _2\"></span>vede a s<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziare de<span class=\"_ _1\"></span>gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti.Le impos<span class=\"_ _1\"></span>te cor<span class=\"_ _1\"></span>renti re<span class=\"_ _1\"></span>lative a p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ate dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to o nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico com<span class=\"_ _1\"></span><span class=\"ws0\">-</span>ple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo so<span class=\"_ _1\"></span>no anche e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente a patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to o ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo.Imposte differiteLe impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>late sulle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ane<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>anti alla data di bilanci<span class=\"_ _1\"></span>o fra i val<span class=\"_ _1\"></span>ori f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pre<span class=\"_ _1\"></span>si a riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e i val<span class=\"_ _1\"></span>ori rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a b<span class=\"_ _1\"></span>ilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate a fro<span class=\"_ _1\"></span>nte di tutt<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili, ad ec<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>zione:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>di quando le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve deri<span class=\"_ _1\"></span>vino dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento o di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in una trans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 una ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>iendal<span class=\"_ _1\"></span>e e che, al t<span class=\"_ _1\"></span>empo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, no<span class=\"_ _1\"></span>n compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i n\u00e9 sull<span class=\"_ _1\"></span>\u2019utile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio c<span class=\"_ _1\"></span>alcolato a f<span class=\"_ _1\"></span>ini di bilancio n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile o sulla pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a calco<span class=\"_ _1\"></span>lati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sabili a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociate a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in co<span class=\"_ _1\"></span>ntrollate, co<span class=\"_ _1\"></span>lleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls2c wseb\">joint ventu<span class=\"ls0 ws0\">-</span></span>re<span class=\"ff71 wsb0\">, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il rigiro dell<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re controllato e<span class=\"_ _1\"></span>d \u00e8 pro<span class=\"_ _1\"></span>babile che e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so non s<span class=\"_ _1\"></span>i verif<span class=\"_ _1\"></span>ichi </span>nel fut<span class=\"_ _1\"></span>uro preve<span class=\"_ _1\"></span>dibile<span class=\"_ _1\"></span>.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve sono r<span class=\"_ _1\"></span>ilevate a f<span class=\"_ _1\"></span>ronte di tut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee d<span class=\"_ _1\"></span>educib<span class=\"_ _1\"></span>ili e per l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>t\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, nella mis<span class=\"_ _1\"></span>ura in cui sia prob<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019esis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nza di a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali futuri c<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano ren<span class=\"_ _1\"></span>dere applic<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>scali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, ecc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o il cas<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>l\u2019<span class=\"_ _1\"></span>impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>va co<span class=\"_ _1\"></span>llegat<span class=\"_ _1\"></span>a alle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili deri<span class=\"_ _1\"></span>vi dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 un\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale e che<span class=\"_ _1\"></span>, al temp<span class=\"_ _1\"></span>o della t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa, non inf<span class=\"_ _1\"></span>luisce n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>lato a f<span class=\"_ _1\"></span>ini di bilancio n\u00e9 sull<span class=\"_ _2\"></span>\u2019utile o sulla perdit<span class=\"_ _1\"></span>a cal<span class=\"_ _1\"></span>colati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>co<span class=\"_ _1\"></span>n riferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili ass<span class=\"_ _1\"></span>ociate a p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in c<span class=\"_ _1\"></span>ontrollate, c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls43 ws8b\">joint ven<span class=\"ls0 ws0\">-</span></span>ture<span class=\"ff71 ls42 wscd\">, le impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate s<span class=\"_ _1\"></span>olo ne<span class=\"_ _1\"></span>lla misura in cui sia p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee </span>dedu<span class=\"_ _1\"></span>cibili si rive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anno nell<span class=\"_ _2\"></span>\u2019imme<span class=\"_ _1\"></span>diato futuro e che v<span class=\"_ _1\"></span>i siano ade<span class=\"_ _1\"></span>guati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali a f<span class=\"_ _1\"></span>ronte dei quali le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate.Il valore da rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are in bilancio de<span class=\"_ _1\"></span>lle impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive v<span class=\"_ _1\"></span>iene ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>aminato a ciascuna dat<span class=\"_ _1\"></span>a di chiusura de<span class=\"_ _1\"></span>l bi<span class=\"ls0 ws0\">-</span>lancio e ridot<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lla misura in cui n<span class=\"_ _1\"></span>on risult<span class=\"_ _1\"></span>i pi\u00f9 probabil<span class=\"_ _1\"></span>e che suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nti utili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali sar<span class=\"_ _1\"></span>anno disp<span class=\"_ _1\"></span>onibili in futuro in mod<span class=\"_ _1\"></span>o da per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere a tut<span class=\"_ _1\"></span>to o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e di tal<span class=\"_ _1\"></span>e credito di e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato. Le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive no<span class=\"_ _1\"></span>n ricono<span class=\"_ _1\"></span>sciute sono r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminate con p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicit<span class=\"_ _1\"></span>\u00e0 annuale alla data di chius<span class=\"_ _1\"></span>ura del b<span class=\"_ _1\"></span>ilancio e vengon<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate nella mis<span class=\"_ _1\"></span>ura in cui \u00e8 divent<span class=\"_ _1\"></span>ato probab<span class=\"_ _1\"></span>ile che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale s<span class=\"_ _1\"></span>ia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>ntire che t<span class=\"_ _1\"></span>ali impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>.Per st<span class=\"_ _1\"></span>abilire se s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zati re<span class=\"_ _1\"></span>dditi impo<span class=\"_ _1\"></span>nibili a fronte de<span class=\"_ _1\"></span>i quali poter ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a dedu<span class=\"_ _1\"></span>cibile, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>a se la nor<span class=\"_ _1\"></span>mativa t<span class=\"_ _1\"></span>ribut<span class=\"_ _1\"></span>aria loc<span class=\"_ _1\"></span>ale impo<span class=\"_ _1\"></span>nga o me<span class=\"_ _1\"></span>no res<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>zioni alle fonti di r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>o imponi<span class=\"ls0 ws0\">-</span>bili a fronte de<span class=\"_ _1\"></span>i quali pu\u00f2 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare de<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ni sull<span class=\"_ _1\"></span>\u2019annullamento di dett<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono mi<span class=\"_ _1\"></span>surate in bas<span class=\"_ _1\"></span>e alle aliquot<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali che ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de vengan<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>ate all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio in cui t<span class=\"_ _1\"></span>ali atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 si reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ano o tali p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 si e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinguon<span class=\"_ _1\"></span>o, consi<span class=\"_ _1\"></span>deran<span class=\"_ _1\"></span>do le aliqu<span class=\"_ _1\"></span>ote in vigore e que<span class=\"_ _1\"></span>lle gi\u00e0 emanate o s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente e<span class=\"_ _1\"></span>manate alla data di bilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve a pos<span class=\"_ _1\"></span>te rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a pat<span class=\"_ _1\"></span>rimonio ne<span class=\"_ _1\"></span>tto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>ono anch<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>se ril<span class=\"_ _1\"></span>evate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a p<span class=\"_ _1\"></span>atrimonio n<span class=\"_ _1\"></span>etto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto di c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>plessi<span class=\"_ _1\"></span>vo.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>nsate<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a un diritto l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 per imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corr<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti e le imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite fa<span class=\"_ _1\"></span>cciano rifer<span class=\"_ _1\"></span>imento alla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a entit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>d alla ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa auto<span class=\"_ _1\"></span>rit\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ale.Imposta sul valor<span class=\"_ _4\"></span>e aggiuntoI ricav<span class=\"_ _1\"></span>i, i cos<span class=\"_ _1\"></span>ti e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati al ne<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>elle imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e sul valo<span class=\"_ _1\"></span>re ag<span class=\"_ _1\"></span>giunto ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _41\"> </span> <span class=\"_ _11f\"></span>tal<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a applic<span class=\"_ _1\"></span>ata all<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di beni o s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi r<span class=\"_ _1\"></span>isulti ind<span class=\"_ _1\"></span>etraibil<span class=\"_ _1\"></span>e, ne<span class=\"_ _1\"></span>l qual cas<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata co<span class=\"_ _1\"></span>me par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e di cos<span class=\"_ _1\"></span>to rilev<span class=\"_ _1\"></span>ata a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>si rifer<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>a a cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali pe<span class=\"_ _1\"></span>r i quali \u00e8 gi\u00e0 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a o ricev<span class=\"_ _1\"></span>uta la f<span class=\"_ _1\"></span>attura<span class=\"_ _1\"></span>, i cui valor<span class=\"_ _1\"></span>i sono e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti include<span class=\"_ _1\"></span>ndo il v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span> dell<span class=\"_ _2\"></span>\u2019impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammontare net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle impos<span class=\"_ _1\"></span>te indire<span class=\"_ _1\"></span>tte s<span class=\"_ _1\"></span>ulle vendit<span class=\"_ _1\"></span>e e sugli ac<span class=\"_ _1\"></span>quisti ch<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rate da o pagat<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019erario \u00e8 inclus<span class=\"_ _1\"></span>o a bilancio ne<span class=\"_ _1\"></span>i cre<span class=\"_ _1\"></span>diti o deb<span class=\"_ _1\"></span>iti tribut<span class=\"_ _1\"></span>ari a s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nda del s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no del s<span class=\"_ _1\"></span>aldo. 2.3.24 Utile per azioneL<span class=\"_ _6\"></span>\u2019utile base p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e \u00e8 calco<span class=\"_ _1\"></span>lato div<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>do il risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co del p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo, util<span class=\"_ _1\"></span>e e/o perdit<span class=\"_ _1\"></span>a attr<span class=\"_ _1\"></span>ibuibile agli A<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>i della C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>er la me<span class=\"_ _1\"></span>dia po<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rata d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni in circola<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e durante l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio. A<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>ini del c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile diluito p<span class=\"_ _1\"></span>er az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, la media p<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a delle a<span class=\"_ _1\"></span>zioni in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne \u00e8 mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a ass<span class=\"_ _1\"></span>umen<span class=\"_ _1\"></span>do la conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne di tutte l<span class=\"_ _1\"></span>e pote<span class=\"_ _1\"></span>nziali a<span class=\"_ _1\"></span>zioni aventi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o diluitivo. A<span class=\"_ _1\"></span>nche l<span class=\"_ _1\"></span>\u2019utile net<span class=\"_ _1\"></span>to \u00e8 ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>er conto d<span class=\"_ _1\"></span>egli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti, al net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>te, d<span class=\"_ _1\"></span>ella conve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>.2.3.25 Ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span><span class=\"ff77 lsbe ws25c\">Pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span></span><span class=\"ws0\"> e <span class=\"ff77\">C<span class=\"_ _4\"></span>all <span class=\"ff74\">su Interessenze di Minor<span class=\"_ _4\"></span>anza </span></span></span>Nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di opzioni <span class=\"ff79 ls3a wsa\">put</span> co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ai so<span class=\"_ _1\"></span>ci di minoran<span class=\"_ _1\"></span>za, il Gr<span class=\"_ _1\"></span>uppo i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pari al v<span class=\"_ _1\"></span>alore at<span class=\"ls0 ws0\">-</span>tuale de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione. S<span class=\"_ _1\"></span>e i termini e l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione <span class=\"ff79 ls3a wsa\">put</span> danno gi\u00e0 al Gr<span class=\"_ _1\"></span>uppo ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so ai ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomici c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ati alla quota di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale opzionat<span class=\"_ _1\"></span>a, il Grup<span class=\"_ _1\"></span>po cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>za t<span class=\"_ _1\"></span>ale quot<span class=\"_ _1\"></span>a come s<span class=\"_ _1\"></span>e foss<span class=\"_ _1\"></span>e gi\u00e0 st<span class=\"_ _1\"></span>ata ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>, quindi, al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l ricon<span class=\"_ _1\"></span>oscim<span class=\"_ _1\"></span>ento inizial<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, t<span class=\"_ _1\"></span>ale val<span class=\"_ _1\"></span>ore vie<span class=\"_ _1\"></span>ne ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cato dal patrimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o riduce<span class=\"_ _1\"></span>ndo la quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle minoran<span class=\"_ _1\"></span>ze. L<span class=\"_ _1\"></span>a pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 vie<span class=\"_ _1\"></span>ne succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente r<span class=\"_ _1\"></span>imisurat<span class=\"_ _1\"></span>a ad og<span class=\"_ _1\"></span>ni data di chiusura co<span class=\"_ _1\"></span>nformem<span class=\"_ _1\"></span>ente a quanto pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9. Negli alt<span class=\"_ _1\"></span>ri ca<span class=\"_ _1\"></span>si, la polit<span class=\"_ _1\"></span>ica co<span class=\"_ _1\"></span>ntabil<span class=\"_ _1\"></span>e sce<span class=\"_ _1\"></span>lta dal G<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che il Grup<span class=\"_ _1\"></span>po, al mome<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l ricono<span class=\"_ _1\"></span>scime<span class=\"_ _1\"></span>nto iniziale d<span class=\"_ _1\"></span>ella pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ichi t<span class=\"_ _1\"></span>ale v<span class=\"_ _1\"></span>alore ne<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to di Grupp<span class=\"_ _1\"></span>o, continuando a co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zar<span class=\"_ _1\"></span>e gli utili e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>ribuibili a t<span class=\"_ _1\"></span>ali minoran<span class=\"_ _1\"></span>ze e il patrimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di minoran<span class=\"_ _1\"></span>za; ogni mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 vie<span class=\"_ _1\"></span>ne rilev<span class=\"_ _1\"></span>ata a patr<span class=\"_ _1\"></span>imonio net<span class=\"_ _1\"></span>to. 2.3.26 IAS 29 C<span class=\"_ _0\"></span>riteri di cont<span class=\"_ _0\"></span>abilizzazione in economie iperinflazionate Con ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span>mia argentina \u00e8 co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a ipe<span class=\"_ _1\"></span>rinfla<span class=\"_ _1\"></span>zionat<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do i crite<span class=\"_ _1\"></span>ri del \u201c<span class=\"ff79 ws3c\">Financial </span>Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"ff71 ls5 wsef\"> in </span><span class=\"ls4 wsde\">Hyp<span class=\"_ _1\"></span>erinfl<span class=\"_ _1\"></span>ationar<span class=\"_ _1\"></span>y Economie<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span><span class=\"ff71\">\u201d (\u201c<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>S 29<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>). T<span class=\"_ _4\"></span>ale prin<span class=\"_ _1\"></span>cipio richie<span class=\"_ _1\"></span>de che i v<span class=\"_ _1\"></span>alori di b<span class=\"_ _1\"></span>ilancio dell<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 la cui </span></span>valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale s<span class=\"_ _1\"></span>ia quella di un<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span>mia cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rata ip<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zionat<span class=\"_ _1\"></span>a, sian<span class=\"_ _1\"></span>o ride<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>e utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o un indice ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>le dei p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zi che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a le varia<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l pote<span class=\"_ _1\"></span>re di acquis<span class=\"_ _1\"></span>to ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale. L<span class=\"_ _4\"></span>\u2019indic<span class=\"_ _1\"></span>e di infla<span class=\"_ _1\"></span>zione ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato in Arge<span class=\"_ _1\"></span>ntina \u00e8 un indice sintet<span class=\"_ _1\"></span>ico con l<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uenti c<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>stic<span class=\"_ _1\"></span>he: (<span class=\"_ _4\"></span>a) dal 1<span class=\"_ _0\"></span>\u00b0 gennaio 201<span class=\"_ _6\"></span>7 in p<span class=\"_ _1\"></span>oi vie<span class=\"_ _1\"></span>ne utiliz<span class=\"_ _2\"></span>zato un nuovo indic<span class=\"_ _1\"></span>e nazio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nale dei p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zi al con<span class=\"_ _1\"></span>sumo; e (b<span class=\"_ _0\"></span>) per i p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodi f<span class=\"_ _1\"></span>ino al 31 dicembre 201<span class=\"_ _4\"></span>6 vie<span class=\"_ _1\"></span>ne utiliz<span class=\"_ _2\"></span>zato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>indice de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>\u2019ingro<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o.Perci\u00f2 tut<span class=\"_ _1\"></span>ti gli el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti del b<span class=\"_ _1\"></span>ilancio della s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>parati in el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti mone<span class=\"_ _1\"></span>tari e non mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>i. Gli el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti mone<span class=\"_ _1\"></span>tari s<span class=\"_ _1\"></span>ono rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati dal de<span class=\"_ _1\"></span>naro pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>duto e dalle vo<span class=\"_ _1\"></span>ci atti<span class=\"_ _1\"></span>ve o pas<span class=\"_ _1\"></span>sive i cui v<span class=\"_ _1\"></span>alori devono e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re ricev<span class=\"_ _1\"></span>uti o pag<span class=\"_ _1\"></span>ati in denaro; tutt<span class=\"_ _1\"></span>i gli altri e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti s<span class=\"_ _1\"></span>ono non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ari. Gli e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ari non s<span class=\"_ _1\"></span>ono ridet<span class=\"_ _1\"></span>erminati p<span class=\"_ _1\"></span>erch\u00e9 s<span class=\"_ _1\"></span>ono gi\u00e0 e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si in ter<span class=\"_ _1\"></span>mini di unit\u00e0 mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>ia attuale<span class=\"_ _1\"></span>. In un pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di infla<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, un\u2019entit<span class=\"_ _1\"></span>\u00e0 che detie<span class=\"_ _1\"></span>ne un ec<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 monet<span class=\"_ _1\"></span>arie r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>etto all<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 monet<span class=\"_ _1\"></span>arie p<span class=\"_ _1\"></span>erde p<span class=\"_ _1\"></span>oter<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>\u2019acquisto e un<span class=\"_ _1\"></span>\u2019entit\u00e0 con un ecce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so di pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>ie risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to alle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>arie acqui<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a pote<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019acquisto. L<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla posizione monetaria netta \u00e8 inc<span class=\"_ _0\"></span>luso nel conto econom<span class=\"_ _0\"></span>ico. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _4\"></span>ef<span class=\"_ _1\"></span>fetto dell<span class=\"_ _1\"></span>\u2019inflazione sull<span class=\"_ _0\"></span>a posizione monetaria ne<span class=\"_ _0\"></span>tta e sulle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie de<span class=\"_ _1\"></span>lla soci<span class=\"_ _1\"></span>et\u00e0 F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019anno chiuso il 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 \u00e8 st<span class=\"_ _1\"></span>ato un one<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to pari a Euro 7<span class=\"_ _4\"></span>42 migliaia, non signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul b<span class=\"_ _1\"></span>ilancio cons<span class=\"_ _1\"></span>olidato (u<span class=\"_ _0\"></span>n one<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to di Euro 1<span class=\"_ _4\"></span>54 migliaia nel conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>).Dop<span class=\"_ _1\"></span>o la ridet<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione da I<span class=\"_ _1\"></span>AS 29 d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n mone<span class=\"_ _1\"></span>tarie<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o ha prov<span class=\"_ _2\"></span>veduto in<span class=\"_ _1\"></span>oltre a valut<span class=\"_ _1\"></span>are s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019am<span class=\"ls0 ws0\">-</span>montar<span class=\"_ _1\"></span>e ridet<span class=\"_ _1\"></span>erminato de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sup<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e il suo val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. Inoltre<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019applicaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 29 ha com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato la crea<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee p<span class=\"_ _1\"></span>erch\u00e9<span class=\"_ _1\"></span>, mentre il v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on mone<span class=\"_ _1\"></span>tari<span class=\"_ _1\"></span>e \u00e8 rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icato p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019infla<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, non \u00e8 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a una rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica e<span class=\"_ _1\"></span>quival<span class=\"_ _1\"></span>ente ai f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>to di t<span class=\"_ _1\"></span>ale dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ora<span class=\"ls0 ws0\">-</span>nea \u00e8 una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rita ch<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ata r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. 2.3.27 V<span class=\"_ _0\"></span>ariazioni di principi c<span class=\"_ _0\"></span>ontabili internazionaliIl Grupp<span class=\"_ _1\"></span>o non ha ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ato anticipat<span class=\"_ _1\"></span>amente al<span class=\"_ _1\"></span>cun principio, inte<span class=\"_ _1\"></span>rpret<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one o miglior<span class=\"_ _1\"></span>amento e<span class=\"_ _1\"></span>manato ma non an<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cora in v<span class=\"_ _1\"></span>igore. Emendamento all<span class=\"_ _1\"></span>\u2019IFR<span class=\"_ _0\"></span>S 3 - Refer<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e to the C<span class=\"_ _4\"></span>onceptual F<span class=\"_ _4\"></span>ramework A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato l<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019 IFR<span class=\"_ _1\"></span>S 3 <span class=\"ff79\">Busine<span class=\"_ _1\"></span>ss Combinat<span class=\"_ _1\"></span>ions - Refe<span class=\"_ _1\"></span>rence to t<span class=\"_ _1\"></span>he Conceptual Fra<span class=\"ws0\">-</span></span>mewo<span class=\"_ _1\"></span>rk<span class=\"ff71 ls0 wscb\">. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche hanno l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tituire i rifer<span class=\"_ _1\"></span>imenti al <span class=\"ff79\">Framework for th<span class=\"_ _1\"></span>e Preparation and Prese<span class=\"_ _1\"></span>ntation of </span></span>Financial Stateme<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span><span class=\"ff71\">, pubb<span class=\"_ _1\"></span>licato ne<span class=\"_ _1\"></span>l 1<span class=\"_ _0\"></span>98<span class=\"_ _1\"></span>9, con le refe<span class=\"_ _1\"></span>renze al <span class=\"ff79\">Conce<span class=\"_ _1\"></span>ptual Framework for Financial Repor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing</span><span class=\"ls3a wsb2\"> pubblica<span class=\"_ _0\"></span>to </span></span>a Marzo 201<span class=\"_ _4\"></span>8 s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za un camb<span class=\"_ _1\"></span>io signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>i requis<span class=\"_ _1\"></span>iti de<span class=\"_ _1\"></span>l principio. Il <span class=\"ff79 ls7a ws115\">B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd</span> ha anche ag<span class=\"_ _2\"></span>giunto una ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne ai prin<span class=\"_ _1\"></span><span class=\"ws0\">-</span>cipi di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 3 p<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>itar<span class=\"_ _1\"></span>e il rischio di p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite o<span class=\"_ _1\"></span>d utili \u201cdel giorno d<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti da pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali che ric<span class=\"_ _1\"></span>adre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro ne<span class=\"_ _1\"></span>llo scop<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 37 o IFRIC 2<span class=\"_ _4\"></span>1 <span class=\"ff79 ls4e wsd6\">Le<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>, se contr<span class=\"_ _1\"></span>atte s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atame<span class=\"_ _1\"></span>nte. A<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so temp<span class=\"_ _1\"></span>o, il <span class=\"ff79 lsbf wsbc\">Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span></span> ha de<span class=\"_ _1\"></span>ciso di chiarire ch<span class=\"_ _1\"></span>e la <span class=\"ff79 ls7a ws115\">guidance<span class=\"_ _1\"></span></span> esi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 3 pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali non ver<span class=\"_ _1\"></span>r\u00e0 impatt<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span> dall<span class=\"_ _1\"></span>\u2019aggio<span class=\"_ _1\"></span>rname<span class=\"_ _1\"></span>nto dei<span class=\"_ _1\"></span> riferim<span class=\"_ _1\"></span>enti al <span class=\"ff79 ls22 wsb0\">Framework for th<span class=\"_ _1\"></span>e Preparation and Prese<span class=\"_ _1\"></span>ntation of Financial State<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>s</span>. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e si apron<span class=\"_ _1\"></span>o al 1\u00b0 gennaio 2022 e si applic<span class=\"_ _1\"></span>ano pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte.Emendamento allo IAS 16 - Pr<span class=\"_ _4\"></span>opert<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Plant and Equipment: Proc<span class=\"_ _4\"></span>eeds before Intended Use A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato <span class=\"ff79\">Prope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _0\"></span>, Plant and Equi<span class=\"_ _0\"></span>pment \u2014 Proce<span class=\"_ _1\"></span>eds b<span class=\"_ _1\"></span>efore Inte<span class=\"_ _1\"></span>nded U<span class=\"_ _1\"></span>se<span class=\"ff71\">, che p<span class=\"_ _1\"></span>roibisc<span class=\"_ _1\"></span>e alle </span></span>entit<span class=\"_ _1\"></span>\u00e0 di dedur<span class=\"_ _1\"></span>re dal cos<span class=\"_ _1\"></span>to di un el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto di immobili, impianti e macchinar<span class=\"_ _1\"></span>i, ogni ric<span class=\"_ _1\"></span>avo dalla vendit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i venduti<span class=\"_ _1\"></span> nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui t<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 v<span class=\"_ _1\"></span>iene p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so il luo<span class=\"_ _1\"></span>go o le con<span class=\"_ _1\"></span>dizioni ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>arie p<span class=\"_ _1\"></span>erch\u00e9 la s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia in gra<span class=\"_ _1\"></span>do di op<span class=\"_ _1\"></span>erare<span class=\"_ _1\"></span> nel mo<span class=\"_ _1\"></span>do p<span class=\"_ _1\"></span>er cui \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a proge<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ata dal <span class=\"ff79 ls72 ws11b\">managem<span class=\"_ _1\"></span>ent</span>. Invec<span class=\"_ _1\"></span>e, un<span class=\"_ _1\"></span>\u2019entit\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a i ric<span class=\"_ _1\"></span>avi de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalla vendit<span class=\"_ _1\"></span>a di tali<span class=\"_ _1\"></span> prod<span class=\"_ _1\"></span>otti, e<span class=\"_ _1\"></span>d i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er pro<span class=\"_ _1\"></span>durre t<span class=\"_ _1\"></span>ali pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i, nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. L<span class=\"_ _1\"></span>a modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a \u00e8 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi che s<span class=\"_ _1\"></span>i aprono al 1\u00b0 gennaio 2022 o s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente e de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re applic<span class=\"_ _1\"></span>ata ret<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente agli e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti di Immo<span class=\"_ _1\"></span>bili, impianti e macchi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nari res<span class=\"_ _1\"></span>i disp<span class=\"_ _1\"></span>onibili pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019uso alla data di iniz<span class=\"_ _1\"></span>io o succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente d<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o in cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 applic<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la prima volt<span class=\"_ _1\"></span>a tal<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche non hann<span class=\"_ _1\"></span>o avuto alc<span class=\"_ _1\"></span>un impatto s<span class=\"_ _1\"></span>ul bilancio con<span class=\"_ _1\"></span>solidato di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.Emendamento allo IAS 37 - Oner<span class=\"_ _0\"></span>ous C<span class=\"_ _4\"></span>ontracts - C<span class=\"_ _4\"></span>osts of Fulfilling a C<span class=\"_ _4\"></span>ontract A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche a<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 37 per sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are quali cos<span class=\"_ _1\"></span>ti devo<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rati da un<span class=\"_ _1\"></span>\u2019enti<span class=\"ls0 ws0\">-</span>t\u00e0 ne<span class=\"_ _1\"></span>l valut<span class=\"_ _1\"></span>are se un c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>o \u00e8 one<span class=\"_ _1\"></span>roso o<span class=\"_ _1\"></span>d in pe<span class=\"_ _1\"></span>rdita<span class=\"_ _1\"></span>. La mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a preve<span class=\"_ _1\"></span>de l<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione di un ap<span class=\"_ _1\"></span>procci<span class=\"_ _1\"></span>o deno<span class=\"_ _1\"></span>minato \u201c<span class=\"_ _4\"></span><span class=\"ff79 ls49 wsc7\">di<span class=\"ls0 ws0\">-</span></span>rec<span class=\"_ _1\"></span>tly re<span class=\"_ _1\"></span>lated co<span class=\"_ _1\"></span>st approa<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _4\"></span>. I c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no riferit<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte ad un cont<span class=\"_ _1\"></span>ratto p<span class=\"_ _1\"></span>er la for<span class=\"_ _1\"></span>nitura di be<span class=\"_ _1\"></span>ni o se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>zi includ<span class=\"_ _1\"></span>ono </span>sia i cos<span class=\"_ _1\"></span>ti incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ali che i cos<span class=\"_ _1\"></span>ti diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuit<span class=\"_ _1\"></span>i alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 contr<span class=\"_ _1\"></span>attuali. Le sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se gen<span class=\"_ _1\"></span>erali e<span class=\"_ _1\"></span>d amminis<span class=\"_ _1\"></span>trati<span class=\"_ _1\"></span>ve non sono dire<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>e corre<span class=\"_ _1\"></span>late ad un contr<span class=\"_ _1\"></span>atto e s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e a men<span class=\"_ _1\"></span>o che le s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>on siano e<span class=\"_ _1\"></span>splicit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte ribalt<span class=\"_ _1\"></span>abili alla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e sulla bas<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o. Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e iniziano al 1\u00b0 gennaio 2022 o suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>va<span class=\"ls0 ws0\">-</span>mente<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato t<span class=\"_ _1\"></span>ali modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e ai contrat<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r cui non ave<span class=\"_ _1\"></span>va ancor<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fatt<span class=\"_ _1\"></span>o tutt<span class=\"_ _1\"></span>e le propr<span class=\"_ _1\"></span>ie obblig<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a avere impat<span class=\"_ _1\"></span>ti sul bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po.IFR<span class=\"_ _0\"></span>S 9 F<span class=\"_ _0\"></span>inancial Instruments - Fees in the \u201c10 per c<span class=\"_ _4\"></span>ent<span class=\"_ _2\"></span>\u201d test for der<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ognition of financial liabilitiesCome par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e del p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di miglior<span class=\"_ _1\"></span>amenti annuali 201<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>2020 dei principi IFR<span class=\"_ _1\"></span>S, l<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>SB ha pubbli<span class=\"_ _1\"></span>cato una mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a chiaris<span class=\"_ _1\"></span>ce le <span class=\"ff79 ls5 ws4\">fees</span> che una entit\u00e0 inc<span class=\"_ _1\"></span>lude ne<span class=\"_ _1\"></span>l dete<span class=\"_ _1\"></span>rminare se le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una nuova o m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria siano s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renti ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto all<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria originar<span class=\"_ _1\"></span>ia. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e <span class=\"ff79 ls5 ws4\">fees</span><span class=\"ls0 ws0\"> </span>includon<span class=\"_ _1\"></span>o solo qu<span class=\"_ _1\"></span>elle pag<span class=\"_ _1\"></span>ate o pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>e tra il de<span class=\"_ _1\"></span>bitore e<span class=\"_ _1\"></span>d il f<span class=\"_ _1\"></span>inanziato<span class=\"_ _1\"></span>re, inclu<span class=\"_ _1\"></span>se le <span class=\"ff79 ls5 ws4\">fees</span> pagate o pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>e dal debit<span class=\"_ _1\"></span>ore o dal f<span class=\"_ _1\"></span>inanziatore p<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>nto di altri. Un<span class=\"_ _1\"></span>\u2019entit\u00e0 app<span class=\"_ _1\"></span>lica t<span class=\"_ _1\"></span>ale mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica alle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie che s<span class=\"_ _1\"></span>ono mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate o s<span class=\"_ _1\"></span>camb<span class=\"_ _1\"></span>iate succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente alla dat<span class=\"_ _1\"></span>a del pr<span class=\"_ _1\"></span>imo es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zio in cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 ap<span class=\"_ _1\"></span>plica p<span class=\"_ _1\"></span>er la p<span class=\"_ _1\"></span>rima volt<span class=\"_ _1\"></span>a la modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a. L<span class=\"_ _1\"></span>a modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a \u00e8 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace p<span class=\"_ _1\"></span>er gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i che iniziano al 1\u00b0 gennaio 2022 o s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, \u00e8 p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne anticipat<span class=\"_ _1\"></span>a. Il Grup<span class=\"_ _1\"></span>po ha applic<span class=\"_ _1\"></span>ato tale m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2. T<span class=\"_ _4\"></span>ali mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche non hanno av<span class=\"_ _1\"></span>uto alcun impat<span class=\"_ _1\"></span>to sul bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato di G<span class=\"_ _1\"></span>ruppo.<span class=\"_ _1\"></span> 2.3.28 P<span class=\"_ _4\"></span>rincipi emessi ma non ancor<span class=\"_ _4\"></span>a in vigore Sono di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito illust<span class=\"_ _1\"></span>rati i prin<span class=\"_ _1\"></span>cipi che, alla dat<span class=\"_ _1\"></span>a di reda<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po ris<span class=\"_ _1\"></span>ultavan<span class=\"_ _1\"></span>o gi\u00e0 emanati ma non anco<span class=\"_ _1\"></span>ra in vigor<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019ele<span class=\"_ _1\"></span>nco si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e a principi e inte<span class=\"_ _1\"></span>rpret<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni che il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>aranno ragi<span class=\"_ _1\"></span>onevo<span class=\"_ _1\"></span>lmente applic<span class=\"_ _1\"></span>abili nel f<span class=\"_ _1\"></span>uturo. Il Grupp<span class=\"_ _1\"></span>o intend<span class=\"_ _1\"></span>e adot<span class=\"_ _1\"></span>tar<span class=\"_ _1\"></span>e ques<span class=\"_ _1\"></span>ti prin<span class=\"_ _1\"></span>cipi quando entr<span class=\"_ _1\"></span>eranno in v<span class=\"_ _1\"></span>igore<span class=\"_ _1\"></span>. Emendamento allo IAS 1: C<span class=\"_ _0\"></span>lassificazione delle passivit\u00e0 in c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti e non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti A gennaio 2020, lo IA<span class=\"_ _1\"></span>SB ha pubb<span class=\"_ _1\"></span>licato d<span class=\"_ _1\"></span>elle mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ai par<span class=\"_ _1\"></span>agraf<span class=\"_ _1\"></span>i da 69 a 76 dello IA<span class=\"_ _1\"></span>S 1 p<span class=\"_ _1\"></span>er sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care i re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er cla<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sif<span class=\"_ _1\"></span>icare l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 come co<span class=\"_ _1\"></span>rrenti o no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche chiaris<span class=\"_ _1\"></span>cono: \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>cos<span class=\"_ _1\"></span>a si inten<span class=\"_ _1\"></span>de p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to di po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>che il dirit<span class=\"_ _1\"></span>to di po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne deve e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>e alla chiusura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne non \u00e8 impat<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a dalla probab<span class=\"_ _1\"></span>ilit\u00e0 co<span class=\"_ _1\"></span>n cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rciter\u00e0 il p<span class=\"_ _1\"></span>roprio dirit<span class=\"_ _1\"></span>to di p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one; \u2022 <span class=\"_ _184\"> </span> <span class=\"_ _3\"></span>solame<span class=\"_ _1\"></span>nte se un d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato implicito in una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>tibile \u00e8 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o uno str<span class=\"_ _1\"></span>umento di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale la sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della<span class=\"_ _1\"></span> pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on ha impatt<span class=\"_ _1\"></span>o sulla sua clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne.<span class=\"_ _1\"></span> Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sarann<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e inizie<span class=\"_ _1\"></span>ranno al 1\u00b0 gennaio 2023 o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, e dovrann<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re applic<span class=\"_ _1\"></span>ate retros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte. Il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>ta al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto valut<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019impatto ch<span class=\"_ _1\"></span>e le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche avr<span class=\"_ _1\"></span>anno sulla situa<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> corrente.Imposte differite r<span class=\"_ _0\"></span>elative ad attivit\u00e0 e passivi<span class=\"_ _1\"></span>t\u00e0 deriv<span class=\"_ _0\"></span>anti da una singola transazione (<span class=\"_ _0\"></span>Modifiche allo IAS 12) Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>tringon<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one alla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale delle imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>ine di es<span class=\"_ _1\"></span>cluder<span class=\"_ _1\"></span>e le op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni che dann<span class=\"_ _1\"></span>o origine a dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze t<span class=\"_ _1\"></span>empo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e uguali e comp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sabili, com<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di <span class=\"ff79 ls53 wseb\">lea<span class=\"_ _1\"></span>sing</span> e obblighi di s<span class=\"_ _1\"></span>mantellame<span class=\"_ _1\"></span>nto. Le modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che entre<span class=\"_ _1\"></span>ranno in v<span class=\"_ _1\"></span>igore a par<span class=\"_ _1\"></span>tire dag<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e iniziano dal 1\u00b0 gennaio 2023. Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite relati<span class=\"_ _1\"></span>ve ai <span class=\"ff79 ls53 wseb\">le<span class=\"_ _1\"></span>asing</span> e agli o<span class=\"_ _1\"></span>bblighi di smant<span class=\"_ _1\"></span>ellame<span class=\"_ _1\"></span>nto dovrann<span class=\"_ _1\"></span>o quindi es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ate dall<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io del p<span class=\"_ _1\"></span>rimo e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio comp<span class=\"_ _1\"></span>arativo p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato, rilevan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019eventuale ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to cumulati<span class=\"_ _1\"></span>vo come una ret<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span><span class=\"ws0\">-</span>f<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>gli utili p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a nu<span class=\"_ _1\"></span>ovo o tra le altr<span class=\"_ _1\"></span>e compo<span class=\"_ _1\"></span>nenti de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to a quella dat<span class=\"_ _1\"></span>a. Per tut<span class=\"_ _1\"></span>te le alt<span class=\"_ _1\"></span>re ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni, le mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>che si app<span class=\"_ _1\"></span>licano all<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ano dop<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io del p<span class=\"_ _1\"></span>rimo pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato. Il G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al mo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>mento v<span class=\"_ _1\"></span>alutan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>atto ch<span class=\"_ _1\"></span>e le modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che avrann<span class=\"_ _1\"></span>o sulla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale \u2013 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria; dalle analisi ef<span class=\"_ _1\"></span>fettuate al mome<span class=\"_ _1\"></span>nto non ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de un ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to sugli ut<span class=\"_ _1\"></span>ili por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati a nuovo e il Grup<span class=\"_ _1\"></span>po rile<span class=\"_ _1\"></span>ver\u00e0 l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite<span class=\"_ _1\"></span> sep<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>. Definizione di stima contabile - M<span class=\"_ _0\"></span>odifiche allo IAS 8 Nel fe<span class=\"_ _1\"></span>bbraio 2021 lo IASB ha e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o deg<span class=\"_ _1\"></span>li eme<span class=\"_ _1\"></span>ndamenti a<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 8, in cui intro<span class=\"_ _1\"></span>duce una def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione di \u201cs<span class=\"_ _1\"></span>time c<span class=\"_ _1\"></span>ontabili<span class=\"_ _2\"></span>\u201d<span class=\"_ _4\"></span>. Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e chiarisco<span class=\"_ _1\"></span>no la dis<span class=\"_ _1\"></span>tinzio<span class=\"_ _1\"></span>ne tra c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ili e cambiame<span class=\"_ _1\"></span>nti nei p<span class=\"_ _1\"></span>rincipi cont<span class=\"_ _1\"></span>abili e cor<span class=\"_ _1\"></span>rez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> di error<span class=\"_ _1\"></span>i. Inoltre<span class=\"_ _1\"></span>, chiarisc<span class=\"_ _1\"></span>ono com<span class=\"_ _1\"></span>e le entit<span class=\"_ _1\"></span>\u00e0 utiliz<span class=\"_ _2\"></span>zano te<span class=\"_ _1\"></span>cniche di mis<span class=\"_ _1\"></span>uraz<span class=\"_ _1\"></span>ione e <span class=\"ff79 ls7a ws115\">inp<span class=\"_ _1\"></span>ut</span><span class=\"ls4e ws11c\"> pe<span class=\"_ _1\"></span>r sv<span class=\"_ _1\"></span>iluppar<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili. Le<span class=\"_ _1\"></span> </span>modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi c<span class=\"_ _1\"></span>he hanno inizio dal o d<span class=\"_ _1\"></span>opo il 1\u00b0 gennaio 2023 e si app<span class=\"_ _1\"></span>licano ai c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di prin<span class=\"ls0 ws0\">-</span>cipi cont<span class=\"_ _1\"></span>abili e a cambiame<span class=\"_ _1\"></span>nti ne<span class=\"_ _1\"></span>lle stim<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili che si ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icano a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ini<span class=\"_ _1\"></span>zio di t<span class=\"_ _1\"></span>ale pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019applicazi<span class=\"_ _1\"></span>one anticipat<span class=\"_ _1\"></span>a \u00e8 cons<span class=\"_ _1\"></span>entit<span class=\"_ _1\"></span>a a con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ne che t<span class=\"_ _1\"></span>ale fat<span class=\"_ _1\"></span>to sia re<span class=\"_ _1\"></span>so noto. N<span class=\"_ _1\"></span>on si pr<span class=\"_ _1\"></span>eved<span class=\"_ _1\"></span>e che le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche av<span class=\"_ _1\"></span>ranno un impatt<span class=\"_ _1\"></span>o signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ul Grup<span class=\"_ _1\"></span>po.Informativa sui pr<span class=\"_ _4\"></span>incipi contabili - Modifiche allo IAS 1 e IF<span class=\"_ _0\"></span>RS P<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>e Statement 2Nel fe<span class=\"_ _1\"></span>bbraio 2021<span class=\"_ _4\"></span>, lo IA<span class=\"_ _1\"></span>SB ha em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>damenti allo I<span class=\"_ _1\"></span>AS 1 e all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S <span class=\"ff79\">Practice State<span class=\"_ _1\"></span>ment 2 Making Mat<span class=\"_ _1\"></span>erialit<span class=\"_ _1\"></span>y </span>Judgement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span><span class=\"ff71 ls22 wsef\">, in cui fornisc<span class=\"_ _1\"></span>e linee g<span class=\"_ _1\"></span>uida ed e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>mpi pe<span class=\"_ _1\"></span>r aiutar<span class=\"_ _1\"></span>e le entit<span class=\"_ _1\"></span>\u00e0 ad app<span class=\"_ _1\"></span>licare g<span class=\"_ _1\"></span>iudizi di mate<span class=\"_ _1\"></span>rialit\u00e0 all<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui </span>principi co<span class=\"_ _1\"></span>ntabili. Le m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche mir<span class=\"_ _1\"></span>ano ad aiut<span class=\"_ _1\"></span>are le entit<span class=\"_ _1\"></span>\u00e0 a fornire informa<span class=\"_ _1\"></span>zioni sui p<span class=\"_ _1\"></span>rincipi co<span class=\"_ _1\"></span>ntabili pi\u00f9 utili s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>titue<span class=\"_ _1\"></span>ndo l<span class=\"_ _1\"></span>\u2019obbligo per l<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 di fornire le pro<span class=\"_ _1\"></span>prie p<span class=\"_ _1\"></span>olitiche c<span class=\"_ _1\"></span>ontabili \u201cs<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>\u201d con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbligo di fornire informati<span class=\"_ _1\"></span>va sui p<span class=\"_ _1\"></span>ropri<span class=\"_ _1\"></span> principi co<span class=\"_ _1\"></span>ntabili \u201crile<span class=\"_ _1\"></span>vanti<span class=\"_ _1\"></span>\u201d; inoltre, s<span class=\"_ _1\"></span>ono ag<span class=\"_ _1\"></span>giunte lin<span class=\"_ _1\"></span>ee gui<span class=\"_ _1\"></span>da su come l<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>ano il conc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di rilev<span class=\"_ _1\"></span>anza n<span class=\"_ _1\"></span>el pre<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>dere de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>ioni in mer<span class=\"_ _1\"></span>ito all<span class=\"_ _1\"></span>\u2019informat<span class=\"_ _1\"></span>iva s<span class=\"_ _1\"></span>ui principi co<span class=\"_ _1\"></span>ntabili. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche allo I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1 sono ap<span class=\"_ _1\"></span>plicab<span class=\"_ _1\"></span>ili a par<span class=\"_ _1\"></span>tire dagli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi che hanno inizi<span class=\"_ _1\"></span>o dal o dopo il 1\u00b0 gennaio 2023, \u00e8 cons<span class=\"_ _1\"></span>entit<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione anti<span class=\"_ _1\"></span>cipata. Poich<span class=\"_ _1\"></span>\u00e9 le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"ff79 lsc2 wscd\">Prac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> </span>Stateme<span class=\"_ _1\"></span>nt 2 Making Mate<span class=\"_ _1\"></span>riality Judge<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>s<span class=\"ff71 ls8c wsd9\"> forniscono indicazioni non<span class=\"_ _0\"></span> obbligat<span class=\"_ _0\"></span>orie sull\u2019<span class=\"_ _0\"></span>applicazione dell<span class=\"_ _0\"></span>a definizione di </span>materiale all<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui princip<span class=\"_ _1\"></span>i contab<span class=\"_ _1\"></span>ili, non \u00e8 ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>aria una data di entr<span class=\"_ _1\"></span>ata in v<span class=\"_ _1\"></span>igore pe<span class=\"_ _1\"></span>r tali m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po st<span class=\"_ _1\"></span>a attualme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019impatt<span class=\"_ _1\"></span>o delle m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e per d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minare l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>to che av<span class=\"_ _1\"></span>ranno sull<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui principi c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>tab<span class=\"_ _1\"></span>ili di Grup<span class=\"_ _1\"></span>po.2.4 <span class=\"_ _0\"></span>Ar<span class=\"_ _0\"></span>ea di c<span class=\"_ _0\"></span>onsolidamentoIl bilancio con<span class=\"_ _1\"></span>solidato a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 include la situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimonial<span class=\"_ _1\"></span>e, ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>ella Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e dell<span class=\"_ _1\"></span>e sue entit<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>rollate es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re cons<span class=\"_ _1\"></span>olidate inte<span class=\"_ _1\"></span>gralme<span class=\"_ _1\"></span>nte, ne<span class=\"_ _1\"></span>l loro ins<span class=\"_ _1\"></span>ieme i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate come G<span class=\"_ _1\"></span>ruppo S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o.Il bilancio con<span class=\"_ _1\"></span>solidato al 31 dicembre 2022 co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>de le situa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntabili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o redat<span class=\"_ _1\"></span>te ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ando i m<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>simi pr<span class=\"_ _1\"></span>incipi cont<span class=\"_ _1\"></span>abili della c<span class=\"_ _1\"></span>ontrollante<span class=\"_ _1\"></span>. Le entit<span class=\"_ _1\"></span>\u00e0 controllate s<span class=\"_ _1\"></span>ono que<span class=\"_ _1\"></span>lle entit<span class=\"_ _1\"></span>\u00e0 in cui il Grupp<span class=\"_ _1\"></span>o detie<span class=\"_ _1\"></span>ne il contro<span class=\"_ _1\"></span>llo, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quando il Grup<span class=\"_ _1\"></span>po \u00e8 e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o a rendim<span class=\"_ _1\"></span>enti variab<span class=\"_ _1\"></span>ili deri<span class=\"_ _1\"></span>vanti dal prop<span class=\"_ _1\"></span>rio rap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>on l<span class=\"_ _1\"></span>\u2019entit\u00e0, o v<span class=\"_ _1\"></span>anta d<span class=\"_ _1\"></span>ei dirit<span class=\"_ _1\"></span>ti su t<span class=\"_ _1\"></span>ali rendim<span class=\"_ _1\"></span>enti, aven<span class=\"_ _1\"></span>do ne<span class=\"_ _1\"></span>l contemp<span class=\"_ _1\"></span>o la cap<span class=\"_ _1\"></span>acit\u00e0 di inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nzar<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>ando il propri<span class=\"_ _1\"></span>o pote<span class=\"_ _1\"></span>re sull<span class=\"_ _1\"></span>\u2019entit\u00e0 s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. I bilanci d<span class=\"_ _1\"></span>elle e<span class=\"_ _1\"></span>ntit\u00e0 co<span class=\"_ _1\"></span>ntrollate so<span class=\"_ _1\"></span>no inclusi n<span class=\"_ _1\"></span>el bilanci<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>olidato dal mom<span class=\"_ _1\"></span>ento in cui la controllante iniz<span class=\"_ _1\"></span>ia ad es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are il contro<span class=\"_ _1\"></span>llo f<span class=\"_ _1\"></span>ino alla data in cui t<span class=\"_ _1\"></span>ale co<span class=\"_ _1\"></span>ntrollo ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. In c<span class=\"_ _1\"></span>aso di p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di contro<span class=\"_ _1\"></span>llo, il Grupp<span class=\"_ _1\"></span>o elimina le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019entit\u00e0 c<span class=\"_ _1\"></span>ontrollat<span class=\"_ _1\"></span>a e qualsiasi p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ione di minor<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>a nel patrimon<span class=\"_ _0\"></span>io netto inc<span class=\"_ _0\"></span>lusa qualsi<span class=\"_ _0\"></span>asi altra c<span class=\"_ _0\"></span>omponente di c<span class=\"_ _0\"></span>onto economico<span class=\"_ _0\"></span> complessivo relativa all\u2019<span class=\"_ _0\"></span>entit\u00e0 control<span class=\"_ _0\"></span>la<span class=\"ls0 ws0\">-</span>ta. Q<span class=\"_ _1\"></span>ualsias<span class=\"_ _1\"></span>i utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a der<span class=\"_ _1\"></span>ivante dalla p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di controll<span class=\"_ _1\"></span>o vie<span class=\"_ _1\"></span>ne rilev<span class=\"_ _1\"></span>ato nell<span class=\"_ _2\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>. Qualsia<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>si par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ione mante<span class=\"_ _1\"></span>nuta ne<span class=\"_ _1\"></span>lla e<span class=\"_ _1\"></span>x entit<span class=\"_ _1\"></span>\u00e0 controllat<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne valut<span class=\"_ _1\"></span>ata al <span class=\"ff79\">fair value</span> alla data de<span class=\"_ _1\"></span>lla pe<span class=\"_ _1\"></span>rdita d<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>rollo. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti i s<span class=\"_ _1\"></span>aldi e le t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni infragrupp<span class=\"_ _1\"></span>o, inclusi e<span class=\"_ _1\"></span>ventuali utili e pe<span class=\"_ _1\"></span>rdite no<span class=\"_ _1\"></span>n realiz<span class=\"_ _2\"></span>zati de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti da rappo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti intrat<span class=\"_ _1\"></span>tenuti fra so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o sono c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nte eliminati. Le intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze di minoranz<span class=\"_ _1\"></span>a rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano la par<span class=\"_ _1\"></span>te di prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o p<span class=\"_ _1\"></span>erdite e d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>e non det<span class=\"_ _1\"></span>enute dal Gr<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>po e so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ste in una vo<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>parat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, e ne<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale e f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria tra le co<span class=\"_ _1\"></span>m<span class=\"ls0 ws0\">-</span>ponenti del patrimoni<span class=\"_ _0\"></span>o netto, separatamente dal<span class=\"_ _0\"></span> patrimoni<span class=\"_ _0\"></span>o netto di Gruppo.<span class=\"_ _0\"></span> Le acquisi<span class=\"_ _1\"></span>zioni di s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate in bas<span class=\"_ _1\"></span>e al meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisto (<span class=\"_ _2\"></span><span class=\"ff79\">purchase met<span class=\"_ _1\"></span>hod<span class=\"_ _2\"></span></span>) che c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019alloca<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale ai <span class=\"ff79\">fair value</span> delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali acquisit<span class=\"_ _1\"></span>e alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne e l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inclusio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquisit<span class=\"_ _1\"></span>a maturato dalla data di a<span class=\"_ _1\"></span>cquisi<span class=\"_ _1\"></span>zione f<span class=\"_ _1\"></span>ino alla chiusura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio. Le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni nell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o in una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 controllat<span class=\"_ _1\"></span>a che non compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l controllo s<span class=\"_ _1\"></span>ono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>e come op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni sul capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>.Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ono rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tate l<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 incluse n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019area di cons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e cons<span class=\"_ _1\"></span>olidate inte<span class=\"_ _1\"></span>gral<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _0\"></span>e 2022Denominazione<span class=\"_ _31\"> </span>Sede<span class=\"_ _21a\"> </span>Divisa<span class=\"_ _41\"> </span>C<span class=\"_ _0\"></span>apitale Sociale% di controllo<span class=\"_ _61\"> </span>Note D<span class=\"_ _1\"></span>iretto<span class=\"_ _1c4\"> </span>Indir<span class=\"_ _0\"></span>ettoSalv<span class=\"_ _0\"></span>atore Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo S.p.A.<span class=\"_ _22c\"> </span>Fir<span class=\"_ _0\"></span>enze, Italia<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1f2\"> </span></span>16.879.000<span class=\"_ _32\"> </span>CapogruppoFerr<span class=\"_ _4\"></span>agamo Retail Nederland B.V<span class=\"_ _4\"></span>.<span class=\"_ _177\"> </span>Amsterdam, P<span class=\"_ _4\"></span>aesi Bassi<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _5e\"> </span></span>500.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Fr<span class=\"_ _0\"></span>ance S.A.S.<span class=\"_ _262\"> </span>P<span class=\"_ _4\"></span>arig<span class=\"_ _1\"></span>i, F<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ancia<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _16e\"> </span></span>4.334.094<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Deut<span class=\"_ _1\"></span>schland GmbH<span class=\"_ _66\"> </span>Monaco, Ger<span class=\"_ _0\"></span>mania<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _16e\"> </span></span>3.300.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Austria <span class=\"_ _1\"></span>GmbH<span class=\"_ _6c\"> </span>Vienna, Austria<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _16e\"> </span></span><span class=\"ws0\">1.853.158<span class=\"_ _1d4\"> </span>100% </span>Ferr<span class=\"_ _4\"></span>agamo U.K<span class=\"_ _1\"></span>. Limited<span class=\"_ _60\"> </span>Londr<span class=\"_ _0\"></span>a, Regno Unito<span class=\"_ _80\"> </span>Sterlina inglese<span class=\"_ _263\"> </span>7.672.735<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (Su<span class=\"_ _1\"></span>isse) SA<span class=\"_ _73\"> </span>Mendrisio, Svizzer<span class=\"_ _0\"></span>a<span class=\"_ _208\"> </span>F<span class=\"_ _4\"></span>ranco svizzer<span class=\"_ _0\"></span>o<span class=\"_ _16b\"> </span>1.000.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Belg<span class=\"_ _1\"></span>ique SA<span class=\"_ _22c\"> </span>Bruxelles, Belgio<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _81\"> </span></span>750.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _239\"> </span>Principato di Monaco<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _5e\"> </span></span>304.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Espana S.L<span class=\"_ _1\"></span>.<span class=\"_ _23c\"> </span>Madrid, Spagna<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _263\"> </span></span>4.600.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo USA Inc<span class=\"_ _1\"></span>.<span class=\"_ _1cc\"> </span>New <span class=\"_ _4\"></span>Y<span class=\"_ _4\"></span>ork, Stati Uniti<span class=\"_ _1ae\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _1a6\"> </span>74.011.969<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Canada Inc.<span class=\"_ _264\"> </span>V<span class=\"_ _0\"></span>ancouver<span class=\"_ _6\"></span>, Canada<span class=\"_ _1d2\"> </span>Dollaro canadese<span class=\"_ _16b\"> </span>4.441.461<span class=\"_ _227\"> </span>100% <span class=\"_ _263\"> </span>(1)S-Fer International Inc.<span class=\"_ _96\"> </span>New <span class=\"_ _0\"></span>Y<span class=\"_ _6\"></span>ork, Stati Uniti<span class=\"_ _1ae\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _16b\"> </span>4.600.000<span class=\"_ _265\"> </span>100% <span class=\"_ _263\"> </span>(1)Sator Realty Inc.<span class=\"_ _d9\"> </span>New <span class=\"_ _0\"></span>Y<span class=\"_ _4\"></span>ork, Stati Uniti<span class=\"_ _247\"> </span>Dollaro americano<span class=\"_ _82\"> </span>100.000<span class=\"_ _227\"> </span>100% <span class=\"_ _16e\"> </span>(1)Citt\u00e0 del Messico<span class=\"_ _0\"></span>, Ferr<span class=\"_ _4\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _0\"></span>.Messico<span class=\"_ _16a\"> </span>Peso messic<span class=\"_ _0\"></span>ano<span class=\"_ _16b\"> </span>4.592.700<span class=\"_ _1a6\"> </span>99,73% <span class=\"_ _80\"> </span>0,27% <span class=\"_ _263\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Chile S.A<span class=\"_ _1\"></span>.<span class=\"_ _13d\"> </span>Santiago, C<span class=\"_ _0\"></span>ile<span class=\"_ _12e\"> </span>Peso cileno<span class=\"_ _1cd\"> </span>3.187.970.000<span class=\"_ _82\"> </span>99% <span class=\"_ _16f\"> </span>1% <span class=\"_ _263\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Argentina S.A<span class=\"_ _1\"></span>.<span class=\"_ _20b\"> </span>Buenos Air<span class=\"_ _0\"></span>es, Argentina<span class=\"_ _84\"> </span><span class=\"ws0\">Peso ar<span class=\"_ _0\"></span>gentino<span class=\"_ _1a6\"> </span>16.000.000<span class=\"_ _82\"> </span>95% <span class=\"_ _fe\"> </span>5% <span class=\"_ _263\"> </span>(1)</span>Ferr<span class=\"_ _4\"></span>agamo Brasil Roupas e A<span class=\"_ _0\"></span>cessorios L<span class=\"_ _0\"></span>tda.<span class=\"_ _173\"> </span>San P<span class=\"_ _0\"></span>aolo, Br<span class=\"_ _0\"></span>asile<span class=\"_ _1da\"> </span>Real br<span class=\"_ _0\"></span>asiliani<span class=\"_ _1a6\"> </span>55.615.000<span class=\"_ _5e\"> </span>99% <span class=\"_ _6d\"> </span>1% <span class=\"_ _16e\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Hong Kong Ltd.<span class=\"_ _bb\"> </span>Hong Kong<span class=\"_ _1\"></span>, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _97\"> </span>10.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _22f\"> </span>T<span class=\"_ _4\"></span>okyo, Giappone<span class=\"_ _1a8\"> </span>Y<span class=\"_ _4\"></span>en Giapponese<span class=\"_ _1a0\"> </span>305.700.000<span class=\"_ _1a6\"> </span>89,13% Ferr<span class=\"_ _4\"></span>agamo Australia Pty L<span class=\"_ _0\"></span>td.<span class=\"_ _93\"> </span>Sidney<span class=\"_ _4\"></span>, Aust<span class=\"_ _1\"></span>ralia<span class=\"_ _1a0\"> </span><span class=\"ws0\">Dollaro austr<span class=\"_ _0\"></span>aliano<span class=\"_ _1a6\"> </span>13.637.003<span class=\"_ _5d\"> </span>100% </span>Ferrimag L<span class=\"_ _0\"></span>imited<span class=\"_ _134\"> </span>Hong Kong<span class=\"_ _1\"></span>, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong K<span class=\"_ _0\"></span>ong<span class=\"_ _1c8\"> </span>109.200.000<span class=\"_ _8c\"> </span>75% <span class=\"_ _263\"> </span>(2)Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _1d9\"> </span>Shanghai, Cina<span class=\"_ _247\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _5e\"> </span>200.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(3)</span>Ferr<span class=\"_ _4\"></span>agamo Moda (Shanghai) Co. L<span class=\"_ _0\"></span>td.<span class=\"_ _1a7\"> </span>Shanghai, Cina<span class=\"_ _247\"> </span>Dollaro americano<span class=\"_ _16b\"> </span>1.400.000<span class=\"_ _82\"> </span>75% Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited<span class=\"_ _266\"> </span>Hong Kong, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong Kong<span class=\"_ _1a6\"> </span>39.000.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3)</span>Nuovo dollar<span class=\"_ _0\"></span>o Ferr<span class=\"_ _4\"></span>agamo Retail T<span class=\"_ _4\"></span>aiwan Limited<span class=\"_ _69\"> </span>T<span class=\"_ _4\"></span>aipei, T<span class=\"_ _4\"></span>aiwantaiwanese<span class=\"_ _1c8\"> </span>136.250.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3)</span>Ferr<span class=\"_ _4\"></span>agamo Retail Macau Limited<span class=\"_ _1c9\"> </span>Macao<span class=\"_ _0\"></span>, Cina<span class=\"_ _1d9\"> </span>Macau P<span class=\"_ _4\"></span>ataca<span class=\"_ _173\"> </span>25.000<span class=\"_ _16b\"> </span>75,2% Ferr<span class=\"_ _4\"></span>agamo Retail India Priv<span class=\"_ _0\"></span>ate Limited<span class=\"_ _27\"> </span>New Delhi, India<span class=\"_ _13b\"> </span>Rupia Indiana<span class=\"_ _1c8\"> </span>300.000.000<span class=\"_ _5d\"> </span>100% <span class=\"_ _267\"> </span>(4)Ferr<span class=\"_ _4\"></span>agamo Korea L<span class=\"_ _0\"></span>td.<span class=\"_ _fc\"> </span>Seoul, C<span class=\"_ _0\"></span>orea del Sud<span class=\"_ _1ed\"> </span>W<span class=\"_ _4\"></span>on sudcoreano<span class=\"_ _1cd\"> </span>3.291.200.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (Singapore) Pte Ltd<span class=\"_ _10d\"> </span>Singapore<span class=\"_ _268\"> </span>Dollaro di Singapor<span class=\"_ _4\"></span>e<span class=\"_ _263\"> </span>4.600.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Thailand) Limited<span class=\"_ _267\"> </span>Bangkok, T<span class=\"_ _6\"></span>ailandia<span class=\"_ _239\"> </span>Baht<span class=\"_ _1a0\"> </span>100.000.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Malaysia) Sdn. Bhd.<span class=\"_ _128\"> </span>Kuala L<span class=\"_ _0\"></span>umpur<span class=\"_ _4\"></span>, Malesia<span class=\"_ _1c7\"> </span>Ringgit della Malesia<span class=\"_ _16b\"> </span>1.300.000<span class=\"_ _209\"> </span>100% 1. T<span class=\"_ _4\"></span>ramite Fer<span class=\"_ _0\"></span>ragamo USA Inc. 2 - T<span class=\"_ _4\"></span>ramite F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>. 3 - T<span class=\"_ _4\"></span>ramite Ferrimag L<span class=\"_ _0\"></span>td. 4 - societ\u00e0 non operati<span class=\"_ _0\"></span>va. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 la comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo ha s<span class=\"_ _1\"></span>ubito la se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte varia<span class=\"_ _1\"></span>zione: \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>in dat<span class=\"_ _1\"></span>a 27 luglio 2022 Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to n. 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 nuove a<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e dalla socie<span class=\"_ _1\"></span>t\u00e0 F<span class=\"_ _1\"></span>erra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gamo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r un corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo tot<span class=\"_ _1\"></span>ale di 3.<span class=\"_ _1\"></span>573.01<span class=\"_ _4\"></span>9 migliaia JPY (Euro 25,6 milioni). In seguit<span class=\"_ _1\"></span>o a tal<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha increm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato la propria p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>ciale de<span class=\"_ _1\"></span>lla controllat<span class=\"_ _1\"></span>a giappo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nes<span class=\"_ _1\"></span>e, pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ando dal 71<span class=\"_ _4\"></span>,0<span class=\"_ _2\"></span>0% all<span class=\"_ _2\"></span>\u201989,<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>3% del relat<span class=\"_ _1\"></span>ivo cap<span class=\"_ _1\"></span>itale s<span class=\"_ _1\"></span>ocial<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019oper<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ha lo s<span class=\"_ _1\"></span>copo di r<span class=\"_ _1\"></span>affo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>are la pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _1\"></span>ragamo in G<span class=\"_ _1\"></span>iappon<span class=\"_ _1\"></span>e, dot<span class=\"_ _1\"></span>ando Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K. di mag<span class=\"_ _2\"></span>giori ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie pe<span class=\"_ _1\"></span>r sv<span class=\"_ _1\"></span>ilupp<span class=\"_ _1\"></span>are il <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws2d\"> lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>. </span>Si ricorda in<span class=\"_ _1\"></span>oltre che F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. op<span class=\"_ _1\"></span>era in un pa<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>, \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato con un<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mia iperinf<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ionata s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo i cr<span class=\"_ _1\"></span>iteri d<span class=\"_ _1\"></span>ello IA<span class=\"_ _1\"></span>S 29 \u00ab<span class=\"_ _1\"></span>Rendi<span class=\"_ _1\"></span>conta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile in ec<span class=\"_ _1\"></span>onomie ip<span class=\"_ _1\"></span>erinf<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>onate<span class=\"_ _1\"></span>\u00bb; per tal<span class=\"_ _1\"></span>e motivo n<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>, eco<span class=\"_ _1\"></span>nomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inanziaria di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er il co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"ls0 ws0\">-</span>mento \u00e8 s<span class=\"_ _1\"></span>tato ap<span class=\"_ _1\"></span>plicat<span class=\"_ _1\"></span>o a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 201<span class=\"_ _4\"></span>8 t<span class=\"_ _1\"></span>ale prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile, m<span class=\"_ _1\"></span>eglio illu<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ato nella not<span class=\"_ _1\"></span>a 2 Crite<span class=\"_ _1\"></span>ri di reda<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019ef<span class=\"_ _1\"></span>fetto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione di qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>to nuovo prin<span class=\"_ _1\"></span>cipio relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte agli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 201<span class=\"_ _4\"></span>8, 201<span class=\"_ _4\"></span>9, 2020, 202<span class=\"_ _4\"></span>1 e 2022 non \u00e8 da co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erar<span class=\"_ _1\"></span>si sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>vo a livello di G<span class=\"_ _1\"></span>ruppo<span class=\"_ _1\"></span>. 2.4.1 C<span class=\"_ _4\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>ollate c<span class=\"_ _0\"></span>on inter<span class=\"_ _0\"></span>essenze di minor<span class=\"_ _4\"></span>anze significati<span class=\"_ _0\"></span>veCon rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _1\"></span>e controllate co<span class=\"_ _1\"></span>n par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ni di minoran<span class=\"_ _1\"></span>za sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>ve si ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito la principal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 svo<span class=\"_ _1\"></span>lta e l<span class=\"_ _1\"></span>e perc<span class=\"_ _1\"></span>entuali di po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>elle mino<span class=\"_ _1\"></span>ranze al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. % di minoranza Societ\u00e0<span class=\"_ _269\"> </span>Attivit\u00e031 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _1a6\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> e distributrice per il mer<span class=\"_ _4\"></span>cato cinese<span class=\"_ _c0\"> </span>25,00%<span class=\"_ _26a\"> </span>25,00%Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited<span class=\"_ _9d\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> per il merc<span class=\"_ _0\"></span>ato di Hong Kong<span class=\"_ _1f5\"> </span>25,00%<span class=\"_ _26a\"> </span>25,00%Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _cd\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> per il merc<span class=\"_ _0\"></span>ato giapponese<span class=\"_ _1f0\"> </span>10,87%<span class=\"_ _26a\"> </span>29,00%Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti forni<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o i principali dati e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ntrollate con par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative. T<span class=\"_ _4\"></span>ali informa<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ono ba<span class=\"_ _1\"></span>sate sui s<span class=\"_ _1\"></span>aldi de<span class=\"_ _1\"></span>lle situa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntabili de<span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 2021<span class=\"_ _6\"></span>, r<span class=\"_ _1\"></span>edat<span class=\"_ _1\"></span>ti ai f<span class=\"_ _1\"></span>ini della pre<span class=\"_ _1\"></span>dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato, al lor<span class=\"_ _1\"></span>do dell<span class=\"_ _1\"></span>e eliminazi<span class=\"_ _1\"></span>oni <span class=\"ff79 ls80 ws119\">inte<span class=\"_ _1\"></span>rco<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">.</span></span>31 dicembr<span class=\"_ _4\"></span>e 2022Ferr<span class=\"_ _4\"></span>agamo Fashion Ferr<span class=\"_ _4\"></span>agamo T<span class=\"_ _4\"></span>rading (Shanghai) Retail HK Ferr<span class=\"_ _4\"></span>agamo Japan (In migliaia di Euro)C<span class=\"_ _0\"></span>o. Ltd.LimitedK.K.Attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _26b\"> </span>34.586 <span class=\"_ _153\"> </span>21.521 <span class=\"_ _141\"> </span>7.603 Attivit\u00e0 c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _121\"> </span>127.583 <span class=\"_ _153\"> </span>14.152 <span class=\"_ _26c\"> </span>60.015 P<span class=\"_ _4\"></span>assivit\u00e0 non corr<span class=\"_ _0\"></span>enti<span class=\"_ _95\"> </span>13.024 <span class=\"_ _153\"> </span>12.216 <span class=\"_ _26d\"> </span>7.622 P<span class=\"_ _4\"></span>assivit\u00e0 corr<span class=\"_ _0\"></span>enti<span class=\"_ _100\"> </span>40.207 <span class=\"_ _153\"> </span>60.643 <span class=\"_ _1b4\"> </span>51.627 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto<span class=\"_ _26e\"> </span>108.938 <span class=\"_ _177\"> </span>(37.186) <span class=\"_ _26d\"> </span>8.369 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto di T<span class=\"_ _4\"></span>erzi<span class=\"_ _4d\"> </span>27.187 <span class=\"_ _cf\"> </span>(10.469) <span class=\"_ _248\"> </span>910 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _26f\"> </span>154.077 <span class=\"_ _153\"> </span>15.432 <span class=\"_ _1b4\"> </span>99.298 Utile d'esercizio<span class=\"_ _270\"> </span>3.531 <span class=\"_ _177\"> </span>(13.436) <span class=\"_ _26d\"> </span>4.341 Risultato di pertinenza di terzi<span class=\"_ _107\"> </span>883 <span class=\"_ _be\"> </span>(3.359) <span class=\"_ _9d\"> </span>472 T<span class=\"_ _4\"></span>otale conto economic<span class=\"_ _4\"></span>o complessivo del periodo<span class=\"_ _115\"> </span>3.531 <span class=\"_ _1ad\"> </span>(13.436) <span class=\"_ _141\"> </span>4.428 C<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>o complessivo attribuito alle partecipazioni di terzi<span class=\"_ _1c9\"> </span>883 <span class=\"_ _32\"> </span>(3.359) <span class=\"_ _248\"> </span>481 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _4\"></span>ativa<span class=\"_ _271\"> </span>(5.303) <span class=\"_ _27\"> </span>(3.148) <span class=\"_ _1b4\"> </span>14.168 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _0\"></span>vestimento<span class=\"_ _fc\"> </span>(6.674) <span class=\"_ _76\"> </span>(579) <span class=\"_ _20b\"> </span>(694) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _bb\"> </span>(7.546) <span class=\"_ _246\"> </span>2.659 <span class=\"_ _272\"> </span>(4.549) Incremento/(decremento) delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _f5\"> </span><span class=\"ls0\">(19.523) <span class=\"_ _32\"> </span>(1.068) <span class=\"_ _6f\"> </span>8.925 </span>D<span class=\"_ _1\"></span>ividendi pagati alle partecipazioni di minoranza<span class=\"_ _bd\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _274\"> </span>- 31 dicembr<span class=\"_ _4\"></span>e 2021Ferr<span class=\"_ _4\"></span>agamo Fashion Ferr<span class=\"_ _4\"></span>agamo T<span class=\"_ _4\"></span>rading (Shanghai) Retail HK Ferr<span class=\"_ _4\"></span>agamo Japan (In migliaia di Euro)C<span class=\"_ _0\"></span>o. Ltd.LimitedK.K.Attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _26b\"> </span>33.679 <span class=\"_ _153\"> </span>30.985 <span class=\"_ _1b4\"> </span>12.615 Attivit\u00e0 c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _121\"> </span>137.897 <span class=\"_ _153\"> </span>15.248 <span class=\"_ _26c\"> </span>58.320 P<span class=\"_ _4\"></span>assivit\u00e0 non corr<span class=\"_ _0\"></span>enti<span class=\"_ _95\"> </span>13.253 <span class=\"_ _153\"> </span>17.645 <span class=\"_ _1b4\"> </span>20.640 P<span class=\"_ _4\"></span>assivit\u00e0 corr<span class=\"_ _0\"></span>enti<span class=\"_ _100\"> </span>50.383 <span class=\"_ _153\"> </span>51.057 <span class=\"_ _1b4\"> </span>73.359 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto<span class=\"_ _26e\"> </span>107.940 <span class=\"_ _177\"> </span>(22.469) <span class=\"_ _229\"> </span>(23.064) P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto di T<span class=\"_ _4\"></span>erzi<span class=\"_ _4d\"> </span>26.940 <span class=\"_ _be\"> </span>(6.720) <span class=\"_ _71\"> </span>(6.689) Rica<span class=\"_ _0\"></span>vi<span class=\"_ _26f\"> </span>195.037 <span class=\"_ _153\"> </span>19.759 <span class=\"_ _1b4\"> </span>89.437 Utile d'esercizio<span class=\"_ _275\"> </span>25.384 <span class=\"_ _177\"> </span>(13.668) <span class=\"_ _272\"> </span>(4.339) Risultato di pertinenza di terzi<span class=\"_ _21d\"> </span>6.346 <span class=\"_ _32\"> </span>(3.417) <span class=\"_ _71\"> </span>(1.258) T<span class=\"_ _4\"></span>otale conto economic<span class=\"_ _4\"></span>o complessivo del periodo<span class=\"_ _276\"> </span>25.384 <span class=\"_ _177\"> </span>(13.668) <span class=\"_ _272\"> </span>(4.104) C<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>o complessivo attribuito alle partecipazioni di terzi<span class=\"_ _8a\"> </span>6.346 <span class=\"_ _be\"> </span>(3.417) <span class=\"_ _71\"> </span>(1.190) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _4\"></span>ativa<span class=\"_ _243\"> </span>34.753 <span class=\"_ _d4\"> </span>1.320 <span class=\"_ _1b4\"> </span>14.481 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _0\"></span>vestimento<span class=\"_ _fc\"> </span>(6.072) <span class=\"_ _76\"> </span>(826) <span class=\"_ _272\"> </span>(1.573) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _274\"> </span>(13.904) <span class=\"_ _76\"> </span>(870) <span class=\"_ _272\"> </span>(9.978) Incremento/(decremento) delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _272\"> </span><span class=\"ls0\">14.777 <span class=\"_ _76\"> </span>(376) <span class=\"_ _6f\"> </span>2.930 </span>D<span class=\"_ _1\"></span>ividendi pagati alle partecipazioni di minoranza<span class=\"_ _bd\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _274\"> </span>- L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>2 richied<span class=\"_ _1\"></span>e di rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntare s<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o requis<span class=\"_ _1\"></span>iti di leg<span class=\"_ _2\"></span>ge, contr<span class=\"_ _1\"></span>attuali e<span class=\"_ _1\"></span>/o regolament<span class=\"_ _1\"></span>ari nonch<span class=\"_ _1\"></span>\u00e9 diritt<span class=\"_ _1\"></span>i di prote<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di minoran<span class=\"_ _1\"></span>za che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>son<span class=\"_ _1\"></span>o in alcuni cas<span class=\"_ _1\"></span>i limitare la c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o di acce<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>e alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>arle e di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguer<span class=\"_ _1\"></span>e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo. Dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>analisi di ques<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>attis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie non s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rizi<span class=\"_ _1\"></span>oni signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative.2.4.2 C<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>sione dei bilanci in moneta diver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>a dall\u2019<span class=\"_ _1\"></span>Eur<span class=\"_ _4\"></span>o e delle poste in valuta ester<span class=\"_ _4\"></span>aIl bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato \u00e8 pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato in euro, che \u00e8 la valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale e di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata dalla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po. Ciascuna impr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inisc<span class=\"_ _1\"></span>e la propria v<span class=\"_ _1\"></span>aluta fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e, che \u00e8 utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata pe<span class=\"_ _1\"></span>r valut<span class=\"_ _1\"></span>are le vo<span class=\"_ _1\"></span>ci compre<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>ei singoli bilanci. Le trans<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate inizialme<span class=\"_ _1\"></span>nte al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio (riferito alla valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale) in ess<span class=\"_ _1\"></span>ere alla data de<span class=\"_ _1\"></span>lla trans<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one. Le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie<span class=\"_ _1\"></span>, deno<span class=\"_ _1\"></span>minate in valuta e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a, son<span class=\"_ _1\"></span>o riconver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ite ne<span class=\"_ _1\"></span>lla va<span class=\"ls0 ws0\">-</span>luta fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e al tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di cambio in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e alla data di chiusur<span class=\"_ _1\"></span>a del bilanci<span class=\"_ _1\"></span>o. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze di cambio s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico. Le pos<span class=\"_ _1\"></span>te non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie v<span class=\"_ _1\"></span>alutate al co<span class=\"_ _1\"></span>sto s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ico in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>no conver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ite us<span class=\"_ _1\"></span>ando i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io in vigore a<span class=\"_ _1\"></span>lla data di<span class=\"_ _0\"></span> inizia<span class=\"_ _0\"></span>le rilevazione dell<span class=\"_ _0\"></span>a transazione. I cambi ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>ontrovalo<span class=\"_ _1\"></span>re in euro de<span class=\"_ _1\"></span>i bilanci e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>trollate (valuta p<span class=\"_ _1\"></span>er 1 Euro<span class=\"_ _0\"></span>) sono rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati nella s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla:<span class=\"_ _0\"></span> Cambi medi<span class=\"_ _d9\"> </span>Cambi di fine periodo31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021<span class=\"_ _16b\"> </span>31 dicembre 2022<span class=\"_ _204\"> </span>31 dicembre 2021Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _221\"> </span>1,0530 <span class=\"_ _26a\"> </span>1,1827 <span class=\"_ _171\"> </span>1,0666 <span class=\"_ _ed\"> </span>1,1326 F<span class=\"_ _0\"></span>ranc<span class=\"_ _4\"></span>o sviz<span class=\"_ _1\"></span>zero <span class=\"_ _a3\"> </span>1,0047 <span class=\"_ _26a\"> </span>1,0811 <span class=\"_ _72\"> </span>0,9847 <span class=\"_ _1f7\"> </span>1,0331 Y<span class=\"_ _4\"></span>en giapponese<span class=\"_ _277\"> </span>138,0274 <span class=\"_ _a4\"> </span>129,8767 <span class=\"_ _a4\"> </span>140,6600 <span class=\"_ _128\"> </span>130,3800 Sterlina inglese<span class=\"_ _278\"> </span>0,8528 <span class=\"_ _171\"> </span>0,8596 <span class=\"_ _171\"> </span>0,8869 <span class=\"_ _ed\"> </span>0,8403 Dollaro austr<span class=\"_ _0\"></span>aliano <span class=\"_ _14d\"> </span>1,5167 <span class=\"_ _171\"> </span>1,5749 <span class=\"_ _171\"> </span>1,5693 <span class=\"_ _ed\"> </span>1,5615 Won sudc<span class=\"_ _0\"></span>oreano <span class=\"_ _279\"> </span>1358,0683 <span class=\"_ _63\"> </span>1354,0595 <span class=\"_ _101\"> </span>1344,0860 <span class=\"_ _a4\"> </span>1346,3843 Dollaro di Hong K<span class=\"_ _4\"></span>ong <span class=\"_ _27a\"> </span>8,2451 <span class=\"_ _171\"> </span>9,1932 <span class=\"_ _171\"> </span>8,3163 <span class=\"_ _ed\"> </span>8,8333 P<span class=\"_ _0\"></span>eso messicano <span class=\"_ _27b\"> </span>21,1869 <span class=\"_ _79\"> </span>23,9852 <span class=\"_ _79\"> </span>20,8560 <span class=\"_ _171\"> </span>23,1438 Nuovo dollar<span class=\"_ _0\"></span>o taiwanese<span class=\"_ _27c\"> </span>31,3145 <span class=\"_ _79\"> </span>33,0231 <span class=\"_ _79\"> </span>32,8012 <span class=\"_ _171\"> </span>31,4393 Dollaro di Singapor<span class=\"_ _4\"></span>e<span class=\"_ _224\"> </span>1,4512 <span class=\"_ _171\"> </span>1,5891 <span class=\"_ _171\"> </span>1,4300 <span class=\"_ _ed\"> </span>1,5279 Baht Thailandia <span class=\"_ _27b\"> </span>36,8562 <span class=\"_ _79\"> </span>37,8368 <span class=\"_ _79\"> </span>36,8350 <span class=\"_ _72\"> </span>37,6530 Ringgit della Malaysia <span class=\"_ _27d\"> </span>4,6279 <span class=\"_ _171\"> </span>4,9015 <span class=\"_ _171\"> </span>4,6984 <span class=\"_ _ed\"> </span>4,7184 Rupia indiana <span class=\"_ _241\"> </span>82,6864 <span class=\"_ _79\"> </span>87,4392 <span class=\"_ _79\"> </span>88,1710 <span class=\"_ _171\"> </span>84,2292 P<span class=\"_ _4\"></span>ataca di Macau <span class=\"_ _1eb\"> </span>8,4900 <span class=\"_ _26a\"> </span>9,4680 <span class=\"_ _27e\"> </span>8,5766 <span class=\"_ _ed\"> </span>9,1131 Renminbi cinese<span class=\"_ _1eb\"> </span>7,0788 <span class=\"_ _171\"> </span>7,6282 <span class=\"_ _27e\"> </span>7,3582 <span class=\"_ _ed\"> </span>7,1947 P<span class=\"_ _0\"></span>eso cileno<span class=\"_ _149\"> </span>916,8340 <span class=\"_ _a4\"> </span>898,2143 <span class=\"_ _a4\"> </span>915,7677 <span class=\"_ _128\"> </span>965,5679 P<span class=\"_ _0\"></span>eso argentino <span class=\"_ _27f\"> </span>137,0036 <span class=\"_ _a4\"> </span>112,4964 <span class=\"_ _a4\"> </span>189,1890 <span class=\"_ _128\"> </span>116,4905 Real brasiliano <span class=\"_ _278\"> </span>5,4399 <span class=\"_ _27e\"> </span>6,3779 <span class=\"_ _171\"> </span>5,6386 <span class=\"_ _ed\"> </span>6,3101 Dollaro c<span class=\"_ _0\"></span>anadese <span class=\"_ _280\"> </span>1,3695 <span class=\"_ _171\"> </span>1,4826 <span class=\"_ _171\"> </span>1,4440 <span class=\"_ _ed\"> </span>1,4393 Alla data di chiu<span class=\"_ _1\"></span>sura de<span class=\"_ _1\"></span>l bilancio, le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o sono c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>e nella valut<span class=\"_ _1\"></span>a di pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o (l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro<span class=\"_ _0\"></span>) al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambi<span class=\"_ _1\"></span>o in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a tal<span class=\"_ _1\"></span>e data, e il loro c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o \u00e8 conver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>ando il cambio m<span class=\"_ _1\"></span>edio di p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do. Le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalla conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a patri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>monio net<span class=\"_ _1\"></span>to e s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>ste s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente in una app<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a dello s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o e<span class=\"_ _1\"></span>d esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della dis<span class=\"_ _1\"></span>miss<span class=\"_ _1\"></span>ione di una s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra, le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze di cambio cumulate ril<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vate come com<span class=\"_ _0\"></span>ponente di con<span class=\"_ _0\"></span>to economico<span class=\"_ _0\"></span> complessivo in considerazione di q<span class=\"_ _0\"></span>uella particolare<span class=\"_ _0\"></span> societ\u00e0 este<span class=\"_ _1\"></span>ra sono rilevate in con<span class=\"_ _0\"></span>to economico. Qualsia<span class=\"_ _1\"></span>si av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vante dall<span class=\"_ _1\"></span>\u2019acquisizi<span class=\"_ _1\"></span>one di una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a e qualsias<span class=\"_ _1\"></span>i rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica al <span class=\"ff79\">fair value</span><span class=\"lsb wsa0\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) </span>dei val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 o pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>acquis<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di quella s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 della s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra e so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i nella valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale d<span class=\"_ _1\"></span>ella so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra e conve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>titi al t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di cambio di chiu<span class=\"_ _1\"></span>sura di f<span class=\"_ _1\"></span>ine p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__18": {
   "value": "Valutazioni discrezionali, stime contabili ed assunzioni significativeLa redazione del bilancio consolidato richiede l\u2019effettuazione di stime e di assunzioni sia nella determinazione di alcune attivit\u00e0 e passivit\u00e0, sia nella valutazione delle attivit\u00e0 e passivit\u00e0 potenziali, effettuate sulla base delle migliori informazioni disponibili. Gli eventi potrebbero non confermare pienamente le stime.I principali dati congetturati si riferiscono a:\u2022   fondi obsolescenza delle rimanenze di materie prime ed accessori e delle rimanenze di prodotti finiti; poich\u00e9 il Gruppo tratta prodotti soggetti agli andamenti del mercato, all\u2019influenza della moda, le rimanenze di prodotti alla fine della stagione sono soggette a riduzioni di valore. In particolare, il fondo obsolescenza rimanenze di prodotti finiti riflette la stima del management circa le perdite di valore attese sui prodotti delle diverse collezioni di stagioni passate, tenendo in considerazione la capacit\u00e0 di vendere gli stessi attraverso i diversi canali distributivi in cui ope-ra il Gruppo. Tale assunzione pu\u00f2 essere declinata in modo diverso nelle diverse aree geografiche dove il Gruppo opera in considerazione della conoscenza delle caratteristiche del singolo mercato in merito alla capacit\u00e0 locale di assorbire la vendita di prodotti riferiti a stagioni passate. Indicativamente le assunzioni di svalutazione prevedono comunque percentuali di svalutazione crescenti con l\u2019aumentare dell\u2019anzianit\u00e0 della collezione in modo tale da riflettere da un lato la diminuzione dei prezzi di vendita sui canali secondari (principalmente outlet) e dall\u2019altro la di-minuzione della probabilit\u00e0 di vendita col passare del tempo. Alla base della determinazione di tale percentuale c\u2019\u00e8 sia un\u2019analisi statistica del variare dell\u2019anzianit\u00e0 del prodotto in giacenza che una valutazione di costanza nel tempo di utilizzo di percentuali. Nel caso si rilevi una variazione nelle informazioni disponibili le percentuali vengono riana-lizzate ed eventualmente adeguate. Il fondo obsolescenza di materie prime riflette la stima del management circa la diminuzione della probabilit\u00e0 di utilizzo delle stesse che viene analizzata sulla base del calcolo delle materie prime a lenta movimentazione;\u2022   fondo svalutazione dei crediti per le vendite all\u2019ingrosso, legato alla solvibilit\u00e0 della clientela ed allo standing degli stessi, con cui vi sono peraltro in generale rapporti consolidati nel tempo. Il Gruppo utilizza una matrice per calco-lare le ECL (Expected Credit Loss) per i crediti commerciali. Le aliquote di accantonamento si basano sui giorni di scaduto per ogni classe di clienti raggruppata nei vari segmenti che presentano similari andamenti di perdita storica (ad esempio, per area geografica, tipo di prodotto, tipo di cliente, rating e garanzie). La matrice si basa inizialmente sui tassi di insolvenza storici osservati del Gruppo. Il Gruppo calibra la matrice per affinare il dato storico sulle per-dite su crediti con elementi previsionali. Ad esempio, se si prevede che le condizioni economiche previste (ad esem-pio, il rischio paese) si deteriorino l\u2019anno successivo, ci\u00f2 pu\u00f2 portare a un aumento del numero di inadempienze in quel paese, i tassi di insolvenza storici vengono pertanto rettificati. Ad ogni data di riferimento, i tassi di insolvenza storici vengono aggiornati e vengono analizzati i cambiamenti nelle stime su elementi previsionali. La valutazione della correlazione tra i tassi di insolvenza storici, le condizioni economiche previsionali e le ECL rappresentano una stima significativa. L\u2019ammontare di ECL \u00e8 sensibile ai cambiamenti delle circostanze e delle condizioni economiche previste. Anche l\u2019esperienza storica sull\u2019andamento delle perdite su credito del Gruppo e la previsione delle condi-zioni economiche future potrebbero non essere rappresentative dell\u2019insolvenza effettiva del cliente in futuro. Per i dettagli sull\u2019analisi dei rischi di credito si rinvia alle note 3 e 14;\u2022   fondi per rischi e oneri, in particolare i costi per l\u2019impegno contrattuale al ripristino futuro di locali in affitto ed i costi per contenziosi in corso o prevedibili;\u2022   diritto di reso individuato a rettifica dei ricavi da contratti con clienti, ove presente nelle condizioni contrattuali o nella pratica commerciale abituale per la vendita di beni . Il Gruppo ha determinato che il metodo del valore atteso \u00e8 il metodo pi\u00f9 appropriato per stimare l\u2019entit\u00e0 del corrispettivo variabile sulle vendite di beni con diritti di restitu-zione, dato l\u2019elevato numero di contratti con caratteristiche simili; \u2022   vita utile degli immobili, impianti e macchinari, delle attivit\u00e0 immateriali a vita utile definita e degli investimenti immobiliari nonch\u00e9 alla verifica del rispetto dei requisiti di iscrizione e misurazione di attivit\u00e0 immateriali per costi di sviluppo;\u2022   benefici ai dipendenti, i cui valori sono determinati in base a stime attuariali; per le principali assunzioni attuariali si rinvia alla nota 22;\u2022   attivit\u00e0 per imposte differite che sono rilevate nella misura in cui sia probabile l\u2019esistenza di adeguati utili fiscali fu-turi a fronte dei quali le differenze temporanee o eventuali perdite fiscali potranno essere utilizzate. A tal riguardo, il management del Gruppo stima la probabile manifestazione temporale e l\u2019ammontare dei futuri utili fiscalmente imponibili;\u2022   valor equo (fair value) degli strumenti finanziari, tra cui rivestono particolare importanza gli strumenti derivati, di cui il Gruppo fa largo uso per la copertura del rischio di cambio; per i dettagli sulle assunzioni alla base del calcolo del fair value si rinvia alle note 3 e 30;\u2022   valore equo (fair value) dei piani di pagamento basati su azioni sia regolati per cassa che regolati con azioni di cui la Capogruppo fa uso per l\u2019incentivazione del management del Gruppo; per i dettagli sulle assunzioni alla base del calcolo del fair value si rinvia alla nota 40; \u2022   rischio di soccombenza nelle controversie in cui il Gruppo \u00e8 coinvolto; il Gruppo accerta una passivit\u00e0 a fronte di contenziosi e cause legali in corso quando ritiene probabile che si verificher\u00e0 un esborso finanziario e quando l\u2019am-montare delle perdite che ne deriveranno pu\u00f2 essere ragionevolmente stimato. Stante le incertezze inerenti l\u2019esito di tali procedimenti, \u00e8 difficile predire con certezza l\u2019esborso che deriver\u00e0 da tali controversie ed \u00e8 quindi possibile che il valore dei fondi per procedimenti legali possa variare a seguito di futuri sviluppi nei procedimenti in corso. Il Gruppo monitora lo status delle cause e procedimenti in corso e si consulta con i propri consulenti legali ed esperti in materia legale. Il Gruppo valuta inoltre le posizioni fiscali incerte e se necessario rileva una passivit\u00e0.Con riferimento all\u2019IFRS16, sono state effettuate le seguenti stime contabili significative, come Gruppo nella qualit\u00e0 di locatario:\u2022  Lease term: l\u2019identificazione della durata del contratto di affitto \u00e8 una tematica molto rilevante dal momento che la forma, la legislazione e le prassi commerciali sui contratti di affitto immobiliare variano significativamente da una giurisdizione ad un\u2019altra e la valutazione degli effetti delle opzioni di rinnovo al termine del periodo non cancellabile sulla stima di lease term comporta l\u2019utilizzo di assunzioni. l\u2019IFRS Interpretation Committee ha chiarito che ai fini della identificazione del periodo di esigibilit\u00e0 un locatario deve considerare il momento contrattuale nel quale entrambe le parti coinvolte possono esercitare il loro diritto di rescindere il contratto senza incorrere in penali che non sono irrilevanti; il concetto di penale non deve avere un\u2019accezione meramente contrattuale ma va vista considerando tutti gli aspetti economici del contratto. Il Gruppo ha considerato tali conclusioni nell\u2019identificazione della durata dei contratti di affitto. Il Gruppo infatti per la definizione della durata del lease ha considerato la presenza di opzioni di rinnovo e cancellazione rispettivamente in capo al locatario, al locatore o a entrambi. In presenza di opzioni di rinnovo esercitabili da entrambe le parti contrattuali ha considerato l\u2019esistenza o meno di significativi disincentivi economici nel rifiutare la richiesta di rinnovo come richiesto dal paragrafo B34 dell\u2019IFRS 16. In presenza di opzioni esercitabili solo da una delle due parti ha considerato il paragrafo B35 dell\u2019IFRS 16.L\u2019applicazione di quanto sopra, tenuto conto degli specifici fatti e circostanze nonch\u00e9 della stima sull\u2019essere ragio-nevolmente certo l\u2019esercizio dell\u2019opzione, ha comportato che:-  per i contratti di durata annuale rinnovabili automaticamente salvo disdetta si \u00e8 considerata una durata media di cinque anni, basando tale scelta sull\u2019evidenza storica;-  negli altri casi se \u00e8 solo il Gruppo a poter esercitare l\u2019opzione si \u00e8 considerata una durata fino al secondo rinnovo previsto dal contratto, basandosi sull\u2019evidenza storica e sul fatto di non poter considerare ragionevolmente certo il rinnovo oltre il secondo periodo.Dopo la data di decorrenza del contratto, il Gruppo rivede la durata dello stesso se si verifica un evento significati-vo o un significativo cambiamento delle circostanze che, dipendendo dalla volont\u00e0 del Gruppo, abbia un\u2019incidenza sulla ragionevole certezza del locatario di esercitare un\u2019opzione non precedentemente inclusa nella sua determi-nazione della durata del leasing o di non esercitare un\u2019opzione precedentemente inclusa nella sua determinazione della durata del leasing.\u2022   Definizione del tasso di sconto: poich\u00e9 nella maggior parte dei contratti di affitto stipulati dal Gruppo, non \u00e8 pre-sente un tasso di interesse implicito, il Gruppo ha calcolato un tasso incrementale di indebitamento (Incremental Borrowing Rate-IBR). Al fine di determinare l\u2019IBR da utilizzare per l\u2019attualizzazione dei pagamenti futuri dei canoni di affitto, il Gruppo ha identificato ogni Paese come un portafoglio di contratti con caratteristiche simili e ha deter-minato il relativo IBR come il tasso di uno strumento privo di rischio del rispettivo Paese in cui il contratto \u00e8 stato stipulato, basato sulle diverse scadenze contrattuali, maggiorato del Credit spread di Gruppo.Le stime e le assunzioni sono effettuate dagli amministratori con il supporto delle funzioni aziendali e, quando ap-propriato, di specialisti indipendenti e sono riviste periodicamente, iscrivendo a conto economico, ove richiesto, gli effetti di ciascuna variazione nel periodo in cui tali stime ed assunzioni dovessero differire dalle circostanze effettive.Riduzione durevole /Ripristini di valore di Immobili impianti e macchinari, Investimenti immobiliari, Attivit\u00e0 immateriali a vita utile definita, Attivit\u00e0 per Diritto d\u2019uso e AvviamentoIl valore contabile di Immobili impianti e macchinari, Investimenti immobiliari, Attivit\u00e0 immateriali a vita utile definita e Attivit\u00e0 per Diritto d\u2019Uso vengono sottoposti a verifica di impairment nei casi in cui vi siano indicatori di impairment (eventi o cambiamenti di situazione che indichino che il valore di carico non possa essere recuperato) che richiedano un\u2019immediata valutazione di eventuali perdite di valore, o che si siano verificati fatti che comunque richiedono la ripetizione della procedura. Una riduzione di valore sussiste quando il valore contabile di un\u2019attivit\u00e0 o di un\u2019unit\u00e0 generatrice di cassa eccede il proprio valore recuperabile, che \u00e8 il maggiore tra il suo fair value dedotti i costi di ven-dita e il suo valore d\u2019uso. Il calcolo del fair value dedotti i costi di vendita \u00e8 basato sui dati disponibili da operazioni di vendita tra parti libere e autonome, di attivit\u00e0 simili o prezzi di mercato osservabili, dedotti i maggiori costi relativi alla dismissione dell\u2019attivit\u00e0. Il valore d\u2019uso \u00e8 calcolato tramite modelli di flusso di cassa attualizzati utilizzando un tasso di sconto ante imposte che riflette la stima corrente del mercato riferito al costo del denaro rapportato al tempo e ai rischi specifici dell\u2019attivit\u00e0. Il test di impairment viene condotto considerando quali unit\u00e0 generatrici di cassa (\u201cCash Generating Units\u201d o \u201cCGU\u201d) le singole aree geografiche in cui il Gruppo opera, di norma coincidenti con le singole entit\u00e0 legali del Gruppo, fatti salvi i casi in cui pi\u00f9 entit\u00e0 legali del Gruppo operino nel medesimo Paese o in territori e mercati limitrofi caratterizzati da clientela comune ed omogenea.I flussi di cassa sono ricavati dalle stime elaborate dal management aziendale, che rappresentano la miglior stima effettuabile dalla Societ\u00e0 sulle condizioni economiche previste nel periodo di piano. Le proiezioni del piano coprono un arco temporale di tre esercizi ed il tasso di crescita a lungo termine (g) utilizzato al fine della stima del valore terminale dell\u2019attivit\u00e0 \u00e8 stato assunto pari all\u2019inflazione attesa nel medio \u2013 lungo periodo dei principali mercati in cui il Gruppo opera. I flussi di cassa non includono le attivit\u00e0 di ristrutturazione per cui la Societ\u00e0 non abbia gi\u00e0 un\u2019ob-bligazione presente, n\u00e9 significativi investimenti futuri che incrementeranno il rendimento delle attivit\u00e0 componenti l\u2019unit\u00e0 generatrice di flussi di cassa oggetto di valutazione. L\u2019importo recuperabile dipende sensibilmente dal tasso di sconto utilizzato nel modello dei flussi di cassa attualizzati cos\u00ec come dai flussi di cassa in entrata attesi in futuro e dal tasso di crescita utilizzato ai fini dell\u2019estrapolazione.L\u2019Avviamento \u00e8 sottoposto a verifica di perdita di valore almeno una volta l\u2019anno (con riferimento al 31 dicembre) o con maggiore frequenza, quando le circostanze facciano ritenere che il valore di iscrizione potrebbe essere soggetto a perdita di valore.La perdita di valore dell\u2019Avviamento \u00e8 determinata valutando il valore recuperabile dell\u2019unit\u00e0 generatrice di flussi fi-nanziari (o gruppo di unit\u00e0 generatrice di flussi finanziari) cui l\u2019Avviamento \u00e8 riconducibile. Laddove il valore recupera-bile dell\u2019unit\u00e0 generatrice di flussi finanziari fosse minore del valore contabile dell\u2019unit\u00e0 generatrice di flussi finanziari cui l\u2019Avviamento \u00e8 stato allocato, viene rilevata una perdita di valore. L\u2019abbattimento del valore dell\u2019Avviamento non pu\u00f2 essere ripristinato in esercizi futuri.Valutazione degli impatti del cambiamento climaticoCoerentemente alle priorit\u00e0 definite dall\u2019European Securities and Market Authority (ESMA) del 28 ottobre 2022 per l\u2019anno di rendicontazione 2022, come indicato nel paragrafo \u201cPrincipali rischi ed incertezze\u201d della Relazione sulla Ge-stione, il Gruppo ha rilevato e identificato, in modo trasversale alle varie tipologie di rischio, eventuali fattori di rischio di natura ambientale e monitora la continua evoluzione del quadro normativo, nazionale ed internazionale. In particolare, il cambiamento climatico e l\u2019attenzione dell\u2019opinione pubblica sul tema potrebbero avere impatti sulle preferenze della clientela, determinando eventuali variazioni nell\u2019acquisto di alcune particolari categorie di prodotto, marginali rispetto al business di Gruppo, e nell\u2019eventuale approvvigionamento di talune materie prime, senza che al momento si possa ipotizzare una riduzione della qualit\u00e0 delle stesse. Il Gruppo presidia, pertanto, i rischi legati al cambiamento climatico al fine di ridurre le eventuali ripercussioni sulle proprie attivit\u00e0. Inoltre, il Gruppo segue la con-tinua evoluzione del quadro normativo, nazionale ed internazionale, e la possibile introduzione di ulteriori normative legate alla riduzione degli impatti ambientali del business. Attualmente l\u2019impatto delle questioni legate al clima non \u00e8 rilevante sul bilancio del Gruppo e non ha comportato valutazioni significative sulle stime di bilancio. Il Gruppo continuer\u00e0 a monitorare tale esposizione valutando nello specifico l\u2019impatto sui costi di produzione legati all\u2019introduzione di normative sulla riduzione delle emissioni e, in caso di impatto significativo, il Gruppo includer\u00e0 tali assunzioni nelle proprie stime. Per accelerare l\u2019adozione di fonti energetiche rinnovabili, nel 2022 il Gruppo, insieme al Fashion Pact, ha partecipato con altri 11 brand al progetto di lancio di un Collective Virtual Power Purchase Agreement (CVPPA) per l\u2019area europea, che prender\u00e0 avvio soltanto nel corso dei prossimi anni. Si stima che il relativo impatto in bilancio non sar\u00e0 significativo.Informativa sulle riduzioni durevoli di valoreSulla base di quanto previsto dalla procedura di Impairment test approvata dal Consiglio di Amministrazione, il Gruppo ha svolto l\u2019analisi finalizzata ad individuare la presenza di eventuali indicatori di impairment e/o perdite durevoli di valore sugli attivi ovvero l\u2019eventuale venir meno dei motivi che avevano generato la svalutazione durante i precedenti esercizi. Nel corso dell\u2019esercizio 2022, il Gruppo ha evidenziato una buona performance sia nei ricavi che nei margini, anche se alcune aree hanno mostrato un rallentamento della crescita nell\u2019ultima parte dell\u2019anno.Nel 2022 lo scenario macroeconomico ha mostrato segni di ripresa rispetto al biennio precedente (2020 \u2013 2021), quando era stato negativamente influenzato dagli effetti della pandemia da Covid-19, ma \u00e8 rimasto incerto sia a causa del conflitto russo ucraino, sia per la forte spinta inflazionistica nelle principali economie mondiali, sia dal rialzo dei tassi di interesse con una conseguente riduzione della propensione e del potere di spesa dei consumatori, nonch\u00e9, nell\u2019area cinese, dalla recrudescenza della pandemia e dalla politica zero-Covid che ha determinato nuove limitazioni alle persone e al commercio. Di conseguenza, le stime di crescita economiche rilasciate dal Fondo Monetario Interna-zionale, pur sempre positive, sono state riviste al ribasso durante l\u2019anno. Relativamente alle attivit\u00e0 che al 31 dicembre 2020 erano state oggetto di impairment test e per le quali era stata rilevata una perdita di valore, nel corso dell\u2019esercizio 2022 si \u00e8 valutato di non procedere ad un eventuale ripristino di valore, in considerazione dello scenario macro-economico ancora incerto, come sopra descritto, in particolare nell\u2019area europea e nord-americana.Con riferimento alle altre CGU, l\u2019analisi svolta non ha individuato indicatori di possibili perdite di valore al 31 dicembre 2022 (c.d. trigger events), in quanto si ritiene che le incertezze, che le hanno caratterizzate, siano state determinate da situazioni contingenti, come quelle dell\u2019area cinese, e quindi non durevoli.",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__21-1": {
   "value": "Riduzione durev<span class=\"_ _0\"></span>ole /Ripristini di valor<span class=\"_ _0\"></span>e di Immobili impianti e macchinari, In<span class=\"_ _4\"></span>vestimenti immobiliari, Atti<span class=\"_ _0\"></span>vit\u00e0 immateriali a vita utile definita, A<span class=\"_ _4\"></span>ttivit\u00e0 per Diritto d\u2019uso e AvviamentoIl valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e di Immobili impianti e mac<span class=\"_ _1\"></span>chinari, Inves<span class=\"_ _1\"></span>timenti imm<span class=\"_ _1\"></span>obiliari, Att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a e Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Us<span class=\"_ _1\"></span>o vengon<span class=\"_ _1\"></span>o sot<span class=\"_ _1\"></span>topo<span class=\"_ _1\"></span>sti a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent </span>nei c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>i in cui vi siano in<span class=\"_ _1\"></span>dicator<span class=\"_ _1\"></span>i di <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> </span>(<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>venti o c<span class=\"_ _1\"></span>ambiamenti di s<span class=\"_ _1\"></span>ituazi<span class=\"_ _1\"></span>one che in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di cari<span class=\"_ _1\"></span>co non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato) che richiedano un\u2019<span class=\"_ _1\"></span>immediat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di eve<span class=\"_ _1\"></span>ntuali perdit<span class=\"_ _1\"></span>e di valore<span class=\"_ _1\"></span>, o che si s<span class=\"_ _1\"></span>iano verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati fat<span class=\"_ _1\"></span>ti che comun<span class=\"_ _1\"></span>que richie<span class=\"_ _1\"></span>dono la ripet<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura. Una ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te quando il v<span class=\"_ _1\"></span>alore cont<span class=\"_ _1\"></span>abile di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di un<span class=\"_ _1\"></span>\u2019un<span class=\"_ _0\"></span>it\u00e0 gene<span class=\"_ _1\"></span>ratrice di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de il pro<span class=\"_ _1\"></span>prio val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile, ch<span class=\"_ _1\"></span>e \u00e8 il mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>e tra il suo <span class=\"ff79\">fair value</span> de<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i i cos<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dita e il su<span class=\"_ _1\"></span>o valore d<span class=\"_ _2\"></span>\u2019uso. Il calco<span class=\"_ _1\"></span>lo de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dedot<span class=\"_ _1\"></span>ti i cos<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita \u00e8 ba<span class=\"_ _1\"></span>sato s<span class=\"_ _1\"></span>ui dati dispo<span class=\"_ _1\"></span>nibili da ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni di vendit<span class=\"_ _1\"></span>a tra p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti libe<span class=\"_ _1\"></span>re e autono<span class=\"_ _1\"></span>me, di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>imili o prez<span class=\"_ _2\"></span>zi di me<span class=\"_ _1\"></span>rcato os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili, ded<span class=\"_ _1\"></span>otti i mag<span class=\"_ _2\"></span>giori co<span class=\"_ _1\"></span>sti r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>i alla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso \u00e8 c<span class=\"_ _1\"></span>alcolato tr<span class=\"_ _1\"></span>amite mo<span class=\"_ _1\"></span>delli di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o un ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sconto ante imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima cor<span class=\"_ _1\"></span>rente de<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato rifer<span class=\"_ _1\"></span>ito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al te<span class=\"_ _1\"></span>mpo e ai rischi s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Il <span class=\"ff79 lsd ws75\">test</span><span class=\"ws12c\"> di<span class=\"ff79 ls5f wsb0\"> impairme<span class=\"_ _1\"></span>nt</span><span class=\"ls4 wse2\"> vie<span class=\"_ _1\"></span>ne con<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ando quali unit<span class=\"_ _1\"></span>\u00e0 gene<span class=\"_ _1\"></span>ratrici di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa (<span class=\"_ _1\"></span>\u201c<span class=\"ff79\">Cash Generating Unit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>\u201d o \u201c<span class=\"_ _1\"></span>CGU<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) le </span></span>singole are<span class=\"_ _1\"></span>e geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche in cui il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra, di no<span class=\"_ _1\"></span>rma coincid<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e singole e<span class=\"_ _1\"></span>ntit\u00e0 l<span class=\"_ _1\"></span>egali d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, fat<span class=\"_ _1\"></span>ti sal<span class=\"_ _1\"></span>vi i cas<span class=\"_ _1\"></span>i in cui pi\u00f9 entit<span class=\"_ _1\"></span>\u00e0 le<span class=\"_ _1\"></span>gali del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>rino ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>imo Pae<span class=\"_ _1\"></span>se o in te<span class=\"_ _1\"></span>rritor<span class=\"_ _1\"></span>i e merc<span class=\"_ _1\"></span>ati limitrof<span class=\"_ _1\"></span>i car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati da cliente<span class=\"_ _1\"></span>la comune e<span class=\"_ _1\"></span>d omoge<span class=\"_ _1\"></span>nea<span class=\"_ _1\"></span>.I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>cavati dalle s<span class=\"_ _1\"></span>time e<span class=\"_ _1\"></span>labor<span class=\"_ _1\"></span>ate dal <span class=\"ff79 ls47 ws9\">management</span> a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale, che r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntano la miglio<span class=\"_ _1\"></span>r stima ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uabile dalla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sulle con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ni econ<span class=\"_ _1\"></span>omiche pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do di piano. Le proie<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>oni del p<span class=\"_ _1\"></span>iano copron<span class=\"_ _1\"></span>o un arco temp<span class=\"_ _1\"></span>orale di t<span class=\"_ _1\"></span>re es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i ed il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a a lungo te<span class=\"_ _1\"></span>rmine (<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span>) utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato al f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>lla st<span class=\"_ _1\"></span>ima del val<span class=\"_ _1\"></span>ore terminale d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato as<span class=\"_ _1\"></span>sunto pari all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>sa n<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>dio \u2013 lungo pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do dei p<span class=\"_ _1\"></span>rincipali me<span class=\"_ _1\"></span>rcati in cui il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra. I f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa no<span class=\"_ _1\"></span>n includo<span class=\"_ _1\"></span>no le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 di ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per cui la S<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0 no<span class=\"_ _1\"></span>n abbia gi\u00e0 un<span class=\"_ _1\"></span>\u2019ob<span class=\"ls0 ws0\">-</span>bliga<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente, n<span class=\"_ _1\"></span>\u00e9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i inves<span class=\"_ _1\"></span>timenti f<span class=\"_ _1\"></span>uturi che incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>eranno il re<span class=\"_ _1\"></span>ndime<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 compo<span class=\"_ _1\"></span>nenti l<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratric<span class=\"_ _1\"></span>e di flu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e se<span class=\"_ _1\"></span>nsibilme<span class=\"_ _1\"></span>nte dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sconto ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato nel m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zati cos<span class=\"_ _1\"></span>\u00ec come dai f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa in e<span class=\"_ _1\"></span>ntrata at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si in futuro e dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cres<span class=\"_ _1\"></span>cita ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato ai f<span class=\"_ _1\"></span>ini dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>trap<span class=\"_ _1\"></span>olazi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di pe<span class=\"_ _1\"></span>rdita di v<span class=\"_ _1\"></span>alore alme<span class=\"_ _1\"></span>no una volt<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019anno (<span class=\"_ _4\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto al 3<span class=\"_ _0\"></span>1 dicembre) o con mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ore fre<span class=\"_ _1\"></span>quen<span class=\"_ _1\"></span>za, quand<span class=\"_ _1\"></span>o le circos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ze faccian<span class=\"_ _1\"></span>o riten<span class=\"_ _1\"></span>ere che il v<span class=\"_ _1\"></span>alore di is<span class=\"_ _1\"></span>crizi<span class=\"_ _1\"></span>one pot<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to a per<span class=\"_ _1\"></span>dita di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>.La p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di valore d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019A<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento \u00e8 de<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>a valut<span class=\"_ _1\"></span>ando il v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ice di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari (o gruppo di unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari) cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 ricon<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove il valo<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>bile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari fos<span class=\"_ _1\"></span>se mino<span class=\"_ _1\"></span>re del v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019unit\u00e0 ge<span class=\"_ _1\"></span>neratr<span class=\"_ _1\"></span>ice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato allo<span class=\"_ _1\"></span>cato, vie<span class=\"_ _1\"></span>ne rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a una perdit<span class=\"_ _1\"></span>a di val<span class=\"_ _1\"></span>ore. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>abbat<span class=\"_ _1\"></span>timento d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto non pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span> ripris<span class=\"_ _1\"></span>tinato in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rciz<span class=\"_ _1\"></span>i futuri.Informativ<span class=\"_ _4\"></span>a sulle riduzioni durevoli di valor<span class=\"_ _4\"></span>eSulla base di quanto p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di<span class=\"ff79\"> Impairme<span class=\"_ _1\"></span>nt test</span> ap<span class=\"_ _1\"></span>provat<span class=\"_ _1\"></span>a dal Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po ha svo<span class=\"_ _1\"></span>lto l<span class=\"_ _1\"></span>\u2019analisi finali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a ad in<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>duare la pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di e<span class=\"_ _1\"></span>ventuali indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o per<span class=\"_ _1\"></span>dite durevoli di va<span class=\"_ _1\"></span>lore sugli att<span class=\"_ _1\"></span>ivi ov<span class=\"_ _2\"></span>vero l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eventuale ve<span class=\"_ _1\"></span>nir men<span class=\"_ _1\"></span>o dei mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e avevano ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato la s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne durante i pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, il Gr<span class=\"_ _1\"></span>uppo ha e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziato una bu<span class=\"_ _1\"></span>ona <span class=\"ff79 ls2c ws9d\">pe<span class=\"_ _1\"></span>rformance</span> sia nei ri<span class=\"_ _1\"></span>cavi ch<span class=\"_ _1\"></span>e nei mar<span class=\"_ _1\"></span>gini, anche s<span class=\"_ _1\"></span>e alcune are<span class=\"_ _1\"></span>e hanno mos<span class=\"_ _1\"></span>trato un r<span class=\"_ _1\"></span>allent<span class=\"_ _1\"></span>amento d<span class=\"_ _1\"></span>ella cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019ultima parte de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019anno.Nel 202<span class=\"_ _1\"></span>2 lo sce<span class=\"_ _1\"></span>nario macro<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nomico ha m<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>rato se<span class=\"_ _1\"></span>gni di ripre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al biennio p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte (2020 \u2013 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), quando er<span class=\"_ _1\"></span>a st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>gativ<span class=\"_ _1\"></span>amente inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nzato dag<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i della pan<span class=\"_ _1\"></span>demia da Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9, ma \u00e8 rima<span class=\"_ _1\"></span>sto inc<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ia a caus<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>nflit<span class=\"_ _1\"></span>to ru<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o ucraino, sia p<span class=\"_ _1\"></span>er la for<span class=\"_ _1\"></span>te s<span class=\"_ _1\"></span>pinta inf<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>ica n<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>incipali ec<span class=\"_ _1\"></span>onomie mo<span class=\"_ _1\"></span>ndiali, sia dal rialzo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e con una cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>rope<span class=\"_ _1\"></span>nsio<span class=\"_ _1\"></span>ne e del p<span class=\"_ _1\"></span>oter<span class=\"_ _1\"></span>e di spe<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei con<span class=\"_ _1\"></span>sumatori, no<span class=\"_ _1\"></span>nch\u00e9, nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea cine<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, dalla recru<span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>za d<span class=\"_ _1\"></span>ella pand<span class=\"_ _1\"></span>emia e dalla polit<span class=\"_ _1\"></span>ica ze<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Covi<span class=\"_ _1\"></span>d che ha dete<span class=\"_ _1\"></span>rminato nuove limit<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni alle pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>one e al co<span class=\"_ _1\"></span>mmercio. D<span class=\"_ _1\"></span>i cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a, le s<span class=\"_ _1\"></span>time di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>che rilas<span class=\"_ _1\"></span>ciate dal Fondo M<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ario Inte<span class=\"_ _1\"></span>rna<span class=\"ls0 ws0\">-</span>zionale<span class=\"_ _1\"></span>, pur se<span class=\"_ _1\"></span>mpre po<span class=\"_ _1\"></span>siti<span class=\"_ _1\"></span>ve, so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te al riba<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o durante l<span class=\"_ _1\"></span>\u2019anno. Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 che al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2020 erano s<span class=\"_ _1\"></span>tate o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di <span class=\"ff79 ls5f ws135\">impairm<span class=\"_ _1\"></span>ent t<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t</span> e p<span class=\"_ _1\"></span>er le quali e<span class=\"_ _1\"></span>ra st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a rilev<span class=\"_ _1\"></span>ata una pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a di valore<span class=\"_ _1\"></span>, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 si \u00e8 v<span class=\"_ _1\"></span>alutato di no<span class=\"_ _1\"></span>n proce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re ad un eve<span class=\"_ _1\"></span>ntuale ripr<span class=\"_ _1\"></span>istin<span class=\"_ _1\"></span>o di valore<span class=\"_ _1\"></span>, in cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>llo sce<span class=\"_ _1\"></span>nario macro<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o ancor<span class=\"_ _1\"></span>a incer<span class=\"_ _1\"></span>to, co<span class=\"_ _1\"></span>me so<span class=\"_ _1\"></span>pra de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itto, in par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>icolare nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea europ<span class=\"_ _1\"></span>ea e no<span class=\"_ _1\"></span>rd-ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ana.Con rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _1\"></span>e altre CGU, l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>analisi s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a non ha indi<span class=\"_ _1\"></span>viduato in<span class=\"_ _1\"></span>dicato<span class=\"_ _1\"></span>ri di pos<span class=\"_ _1\"></span>sibili p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e di valore al 31 dicembre 2022 (<span class=\"_ _0\"></span>c.d<span class=\"_ _1\"></span>. <span class=\"ff79 ls2e ws156\">tri<span class=\"_ _0\"></span>g<span class=\"_ _1\"></span>ger ev<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws12c\">), in quanto si ritiene ch<span class=\"_ _1\"></span>e le incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze, che l<span class=\"_ _1\"></span>e hanno car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>iano st<span class=\"_ _1\"></span>ate dete<span class=\"_ _1\"></span>rminate da </span></span>situaz<span class=\"_ _1\"></span>ioni continge<span class=\"_ _1\"></span>nti, come que<span class=\"_ _1\"></span>lle de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019area cinese<span class=\"_ _1\"></span>, e quindi non dure<span class=\"_ _1\"></span>voli.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli imm<span class=\"_ _1\"></span>obili, impianti e macchinari \u00e8 s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>sto a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>r rilev<span class=\"_ _1\"></span>arne eve<span class=\"_ _1\"></span>ntuali per<span class=\"_ _1\"></span>dite di valo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re, qualor<span class=\"_ _1\"></span>a eventi o c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di situaz<span class=\"_ _1\"></span>ione indic<span class=\"_ _1\"></span>hino che il valo<span class=\"_ _1\"></span>re di caric<span class=\"_ _1\"></span>o non po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato. S<span class=\"_ _1\"></span>e esi<span class=\"_ _1\"></span>ste un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valo<span class=\"_ _1\"></span>re di pres<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono sv<span class=\"_ _1\"></span>alutate f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>o a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>egli immo<span class=\"_ _1\"></span>bili, impianti e macchinari \u00e8 rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ato dal mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>re tra il pre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zo nett<span class=\"_ _1\"></span>o di vendit<span class=\"_ _1\"></span>a e il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso.Nel d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto ante imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te la st<span class=\"_ _1\"></span>ima corre<span class=\"_ _1\"></span>nte del m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato riferito al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to del d<span class=\"_ _1\"></span>enaro rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al temp<span class=\"_ _1\"></span>o e ai ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>. Per un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 ch<span class=\"_ _1\"></span>e non gen<span class=\"_ _1\"></span>era f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ampiame<span class=\"_ _1\"></span>nte indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, il valore di r<span class=\"_ _1\"></span>ealiz<span class=\"_ _2\"></span>zo \u00e8 determinato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tale at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le perdit<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore s<span class=\"_ _1\"></span>ono ripr<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>inate nel c<span class=\"_ _1\"></span>aso in cui vengano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti imm<span class=\"_ _1\"></span>obiliari \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qualora eve<span class=\"_ _1\"></span>nti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazion<span class=\"_ _1\"></span>e indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato. Le per<span class=\"_ _1\"></span>dite di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>o econ<span class=\"_ _1\"></span>omico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Il valore d<span class=\"_ _1\"></span>elle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019U<span class=\"_ _1\"></span>so \u00e8 s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to a ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica, p<span class=\"_ _1\"></span>er ril<span class=\"_ _1\"></span>evarn<span class=\"_ _1\"></span>e eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>venti o cambiame<span class=\"_ _1\"></span>nti di situa<span class=\"_ _1\"></span>zione in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di car<span class=\"_ _1\"></span>ico non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato. S<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valore di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>no s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ate f<span class=\"_ _1\"></span>ino a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dal mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iore tra il p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to di ven<span class=\"_ _1\"></span>dita e il valore d<span class=\"_ _2\"></span>\u2019uso. Nel de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si son<span class=\"_ _1\"></span>o attualiz<span class=\"_ _2\"></span>zati utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>do un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto ante impos<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima co<span class=\"_ _1\"></span>rrente de<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>rcato rife<span class=\"_ _1\"></span>rito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato al t<span class=\"_ _1\"></span>empo e ai r<span class=\"_ _1\"></span>ischi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0. Per un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 che no<span class=\"_ _1\"></span>n gene<span class=\"_ _1\"></span>ra f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari amp<span class=\"_ _1\"></span>iamente in<span class=\"_ _1\"></span>dipen<span class=\"_ _1\"></span>denti, il v<span class=\"_ _1\"></span>alore di reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 dete<span class=\"_ _1\"></span>rminato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico f<span class=\"_ _1\"></span>ra i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nti e s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni. T<span class=\"_ _4\"></span>ali per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate nel c<span class=\"_ _1\"></span>aso in cui ve<span class=\"_ _1\"></span>ngano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e le hanno ge<span class=\"_ _1\"></span>nerat<span class=\"_ _1\"></span>e.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore accumulate<span class=\"_ _1\"></span>. Al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e della ve<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto acquis<span class=\"_ _1\"></span>ito in un\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 allo<span class=\"_ _1\"></span>cato, alla dat<span class=\"_ _1\"></span>a di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, alle singole unit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ici di flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo, o ai gr<span class=\"_ _1\"></span>uppi di unit\u00e0 ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ratrici di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si che d<span class=\"_ _1\"></span>ovre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciare dalle sine<span class=\"_ _1\"></span>rgie de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, indip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente dal fat<span class=\"_ _1\"></span>to che altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>iano as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nate a tali unit<span class=\"_ _1\"></span>\u00e0 o rag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>uppame<span class=\"_ _1\"></span>nti di unit\u00e0<span class=\"_ _1\"></span>.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qua<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lora e<span class=\"_ _1\"></span>venti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>o. Le perdit<span class=\"_ _1\"></span>e di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__22": {
   "value": "V<span class=\"_ _4\"></span>alutazione degli impatti del cambiamento climaticoCoe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente alle p<span class=\"_ _1\"></span>riorit<span class=\"_ _1\"></span>\u00e0 def<span class=\"_ _1\"></span>inite dall<span class=\"_ _2\"></span>\u2019<span class=\"ff79 ls80 ws119\">Europ<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>an</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span></span><span class=\"ff79\">Se<span class=\"_ _1\"></span>curities and M<span class=\"_ _1\"></span>arket Authority</span> (E<span class=\"_ _1\"></span>SMA) de<span class=\"_ _1\"></span>l 28 otto<span class=\"_ _1\"></span>bre 2022 p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>\u2019anno di rendicont<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne 2022, co<span class=\"_ _1\"></span>me indic<span class=\"_ _1\"></span>ato nel p<span class=\"_ _1\"></span>aragrafo \u201c<span class=\"_ _1\"></span>Principali ri<span class=\"_ _1\"></span>schi e<span class=\"_ _1\"></span>d incer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>ze<span class=\"_ _1\"></span>\u201d della Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla G<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>stio<span class=\"_ _1\"></span>ne, il G<span class=\"_ _1\"></span>ruppo ha r<span class=\"_ _1\"></span>ilevato e i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato, in mod<span class=\"_ _1\"></span>o tras<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ale alle v<span class=\"_ _1\"></span>arie tipo<span class=\"_ _1\"></span>logie di r<span class=\"_ _1\"></span>ischio, eve<span class=\"_ _1\"></span>ntuali fatt<span class=\"_ _1\"></span>ori di ris<span class=\"_ _1\"></span>chio di natura ambient<span class=\"_ _1\"></span>ale e mo<span class=\"_ _1\"></span>nitora la co<span class=\"_ _1\"></span>ntinua evoluz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l quadro normati<span class=\"_ _1\"></span>vo, nazio<span class=\"_ _1\"></span>nale ed inte<span class=\"_ _1\"></span>rnaz<span class=\"_ _1\"></span>ionale<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, il camb<span class=\"_ _1\"></span>iamento climatico e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atte<span class=\"_ _1\"></span>nzion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opinione p<span class=\"_ _1\"></span>ubblic<span class=\"_ _1\"></span>a sul tema p<span class=\"_ _1\"></span>otreb<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ro avere impat<span class=\"_ _1\"></span>ti sulle prefer<span class=\"_ _1\"></span>enze d<span class=\"_ _1\"></span>ella cliente<span class=\"_ _1\"></span>la, det<span class=\"_ _1\"></span>erminand<span class=\"_ _1\"></span>o eventuali var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di alcune par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olari c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e di prod<span class=\"_ _1\"></span>otto, marginali ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> di Gr<span class=\"_ _1\"></span>uppo, e ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eventuale approv<span class=\"_ _2\"></span>vigio<span class=\"_ _1\"></span>namento di t<span class=\"_ _1\"></span>alune mate<span class=\"_ _1\"></span>rie prime<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a che al mome<span class=\"_ _1\"></span>nto si po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a ipoti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una riduz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla qualit\u00e0 de<span class=\"_ _1\"></span>lle st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>sidia, p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, i ris<span class=\"_ _1\"></span>chi leg<span class=\"_ _1\"></span>ati al cambiame<span class=\"_ _1\"></span>nto climatico al f<span class=\"_ _1\"></span>ine di ri<span class=\"_ _1\"></span>durre le eve<span class=\"_ _1\"></span>ntuali ripe<span class=\"_ _1\"></span>rcus<span class=\"_ _1\"></span>sioni sull<span class=\"_ _1\"></span>e proprie at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Inoltr<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po se<span class=\"_ _1\"></span>gue la c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>tinua evolu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el quadro nor<span class=\"_ _1\"></span>mativo, nazi<span class=\"_ _1\"></span>onale e<span class=\"_ _1\"></span>d interna<span class=\"_ _1\"></span>zionale<span class=\"_ _1\"></span>, e la pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e introdu<span class=\"_ _1\"></span>zione di ulte<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>i normati<span class=\"_ _1\"></span>ve leg<span class=\"_ _1\"></span>ate alla riduzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>gli impatt<span class=\"_ _1\"></span>i ambient<span class=\"_ _1\"></span>ali del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span><span class=\"ls0\">. </span>Attualme<span class=\"_ _1\"></span>nte l<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>atto de<span class=\"_ _1\"></span>lle que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ioni leg<span class=\"_ _1\"></span>ate al clima non \u00e8 ril<span class=\"_ _1\"></span>evante sul b<span class=\"_ _1\"></span>ilancio del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o e non ha comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni signif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve sulle s<span class=\"_ _1\"></span>time di bilanci<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o continue<span class=\"_ _1\"></span>r\u00e0 a monit<span class=\"_ _1\"></span>orare t<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one valut<span class=\"_ _1\"></span>and<span class=\"_ _1\"></span>o nello spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico l<span class=\"_ _2\"></span>\u2019impatto s<span class=\"_ _1\"></span>ui cos<span class=\"_ _1\"></span>ti di pro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne le<span class=\"_ _1\"></span>gati all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>introduz<span class=\"_ _1\"></span>ione di no<span class=\"_ _1\"></span>rmative sulla ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e emis<span class=\"_ _1\"></span>sioni e<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o di impatto s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo, il Grupp<span class=\"_ _1\"></span>o include<span class=\"_ _1\"></span>r\u00e0 t<span class=\"_ _1\"></span>ali ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni nelle p<span class=\"_ _1\"></span>roprie s<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>. Per acce<span class=\"_ _1\"></span>ler<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019adozione di fonti en<span class=\"_ _1\"></span>erge<span class=\"_ _1\"></span>tiche rinnov<span class=\"_ _1\"></span>abili, nel 202<span class=\"_ _1\"></span>2 il Grupp<span class=\"_ _1\"></span>o, insie<span class=\"_ _1\"></span>me al <span class=\"ff79 ls4b wsd3\">Fashion Pact<span class=\"_ _1\"></span></span>, ha par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipato con altri 1<span class=\"_ _4\"></span>1 <span class=\"ff79 ws0\">brand <span class=\"_ _1\"></span></span>al proget<span class=\"_ _1\"></span>to di lancio di un <span class=\"ff79\">Colle<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ive Vir<span class=\"_ _1\"></span>tual Power Purchase A<span class=\"_ _1\"></span>gree<span class=\"_ _1\"></span>ment</span> (CVPP<span class=\"_ _0\"></span>A) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>ea europ<span class=\"_ _1\"></span>ea, che pre<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>\u00e0 av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>io so<span class=\"_ _1\"></span>ltanto ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei pros<span class=\"_ _1\"></span>simi anni. Si s<span class=\"_ _1\"></span>tima che il re<span class=\"_ _1\"></span>lativo impat<span class=\"_ _1\"></span>to in bilanci<span class=\"_ _1\"></span>o non sar<span class=\"_ _1\"></span>\u00e0 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__24": {
   "value": "2.3.2 Immobili, Impianti e macc<span class=\"_ _0\"></span>hinariLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate al co<span class=\"_ _1\"></span>sto s<span class=\"_ _1\"></span>tori<span class=\"_ _1\"></span>co, compre<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>vo dei co<span class=\"_ _1\"></span>sti ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ori diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente imput<span class=\"_ _1\"></span>abili e ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ari alla mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a in funzio<span class=\"_ _1\"></span>ne del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019uso pe<span class=\"_ _1\"></span>r cui \u00e8 st<span class=\"_ _1\"></span>ato ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ato. T<span class=\"_ _4\"></span>ale cos<span class=\"_ _1\"></span>to inclu<span class=\"_ _1\"></span>de i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er la so<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uzion<span class=\"_ _1\"></span>e di par<span class=\"_ _1\"></span>te di macchinari e imp<span class=\"_ _1\"></span>ianti nel mo<span class=\"_ _1\"></span>mento in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuti s<span class=\"_ _1\"></span>e conformi ai crite<span class=\"_ _1\"></span>ri di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. Il valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to (il cos<span class=\"_ _1\"></span>to men<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto accumulato e le p<span class=\"_ _1\"></span>erdite p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re accumulate) delle par<span class=\"_ _1\"></span>ti di mac<span class=\"_ _1\"></span>chinari e impianti sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>i \u00e8 rilev<span class=\"_ _1\"></span>ato a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto della lo<span class=\"_ _1\"></span>ro sos<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. Le spe<span class=\"_ _1\"></span>se di manut<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ione e ripar<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one, ch<span class=\"_ _1\"></span>e non siano s<span class=\"_ _1\"></span>usce<span class=\"_ _1\"></span>ttib<span class=\"_ _1\"></span>ili di valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o prolungare la v<span class=\"_ _1\"></span>ita re<span class=\"_ _1\"></span>sidua d<span class=\"_ _1\"></span>ei beni, s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sate ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enute<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o contr<span class=\"_ _1\"></span>ario vengon<span class=\"_ _1\"></span>o capit<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>ste al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o dei re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amenti a<span class=\"_ _1\"></span>ccumulati e di eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore ac<span class=\"_ _1\"></span>cu<span class=\"ls0 ws0\">-</span>mulate dete<span class=\"_ _1\"></span>rminate se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o le mo<span class=\"_ _1\"></span>dalit\u00e0 de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itte n<span class=\"_ _1\"></span>el se<span class=\"_ _1\"></span>guito. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e alla vit<span class=\"_ _1\"></span>a utile st<span class=\"_ _1\"></span>imata de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impres<span class=\"_ _1\"></span>a. Le v<span class=\"_ _1\"></span>ite utili de<span class=\"_ _1\"></span>lle principali cla<span class=\"_ _1\"></span>ssi di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 materiali so<span class=\"_ _1\"></span>no le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniImpianti e Macchinari<span class=\"_ _256\"> </span>5-6 anniAttrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _257\"> </span>4-7 anniAltri beni:- Mobili Ar<span class=\"_ _0\"></span>redi Uffici<span class=\"_ _258\"> </span>5-8 anni- Macchine Elettr<span class=\"_ _0\"></span>oniche<span class=\"_ _259\"> </span>3-5 anni- C<span class=\"_ _0\"></span>ollezione Storica<span class=\"_ _25a\"> </span>5 anni- Automezzi<span class=\"_ _25b\"> </span><span class=\"ws0\">3-4 anni</span>Migliorie su beni di terzi<span class=\"_ _11d\"> </span>In base alla dur<span class=\"_ _4\"></span>ata residua del contratto di affitto del beneIl valore re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>duo del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e, la vit<span class=\"_ _1\"></span>a utile e i m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>di di ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amento ap<span class=\"_ _1\"></span>plicati s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ti alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio e ade<span class=\"_ _1\"></span>guati, se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ario, in mo<span class=\"_ _1\"></span>do pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>ttic<span class=\"_ _1\"></span>o.Qualor<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>ti signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative di t<span class=\"_ _1\"></span>ali att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 mate<span class=\"_ _1\"></span>riali abbiano dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nti vite ut<span class=\"_ _1\"></span>ili, tali co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. I terre<span class=\"_ _1\"></span>ni, sia libe<span class=\"_ _1\"></span>ri da cos<span class=\"_ _1\"></span>tru<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ia annes<span class=\"_ _1\"></span>si a f<span class=\"_ _1\"></span>abbric<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>paratam<span class=\"_ _1\"></span>ente e no<span class=\"_ _1\"></span>n sono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati in quanto e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e illimitata<span class=\"_ _1\"></span>.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli imm<span class=\"_ _1\"></span>obili, impianti e macchinari \u00e8 s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>sto a ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>r rilev<span class=\"_ _1\"></span>arne eve<span class=\"_ _1\"></span>ntuali per<span class=\"_ _1\"></span>dite di valo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re, qualor<span class=\"_ _1\"></span>a eventi o c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di situaz<span class=\"_ _1\"></span>ione indic<span class=\"_ _1\"></span>hino che il valo<span class=\"_ _1\"></span>re di caric<span class=\"_ _1\"></span>o non po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rato. S<span class=\"_ _1\"></span>e esi<span class=\"_ _1\"></span>ste un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valo<span class=\"_ _1\"></span>re di pres<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono sv<span class=\"_ _1\"></span>alutate f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>o a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>egli immo<span class=\"_ _1\"></span>bili, impianti e macchinari \u00e8 rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ato dal mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>re tra il pre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zo nett<span class=\"_ _1\"></span>o di vendit<span class=\"_ _1\"></span>a e il valo<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019uso.Nel d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto ante imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te la st<span class=\"_ _1\"></span>ima corre<span class=\"_ _1\"></span>nte del m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato riferito al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to del d<span class=\"_ _1\"></span>enaro rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al temp<span class=\"_ _1\"></span>o e ai ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>. Per un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 ch<span class=\"_ _1\"></span>e non gen<span class=\"_ _1\"></span>era f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ampiame<span class=\"_ _1\"></span>nte indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, il valore di r<span class=\"_ _1\"></span>ealiz<span class=\"_ _2\"></span>zo \u00e8 determinato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tale at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le perdit<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore s<span class=\"_ _1\"></span>ono ripr<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>inate nel c<span class=\"_ _1\"></span>aso in cui vengano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e di un ele<span class=\"_ _1\"></span>mento di immo<span class=\"_ _1\"></span>bili, impianti e macchinari e<span class=\"_ _1\"></span>d ogni co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo iniz<span class=\"_ _1\"></span>ialmente rilev<span class=\"_ _1\"></span>ato \u00e8 eliminato al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>ci<span class=\"_ _1\"></span>o\u00e8 alla data in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>cquirente n<span class=\"_ _1\"></span>e ottie<span class=\"_ _1\"></span>ne il contro<span class=\"_ _1\"></span>llo<span class=\"_ _0\"></span>) o quando non ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de alcun be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>o eco<span class=\"_ _1\"></span>nomico fut<span class=\"_ _1\"></span>uro dal suo utiliz<span class=\"_ _2\"></span>zo o dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>utile<span class=\"_ _1\"></span>/perdit<span class=\"_ _1\"></span>a che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge al mo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eliminazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>calco<span class=\"_ _1\"></span>lato come dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za tr<span class=\"_ _1\"></span>a il valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>d il corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>) \u00e8 r<span class=\"_ _1\"></span>ilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019elem<span class=\"_ _1\"></span>ento \u00e8 eliminato co<span class=\"_ _1\"></span>ntabilme<span class=\"_ _1\"></span>nte.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__25": {
   "value": "Le spe<span class=\"_ _1\"></span>se di manut<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ione e ripar<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one, ch<span class=\"_ _1\"></span>e non siano s<span class=\"_ _1\"></span>usce<span class=\"_ _1\"></span>ttib<span class=\"_ _1\"></span>ili di valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o prolungare la v<span class=\"_ _1\"></span>ita re<span class=\"_ _1\"></span>sidua d<span class=\"_ _1\"></span>ei beni, s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sate ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio in cui s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enute<span class=\"_ _1\"></span>, in cas<span class=\"_ _1\"></span>o contr<span class=\"_ _1\"></span>ario vengon<span class=\"_ _1\"></span>o capit<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__26-1": {
   "value": "L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e alla vit<span class=\"_ _1\"></span>a utile st<span class=\"_ _1\"></span>imata de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impres<span class=\"_ _1\"></span>a. Le v<span class=\"_ _1\"></span>ite utili de<span class=\"_ _1\"></span>lle principali cla<span class=\"_ _1\"></span>ssi di at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 materiali so<span class=\"_ _1\"></span>no le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniImpianti e Macchinari<span class=\"_ _256\"> </span>5-6 anniAttrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _257\"> </span>4-7 anniAltri beni:- Mobili Ar<span class=\"_ _0\"></span>redi Uffici<span class=\"_ _258\"> </span>5-8 anni- Macchine Elettr<span class=\"_ _0\"></span>oniche<span class=\"_ _259\"> </span>3-5 anni- C<span class=\"_ _0\"></span>ollezione Storica<span class=\"_ _25a\"> </span>5 anni- Automezzi<span class=\"_ _25b\"> </span><span class=\"ws0\">3-4 anni</span>Migliorie su beni di terzi<span class=\"_ _11d\"> </span>In base alla dur<span class=\"_ _4\"></span>ata residua del contratto di affitto del beneIl valore re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>duo del b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e, la vit<span class=\"_ _1\"></span>a utile e i m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>di di ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amento ap<span class=\"_ _1\"></span>plicati s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ti alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio e ade<span class=\"_ _1\"></span>guati, se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ario, in mo<span class=\"_ _1\"></span>do pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>ttic<span class=\"_ _1\"></span>o.A meno ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o non sia r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>volmente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>are il b<span class=\"_ _1\"></span>ene lo<span class=\"_ _1\"></span>cato alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne, l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e al minore tra la dur<span class=\"_ _1\"></span>ata de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto e la v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e stimat<span class=\"_ _1\"></span>a del bene, come segue:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniAttrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _25c\"> </span>3-5 anniAutomezzi<span class=\"_ _25d\"> </span>3-4 anniLe at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita s<span class=\"_ _1\"></span>ono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate a qu<span class=\"_ _1\"></span>ote cos<span class=\"_ _1\"></span>tanti lungo la lo<span class=\"_ _1\"></span>ro vit<span class=\"_ _1\"></span>a utile s<span class=\"_ _1\"></span>timata; la vit<span class=\"_ _1\"></span>a utile v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminata co<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>riodicit<span class=\"_ _1\"></span>\u00e0 annuale ed e<span class=\"_ _1\"></span>ventuali camb<span class=\"_ _1\"></span>iamenti, lad<span class=\"_ _1\"></span>dove ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ari, son<span class=\"_ _1\"></span>o appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati co<span class=\"_ _1\"></span>n applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>a.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__28": {
   "value": "2.3.3 In<span class=\"_ _0\"></span>vestimenti ImmobiliariLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali de<span class=\"_ _1\"></span>tenute a f<span class=\"_ _1\"></span>ini di re<span class=\"_ _1\"></span>ddito e n<span class=\"_ _1\"></span>on a us<span class=\"_ _1\"></span>o str<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in un<span class=\"_ _1\"></span>\u2019apposit<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>nomi<span class=\"ls0 ws0\">-</span>nata \u201c<span class=\"_ _1\"></span>Inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari<span class=\"_ _2\"></span>\u201d<span class=\"_ _4\"></span>, s<span class=\"_ _1\"></span>econ<span class=\"_ _1\"></span>do lo IA<span class=\"_ _1\"></span>S 4<span class=\"_ _1\"></span>0, e s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate al co<span class=\"_ _1\"></span>sto. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 r<span class=\"_ _1\"></span>ientranti in t<span class=\"_ _1\"></span>ali fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cie cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ono in ter<span class=\"_ _1\"></span>reni e<span class=\"_ _1\"></span>/o fabbricati (o parti di fab<span class=\"_ _1\"></span>bric<span class=\"_ _1\"></span>ati) detenut<span class=\"_ _1\"></span>i dal propri<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>io o dal loc<span class=\"_ _1\"></span>atario n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di un contrat<span class=\"_ _1\"></span>to di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>va al f<span class=\"_ _1\"></span>ine di con<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>erli in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e.T<span class=\"_ _6\"></span>ali t<span class=\"_ _1\"></span>ipolo<span class=\"_ _1\"></span>gie di immob<span class=\"_ _1\"></span>ili sono cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icate s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atame<span class=\"_ _1\"></span>nte dagli altri b<span class=\"_ _1\"></span>eni immob<span class=\"_ _1\"></span>ili pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>duti. G<span class=\"_ _1\"></span>li inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>biliari son<span class=\"_ _1\"></span>o esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>enti accumulati e di e<span class=\"_ _1\"></span>ventuali pe<span class=\"_ _1\"></span>rdite di val<span class=\"_ _1\"></span>ore. L<span class=\"_ _1\"></span>a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>egli inves<span class=\"_ _1\"></span>timenti imm<span class=\"_ _1\"></span>obiliari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 di 33 anni.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e degli inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti imm<span class=\"_ _1\"></span>obiliari \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qualora eve<span class=\"_ _1\"></span>nti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazion<span class=\"_ _1\"></span>e indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ato. Le per<span class=\"_ _1\"></span>dite di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>o econ<span class=\"_ _1\"></span>omico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.Gli inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>liminati dal bilancio quando s<span class=\"_ _1\"></span>ono ce<span class=\"_ _1\"></span>duti (cio\u00e8 alla data in cui l<span class=\"_ _1\"></span>\u2019acquirente ne ott<span class=\"_ _1\"></span>iene il controllo) o quando l<span class=\"_ _1\"></span>\u2019inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto \u00e8 durevolm<span class=\"_ _1\"></span>ente inutiliz<span class=\"_ _2\"></span>zabile e n<span class=\"_ _1\"></span>on son<span class=\"_ _1\"></span>o atte<span class=\"_ _1\"></span>si b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci eco<span class=\"_ _1\"></span>nomici futur<span class=\"_ _1\"></span>i dalla sua ce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019ammontare del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo da c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derare p<span class=\"_ _1\"></span>er la d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile o de<span class=\"_ _1\"></span>lla pe<span class=\"_ _1\"></span>rdita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla cance<span class=\"_ _1\"></span>llazio<span class=\"_ _1\"></span>ne di un inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto immobiliare \u00e8 de<span class=\"_ _1\"></span>terminato in co<span class=\"_ _1\"></span>nformit\u00e0 ai re<span class=\"_ _1\"></span>quisit<span class=\"_ _1\"></span>i per la d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del prez<span class=\"_ _1\"></span>zo dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>operazione nell<span class=\"_ _1\"></span>\u2019IFRS 1<span class=\"_ _4\"></span>5.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__30": {
   "value": "2.3.4 <span class=\"ff77\">L<span class=\"_ _4\"></span>easing</span>Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a all<span class=\"_ _1\"></span>\u2019ini<span class=\"_ _1\"></span>zio del c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to se il co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o \u00e8, o contie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>, un <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing</span>. Il contrat<span class=\"_ _1\"></span>to \u00e8, o co<span class=\"_ _1\"></span>ntiene<span class=\"_ _1\"></span>, un <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls0 ws0\"> </span>se, in c<span class=\"_ _1\"></span>ambio di un co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo, confe<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e il diritto di c<span class=\"_ _1\"></span>ontrollare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er un p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di tempo. Il Grupp<span class=\"_ _1\"></span>o si av<span class=\"_ _2\"></span>vale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019esen<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6 p<span class=\"_ _1\"></span>er le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali. Il Gruppo in veste di locatarioIl Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un singolo mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo cont<span class=\"_ _1\"></span>abile p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>ti i contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in cui \u00e8 loc<span class=\"_ _1\"></span>atario, e<span class=\"_ _1\"></span>ccet<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er cont<span class=\"_ _1\"></span>ratti di breve durat<span class=\"_ _1\"></span>a e contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione di b<span class=\"_ _1\"></span>eni di v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>siguo. Il G<span class=\"_ _1\"></span>ruppo r<span class=\"_ _1\"></span>ileva una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria per<span class=\"ff79 ls5f ws0\"> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ls0 ws106\"> e </span>un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso.Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Di<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019us<span class=\"_ _1\"></span>o: Il Grupp<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019uso alla data di de<span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>vale a dire alla dat<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante \u00e8 a dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l loc<span class=\"_ _1\"></span>atario). Le a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to, al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amenti a<span class=\"_ _1\"></span>ccumulati e di eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore ac<span class=\"_ _1\"></span>cumulate dete<span class=\"_ _1\"></span>rminate se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o le mo<span class=\"_ _1\"></span>dalit\u00e0 de<span class=\"_ _1\"></span>scr<span class=\"_ _1\"></span>itte n<span class=\"_ _1\"></span>el seg<span class=\"_ _1\"></span>uito, e ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>icate p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>r conto di eve<span class=\"_ _1\"></span>ntuali ridet<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>el <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span>. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er Dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Us<span class=\"_ _1\"></span>o include il v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per<span class=\"ff79 ls5f wsf1\"> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing </span>rile<span class=\"_ _1\"></span>vata<span class=\"_ _1\"></span>, i cos<span class=\"_ _1\"></span>ti iniziali diret<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuti, i pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>ovuti p<span class=\"_ _1\"></span>er il <span class=\"_ _1\"></span><span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls4 wsa6\"> e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuat<span class=\"_ _1\"></span>i alla data o prima de<span class=\"_ _1\"></span>lla data di de<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>renz<span class=\"_ _1\"></span>a al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>gli ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>i al <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> ri<span class=\"_ _1\"></span>cevut<span class=\"_ _1\"></span>i, e la stima d<span class=\"_ _1\"></span>ei </span>cos<span class=\"_ _1\"></span>ti che il Gr<span class=\"_ _1\"></span>uppo dov<span class=\"_ _1\"></span>r\u00e0 so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il ripris<span class=\"_ _1\"></span>tino de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante nell<span class=\"_ _1\"></span>e condiz<span class=\"_ _1\"></span>ioni orig<span class=\"_ _1\"></span>inali, qualora pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dal contratt<span class=\"_ _1\"></span>o.A meno ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o non sia r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>volmente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>are il b<span class=\"_ _1\"></span>ene lo<span class=\"_ _1\"></span>cato alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne, l<span class=\"_ _1\"></span>\u2019ammort<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>o \u00e8 calco<span class=\"_ _1\"></span>lato in quote cos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti in bas<span class=\"_ _1\"></span>e al minore tra la dur<span class=\"_ _1\"></span>ata de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto e la v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e stimat<span class=\"_ _1\"></span>a del bene, come segue:Vita UtileF<span class=\"_ _0\"></span>abbricati <span class=\"_ _255\"> </span>33 anniAttrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _25c\"> </span>3-5 anniAutomezzi<span class=\"_ _25d\"> </span>3-4 anniIl valore d<span class=\"_ _1\"></span>elle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er Dir<span class=\"_ _1\"></span>itto d<span class=\"_ _2\"></span>\u2019U<span class=\"_ _1\"></span>so \u00e8 s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to a ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica, p<span class=\"_ _1\"></span>er ril<span class=\"_ _1\"></span>evarn<span class=\"_ _1\"></span>e eventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>venti o cambiame<span class=\"_ _1\"></span>nti di situa<span class=\"_ _1\"></span>zione in<span class=\"_ _1\"></span>dichino che il val<span class=\"_ _1\"></span>ore di car<span class=\"_ _1\"></span>ico non p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato. S<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e un\u2019<span class=\"_ _1\"></span>indica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di ques<span class=\"_ _1\"></span>to tip<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il valore di c<span class=\"_ _1\"></span>arico e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>da il valore di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>no s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ate f<span class=\"_ _1\"></span>ino a rif<span class=\"_ _1\"></span>lett<span class=\"_ _1\"></span>ere il lo<span class=\"_ _1\"></span>ro valore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo. Il v<span class=\"_ _1\"></span>alore di re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>zo \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dal mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iore tra il p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to di ven<span class=\"_ _1\"></span>dita e il valore d<span class=\"_ _2\"></span>\u2019uso. Nel de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inire il valore d<span class=\"_ _2\"></span>\u2019uso, i flus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari futuri at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si son<span class=\"_ _1\"></span>o attualiz<span class=\"_ _2\"></span>zati utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>do un t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto ante impos<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>tte la s<span class=\"_ _1\"></span>tima co<span class=\"_ _1\"></span>rrente de<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>rcato rife<span class=\"_ _1\"></span>rito al cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l denaro r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato al t<span class=\"_ _1\"></span>empo e ai r<span class=\"_ _1\"></span>ischi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0. Per un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 che no<span class=\"_ _1\"></span>n gene<span class=\"_ _1\"></span>ra f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari amp<span class=\"_ _1\"></span>iamente in<span class=\"_ _1\"></span>dipen<span class=\"_ _1\"></span>denti, il v<span class=\"_ _1\"></span>alore di reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 dete<span class=\"_ _1\"></span>rminato in rela<span class=\"_ _1\"></span>zione all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>unit\u00e0 ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari cui tal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 appar<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>. Le per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico f<span class=\"_ _1\"></span>ra i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nti e s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni. T<span class=\"_ _4\"></span>ali per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate nel c<span class=\"_ _1\"></span>aso in cui ve<span class=\"_ _1\"></span>ngano m<span class=\"_ _1\"></span>eno i mot<span class=\"_ _1\"></span>ivi ch<span class=\"_ _1\"></span>e le hanno ge<span class=\"_ _1\"></span>nerat<span class=\"_ _1\"></span>e.Passivit\u00e0 per<span class=\"_ _0\"></span><span class=\"ff78 ls45 wse0\"> leasin<span class=\"_ _0\"></span>g<span class=\"ff76 ls0 ws0\">: </span></span>Alla data di d<span class=\"_ _1\"></span>ecor<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>a una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls2e wsb2\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> c<span class=\"_ _1\"></span>alcolat<span class=\"_ _1\"></span>a come il v<span class=\"_ _1\"></span>alore att<span class=\"_ _1\"></span>uale dei pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>uturi re<span class=\"_ _1\"></span>sidui f<span class=\"_ _1\"></span>ino alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto. I pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>uturi includ<span class=\"_ _1\"></span>ono i pag<span class=\"_ _1\"></span>amenti f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>si, al n<span class=\"_ _1\"></span>etto di eventuali ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>i al <span class=\"ff79 ls2e wsb2\">le<span class=\"_ _1\"></span>asing</span> da ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, i pagam<span class=\"_ _1\"></span>enti var<span class=\"_ _1\"></span>iabili che dipe<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o da un indice o un ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o e gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti che si pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o dovr<span class=\"_ _1\"></span>\u00e0 pagare a tit<span class=\"_ _1\"></span>olo di gar<span class=\"_ _1\"></span>anzie d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>siduo. I pag<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>i futuri includ<span class=\"_ _1\"></span>ono anche il pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione di acquis<span class=\"_ _1\"></span>to, se il Gr<span class=\"_ _1\"></span>uppo ha la r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>vole ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a di es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019opzione, e i pagame<span class=\"_ _1\"></span>nti di pe<span class=\"_ _1\"></span>nalit\u00e0 di ri<span class=\"_ _1\"></span>solu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el <span class=\"ff79 ls2e wsb2\">le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span></span>, se il Gr<span class=\"_ _1\"></span>uppo ha la rag<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>vole ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za di e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcit<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019opzione di riso<span class=\"_ _1\"></span>luzion<span class=\"_ _1\"></span>e. I pag<span class=\"_ _1\"></span>amenti v<span class=\"_ _1\"></span>ariabili, che no<span class=\"_ _1\"></span>n dipen<span class=\"_ _1\"></span>dono da un in<span class=\"_ _1\"></span>dice o ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o, ma che pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o dipe<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o prin<span class=\"ls0 ws0\">-</span>cipalmente dal vo<span class=\"_ _1\"></span>lume dell<span class=\"_ _1\"></span>e vendite<span class=\"_ _1\"></span>, continuano a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati com<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>ti ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, tra i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>zi. Per c<span class=\"_ _1\"></span>alcolare il v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>i pagame<span class=\"_ _1\"></span>nti futuri, il G<span class=\"_ _1\"></span>ruppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"ff79\">Increm<span class=\"_ _1\"></span>ental B<span class=\"_ _1\"></span>orrowing </span>Rate<span class=\"ff71 ls46 wsca\"> (IBR) alla data di inizi<span class=\"_ _1\"></span>o del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o. Succe<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>, la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er </span><span class=\"ls2e wsb2\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls46 wsca\"> \u00e8 incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er gli inte<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>res<span class=\"_ _1\"></span>si e de<span class=\"_ _1\"></span>crem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er i pag<span class=\"_ _1\"></span>amenti ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati. In<span class=\"_ _1\"></span>oltre, la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er<span class=\"ff79 ls2e wsca\"> le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>nto di modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che ai te<span class=\"_ _1\"></span>rmini de<span class=\"_ _1\"></span>l contr<span class=\"_ _1\"></span>atto.Cont<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>i di br<span class=\"_ _1\"></span>eve durat<span class=\"_ _1\"></span>a e co<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>i di valo<span class=\"_ _1\"></span>re e<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>uo: Il Grupp<span class=\"_ _1\"></span>o si av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>nzion<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019applicazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 16 per i contrat<span class=\"_ _1\"></span>ti di bre<span class=\"_ _1\"></span>ve durata (inferi<span class=\"_ _1\"></span>ore a 1<span class=\"_ _4\"></span>2 me<span class=\"_ _1\"></span>si) e per i c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti in cui il singolo b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>e loc<span class=\"_ _1\"></span>ato \u00e8 di valor<span class=\"_ _1\"></span>e esig<span class=\"_ _1\"></span>uo (inferiore a Euro 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0). I pagamenti d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>anoni di t<span class=\"_ _1\"></span>ali contrat<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati linear<span class=\"_ _1\"></span>mente c<span class=\"_ _1\"></span>ome co<span class=\"_ _1\"></span>sti a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>i termini e d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni del contratto.Il Gruppo in veste di locatoreI contrat<span class=\"_ _1\"></span>ti di <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> c<span class=\"_ _1\"></span>he so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialme<span class=\"_ _1\"></span>nte las<span class=\"_ _1\"></span>ciano in cap<span class=\"_ _1\"></span>o al Grupp<span class=\"_ _1\"></span>o tutt<span class=\"_ _1\"></span>i i ris<span class=\"_ _1\"></span>chi e ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>lla proprie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne sono cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icati co<span class=\"_ _1\"></span>me <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"lsb wsa\"> op<span class=\"_ _1\"></span>erativi. </span>I canoni di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati in quote co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti lungo la durata d<span class=\"_ _1\"></span>ei contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re alla data di bilanci<span class=\"_ _1\"></span>o e, se d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti da inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>lla voce Loc<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni Immob<span class=\"_ _1\"></span>iliari. I cos<span class=\"_ _1\"></span>ti diret<span class=\"_ _1\"></span>ti iniziali s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ste<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ottenime<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span></span>o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativo s<span class=\"_ _1\"></span>ono c<span class=\"_ _1\"></span>apitali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati e rilev<span class=\"_ _1\"></span>ati come amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento lungo la durat<span class=\"_ _1\"></span>a del lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws0\"> co<span class=\"_ _1\"></span>n lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so crit<span class=\"_ _1\"></span>erio di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prove<span class=\"_ _1\"></span>nti del </span>l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls0 ws0\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__34-1": {
   "value": "2.3.5 Aggr<span class=\"_ _4\"></span>egazioni <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>ed AvviamentoLe aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _1\"></span>zando il metodo dell\u2019acqu<span class=\"_ _0\"></span>isto. Il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to \u00e8 valut<span class=\"_ _1\"></span>ato co<span class=\"_ _1\"></span>me somma d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito mis<span class=\"_ _1\"></span>urato al <span class=\"ff79\">fair value</span> (<span class=\"_ _0\"></span>valore e<span class=\"_ _1\"></span>quo<span class=\"_ _0\"></span>) alla data di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di qualsiasi p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. Per ogni ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019acquirente deve v<span class=\"_ _1\"></span>alutare quals<span class=\"_ _1\"></span>iasi par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>zione di min<span class=\"_ _1\"></span>oranz<span class=\"_ _1\"></span>a ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita al <span class=\"ff79\">fair value</span><span class=\"lsb wsd9\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) oppure i<span class=\"_ _0\"></span>n </span>propo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>ione alla quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. I cos<span class=\"_ _1\"></span>ti di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sati e cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cati tr<span class=\"_ _1\"></span>a le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e amminist<span class=\"_ _1\"></span>rative<span class=\"_ _1\"></span>.Il Grupp<span class=\"_ _1\"></span>o dete<span class=\"_ _1\"></span>rmina di aver ac<span class=\"_ _1\"></span>quisito un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 azi<span class=\"_ _1\"></span>endale quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e integr<span class=\"_ _1\"></span>ato di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e be<span class=\"_ _1\"></span>ni include alme<span class=\"_ _1\"></span>no un fatto<span class=\"_ _1\"></span>re della p<span class=\"_ _1\"></span>roduz<span class=\"_ _1\"></span>ione e<span class=\"_ _1\"></span>d un proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale che ins<span class=\"_ _1\"></span>ieme c<span class=\"_ _1\"></span>ontribuis<span class=\"_ _1\"></span>cono in m<span class=\"_ _1\"></span>odo s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo alla capa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cit\u00e0 di ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>are un <span class=\"ff79 ls3a wsa\">output<span class=\"_ _1\"></span></span>. Il pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so a<span class=\"_ _1\"></span>cquisito \u00e8 c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale s<span class=\"_ _1\"></span>e \u00e8 cruciale p<span class=\"_ _1\"></span>er la cap<span class=\"_ _1\"></span>acit<span class=\"_ _1\"></span>\u00e0 di continuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e i fat<span class=\"_ _1\"></span>tori di pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one ac<span class=\"_ _1\"></span>quisiti comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono una for<span class=\"_ _1\"></span>za lavoro o<span class=\"_ _1\"></span>rgani<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a che dis<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>e delle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e compe<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ze, con<span class=\"_ _1\"></span>osc<span class=\"_ _1\"></span>enze o e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>erie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>eguire t<span class=\"_ _1\"></span>ale p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o o contr<span class=\"_ _1\"></span>ibuisc<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivame<span class=\"_ _1\"></span>nte alla capa<span class=\"_ _1\"></span>cit\u00e0 di co<span class=\"_ _1\"></span>ntinuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e<span class=\"_ _1\"></span>d \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato unico o sc<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>o o non p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituito se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a cos<span class=\"_ _1\"></span>ti, sfor<span class=\"_ _1\"></span>zi o rit<span class=\"_ _1\"></span>ardi signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r le c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di continuare a gen<span class=\"_ _1\"></span>erare un <span class=\"ff79 ls3a wsa\">o<span class=\"_ _1\"></span>utput<span class=\"_ _1\"></span></span><span class=\"ls0\">.</span>Ogni cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziale deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019acquirente al <span class=\"ff79\">fair value</span> alla data di acquisi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. La v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne del <span class=\"ff79 wse\">fair value<span class=\"ff71\"> del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pote<span class=\"_ _1\"></span>nziale cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cato com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9, sar\u00e0 </span></span>rilev<span class=\"_ _1\"></span>ata se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico o ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle altre comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di conto economico complessivo. Se il<span class=\"_ _0\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _0\"></span>lassific<span class=\"_ _1\"></span>ato come<span class=\"_ _0\"></span> strumento di<span class=\"_ _0\"></span> patrimon<span class=\"_ _0\"></span>io netto, i<span class=\"_ _0\"></span>l suo valore<span class=\"_ _0\"></span> non deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rimisurato e la s<span class=\"_ _1\"></span>ua es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ar\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zata a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto. N<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>asi in cui il cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo pote<span class=\"_ _1\"></span>nziale n<span class=\"_ _1\"></span>on ric<span class=\"_ _1\"></span>ade ne<span class=\"_ _1\"></span>llo sco<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comunqu<span class=\"_ _1\"></span>e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> e le variazioni d<span class=\"_ _1\"></span>evono e<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sere rilevate nel conto economico.Quando il G<span class=\"_ _1\"></span>ruppo a<span class=\"_ _1\"></span>cquisis<span class=\"_ _1\"></span>ce un <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span>, d<span class=\"_ _1\"></span>eve clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are o de<span class=\"_ _1\"></span>signare le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie ac<span class=\"_ _1\"></span>quisite o le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ass<span class=\"_ _1\"></span>unte in accor<span class=\"_ _1\"></span>do con i te<span class=\"_ _1\"></span>rmini contr<span class=\"_ _1\"></span>attuali, le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche e l<span class=\"_ _1\"></span>e altre con<span class=\"_ _1\"></span>dizioni p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inenti in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne. C<span class=\"_ _1\"></span>i\u00f2 include la ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>tab<span class=\"_ _1\"></span>ilire se un de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato incorp<span class=\"_ _1\"></span>orato de<span class=\"_ _1\"></span>bba e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sere s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato dal con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>o primario.Le <span class=\"ff79 ls2c ws3c\">busines<span class=\"_ _1\"></span>s combination</span><span class=\"ls4 wsa\"> effet<span class=\"_ _1\"></span>tuate tra e<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to comune c<span class=\"_ _1\"></span>ontrollo no<span class=\"_ _1\"></span>n rientr<span class=\"_ _1\"></span>ano nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>I<span class=\"ls0 ws0\">-</span></span>FRS 3. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui la <span class=\"ff79 ls2c ws113\">busines<span class=\"_ _1\"></span>s combination</span> tra entit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to co<span class=\"_ _1\"></span>mune contro<span class=\"_ _1\"></span>llo non abbia s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>za e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mica e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nti una mer<span class=\"_ _1\"></span>a rior<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>dale la so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>a il meto<span class=\"_ _1\"></span>do di cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla <span class=\"ff79 ls9 ws99\">busines<span class=\"_ _1\"></span>s com<span class=\"ls0 ws0\">-</span></span>bination <span class=\"ff71 lsb wse0\">cosiddetti </span><span class=\"ls4 ws0\">po<span class=\"_ _1\"></span>oling of interes<span class=\"_ _1\"></span>t meth<span class=\"_ _1\"></span>od<span class=\"ff71\">, ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>gando l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 linea p<span class=\"_ _1\"></span>er line<span class=\"_ _1\"></span>a ai valor<span class=\"_ _1\"></span>i di libro.</span></span>4. <span class=\"_ _4\"></span> <span class=\"_ _1a2\"></span>Aggr<span class=\"_ _4\"></span>egazioni di impr<span class=\"_ _4\"></span>ese (<span class=\"ff79\">business c<span class=\"_ _4\"></span>ombination<span class=\"ff71\">) ed </span></span>ac<span class=\"_ _0\"></span>quisti di interessenz<span class=\"_ _4\"></span>e di minor<span class=\"_ _4\"></span>anza Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 non v<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ate ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zioni di impre<span class=\"_ _1\"></span>se (<span class=\"ff79 ls5f ws7\">busine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span><span class=\"ls0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls2c ws9d\">combination<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">).</span></span></span>Si se<span class=\"_ _1\"></span>gnala che in data 27 luglio 2022 S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. ha sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o n. 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 nuove az<span class=\"_ _1\"></span>ioni em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se dalla soci<span class=\"_ _1\"></span>et\u00e0 F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r un corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo total<span class=\"_ _1\"></span>e di 3.<span class=\"_ _1\"></span>573.01<span class=\"_ _4\"></span>9 migliaia JPY (Euro 25,6 milioni). In seguit<span class=\"_ _1\"></span>o a tale ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. ha increme<span class=\"_ _1\"></span>ntato la pro<span class=\"_ _1\"></span>pria par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e social<span class=\"_ _1\"></span>e della co<span class=\"_ _1\"></span>ntrol<span class=\"ls0 ws0\">-</span>lata giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, pas<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>do dal 71<span class=\"_ _4\"></span>,0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>89,<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>3% del relati<span class=\"_ _1\"></span>vo capit<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>ociale<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__33": {
   "value": "2.3.5 Aggr<span class=\"_ _4\"></span>egazioni <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>ed AvviamentoLe aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _1\"></span>zando il metodo dell\u2019acqu<span class=\"_ _0\"></span>isto. Il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to \u00e8 valut<span class=\"_ _1\"></span>ato co<span class=\"_ _1\"></span>me somma d<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito mis<span class=\"_ _1\"></span>urato al <span class=\"ff79\">fair value</span> (<span class=\"_ _0\"></span>valore e<span class=\"_ _1\"></span>quo<span class=\"_ _0\"></span>) alla data di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di qualsiasi p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. Per ogni ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne azie<span class=\"_ _1\"></span>ndale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019acquirente deve v<span class=\"_ _1\"></span>alutare quals<span class=\"_ _1\"></span>iasi par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>zione di min<span class=\"_ _1\"></span>oranz<span class=\"_ _1\"></span>a ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita al <span class=\"ff79\">fair value</span><span class=\"lsb wsd9\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) oppure i<span class=\"_ _0\"></span>n </span>propo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>ione alla quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>tecip<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di minoran<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisita<span class=\"_ _1\"></span>. I cos<span class=\"_ _1\"></span>ti di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sono s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>sati e cla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cati tr<span class=\"_ _1\"></span>a le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e amminist<span class=\"_ _1\"></span>rative<span class=\"_ _1\"></span>.Il Grupp<span class=\"_ _1\"></span>o dete<span class=\"_ _1\"></span>rmina di aver ac<span class=\"_ _1\"></span>quisito un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 azi<span class=\"_ _1\"></span>endale quan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e integr<span class=\"_ _1\"></span>ato di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e be<span class=\"_ _1\"></span>ni include alme<span class=\"_ _1\"></span>no un fatto<span class=\"_ _1\"></span>re della p<span class=\"_ _1\"></span>roduz<span class=\"_ _1\"></span>ione e<span class=\"_ _1\"></span>d un proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale che ins<span class=\"_ _1\"></span>ieme c<span class=\"_ _1\"></span>ontribuis<span class=\"_ _1\"></span>cono in m<span class=\"_ _1\"></span>odo s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vo alla capa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cit\u00e0 di ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>are un <span class=\"ff79 ls3a wsa\">output<span class=\"_ _1\"></span></span>. Il pro<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so a<span class=\"_ _1\"></span>cquisito \u00e8 c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziale s<span class=\"_ _1\"></span>e \u00e8 cruciale p<span class=\"_ _1\"></span>er la cap<span class=\"_ _1\"></span>acit<span class=\"_ _1\"></span>\u00e0 di continuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e i fat<span class=\"_ _1\"></span>tori di pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one ac<span class=\"_ _1\"></span>quisiti comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono una for<span class=\"_ _1\"></span>za lavoro o<span class=\"_ _1\"></span>rgani<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>a che dis<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>e delle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e compe<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ze, con<span class=\"_ _1\"></span>osc<span class=\"_ _1\"></span>enze o e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>erie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r es<span class=\"_ _1\"></span>eguire t<span class=\"_ _1\"></span>ale p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o o contr<span class=\"_ _1\"></span>ibuisc<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivame<span class=\"_ _1\"></span>nte alla capa<span class=\"_ _1\"></span>cit\u00e0 di co<span class=\"_ _1\"></span>ntinuare a gene<span class=\"_ _1\"></span>rare un <span class=\"ff79 ls3a wsa\">out<span class=\"_ _1\"></span>put</span> e<span class=\"_ _1\"></span>d \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato unico o sc<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>o o non p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituito se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a cos<span class=\"_ _1\"></span>ti, sfor<span class=\"_ _1\"></span>zi o rit<span class=\"_ _1\"></span>ardi signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r le c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di continuare a gen<span class=\"_ _1\"></span>erare un <span class=\"ff79 ls3a wsa\">o<span class=\"_ _1\"></span>utput<span class=\"_ _1\"></span></span><span class=\"ls0\">.</span>Ogni cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziale deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019acquirente al <span class=\"ff79\">fair value</span> alla data di acquisi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. La v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne del <span class=\"ff79 wse\">fair value<span class=\"ff71\"> del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo pote<span class=\"_ _1\"></span>nziale cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cato com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9, sar\u00e0 </span></span>rilev<span class=\"_ _1\"></span>ata se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico o ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle altre comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di conto economico complessivo. Se il<span class=\"_ _0\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _0\"></span>lassific<span class=\"_ _1\"></span>ato come<span class=\"_ _0\"></span> strumento di<span class=\"_ _0\"></span> patrimon<span class=\"_ _0\"></span>io netto, i<span class=\"_ _0\"></span>l suo valore<span class=\"_ _0\"></span> non deve e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rimisurato e la s<span class=\"_ _1\"></span>ua es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ar\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zata a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto. N<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>asi in cui il cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo pote<span class=\"_ _1\"></span>nziale n<span class=\"_ _1\"></span>on ric<span class=\"_ _1\"></span>ade ne<span class=\"_ _1\"></span>llo sco<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9, de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comunqu<span class=\"_ _1\"></span>e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> e le variazioni d<span class=\"_ _1\"></span>evono e<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sere rilevate nel conto economico.L<span class=\"_ _6\"></span>\u2019avv<span class=\"_ _1\"></span>iamento a<span class=\"_ _1\"></span>cquisito in un<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale \u00e8 inizialme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge come e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019insie<span class=\"_ _1\"></span>me dei c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e dell<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er le inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enze di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al val<span class=\"_ _1\"></span>ore equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili ac<span class=\"_ _1\"></span>quisite e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 as<span class=\"_ _1\"></span>sunte dal Grup<span class=\"_ _1\"></span>po. Que<span class=\"_ _1\"></span>sto r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>e la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne a valo<span class=\"_ _1\"></span>re equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili (inclus<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te non ric<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>ciute) e delle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ident<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cabili (inclus<span class=\"_ _1\"></span>e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali ed e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e le ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zioni fu<span class=\"_ _1\"></span>ture)<span class=\"_ _0\"></span> dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>azienda acquistata.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore accumulate<span class=\"_ _1\"></span>. Al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e della ve<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto acquis<span class=\"_ _1\"></span>ito in un\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 allo<span class=\"_ _1\"></span>cato, alla dat<span class=\"_ _1\"></span>a di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, alle singole unit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ici di flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo, o ai gr<span class=\"_ _1\"></span>uppi di unit\u00e0 ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ratrici di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si che d<span class=\"_ _1\"></span>ovre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciare dalle sine<span class=\"_ _1\"></span>rgie de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, indip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente dal fat<span class=\"_ _1\"></span>to che altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>iano as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nate a tali unit<span class=\"_ _1\"></span>\u00e0 o rag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>uppame<span class=\"_ _1\"></span>nti di unit\u00e0<span class=\"_ _1\"></span>.Quando il G<span class=\"_ _1\"></span>ruppo a<span class=\"_ _1\"></span>cquisis<span class=\"_ _1\"></span>ce un <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span>, d<span class=\"_ _1\"></span>eve clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are o de<span class=\"_ _1\"></span>signare le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie ac<span class=\"_ _1\"></span>quisite o le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ass<span class=\"_ _1\"></span>unte in accor<span class=\"_ _1\"></span>do con i te<span class=\"_ _1\"></span>rmini contr<span class=\"_ _1\"></span>attuali, le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche e l<span class=\"_ _1\"></span>e altre con<span class=\"_ _1\"></span>dizioni p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>inenti in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne. C<span class=\"_ _1\"></span>i\u00f2 include la ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>tab<span class=\"_ _1\"></span>ilire se un de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato incorp<span class=\"_ _1\"></span>orato de<span class=\"_ _1\"></span>bba e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sere s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>arato dal con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>o primario. Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ag<span class=\"_ _2\"></span>grega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata in p<span class=\"_ _1\"></span>i\u00f9 fasi, la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ric<span class=\"_ _1\"></span>alcola il <span class=\"ff79\">fair value</span><span class=\"ls8 wsfd\"> della partecipazione prece<span class=\"_ _1\"></span>dente<span class=\"ls0 ws0\">-</span></span>mente de<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>a e rile<span class=\"_ _1\"></span>va ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019eventuale utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>ultante<span class=\"_ _1\"></span>.Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>av<span class=\"_ _2\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato alloc<span class=\"_ _1\"></span>ato a un<span class=\"_ _1\"></span>\u2019unit\u00e0 gener<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari e l<span class=\"_ _1\"></span>\u2019entit\u00e0 dis<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>te par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di t<span class=\"_ _1\"></span>ale uni<span class=\"_ _1\"></span><span class=\"ws0\">-</span>t\u00e0, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>viam<span class=\"_ _1\"></span>ento as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato all<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 dism<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere inclu<span class=\"_ _1\"></span>so ne<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 quando si de<span class=\"_ _1\"></span>termina l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato con l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 dis<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato sulla bas<span class=\"_ _1\"></span>e dei val<span class=\"_ _1\"></span>ori re<span class=\"_ _1\"></span>lativi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 di<span class=\"_ _1\"></span>sme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e della p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te mantenut<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari.Le <span class=\"ff79 ls2c ws3c\">busines<span class=\"_ _1\"></span>s combination</span><span class=\"ls4 wsa\"> effet<span class=\"_ _1\"></span>tuate tra e<span class=\"_ _1\"></span>ntit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to comune c<span class=\"_ _1\"></span>ontrollo no<span class=\"_ _1\"></span>n rientr<span class=\"_ _1\"></span>ano nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>I<span class=\"ls0 ws0\">-</span></span>FRS 3. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui la <span class=\"ff79 ls2c ws113\">busines<span class=\"_ _1\"></span>s combination</span> tra entit<span class=\"_ _1\"></span>\u00e0 sot<span class=\"_ _1\"></span>to co<span class=\"_ _1\"></span>mune contro<span class=\"_ _1\"></span>llo non abbia s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>za e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mica e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nti una mer<span class=\"_ _1\"></span>a rior<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>dale la so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>a il meto<span class=\"_ _1\"></span>do di cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla <span class=\"ff79 ls9 ws99\">busines<span class=\"_ _1\"></span>s com<span class=\"ls0 ws0\">-</span></span>bination <span class=\"ff71 lsb wse0\">cosiddetti </span><span class=\"ls4 ws0\">po<span class=\"_ _1\"></span>oling of interes<span class=\"_ _1\"></span>t meth<span class=\"_ _1\"></span>od<span class=\"ff71\">, ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>gando l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 linea p<span class=\"_ _1\"></span>er line<span class=\"_ _1\"></span>a ai valor<span class=\"_ _1\"></span>i di libro.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__35-1": {
   "value": "L<span class=\"_ _6\"></span>\u2019avv<span class=\"_ _1\"></span>iamento a<span class=\"_ _1\"></span>cquisito in un<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale \u00e8 inizialme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to che e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ge come e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019insie<span class=\"_ _1\"></span>me dei c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e dell<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>er le inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enze di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al val<span class=\"_ _1\"></span>ore equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tte i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili ac<span class=\"_ _1\"></span>quisite e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 as<span class=\"_ _1\"></span>sunte dal Grup<span class=\"_ _1\"></span>po. Que<span class=\"_ _1\"></span>sto r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>e la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne a valo<span class=\"_ _1\"></span>re equo d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili (inclus<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te non ric<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>ciute) e delle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ident<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cabili (inclus<span class=\"_ _1\"></span>e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali ed e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e le ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>zioni fu<span class=\"_ _1\"></span>ture)<span class=\"_ _0\"></span> dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>azienda acquistata.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 valut<span class=\"_ _1\"></span>ato al cos<span class=\"_ _1\"></span>to ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore accumulate<span class=\"_ _1\"></span>. Al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e della ve<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rif<span class=\"_ _1\"></span>ica p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e di valor<span class=\"_ _1\"></span>e, l<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto acquis<span class=\"_ _1\"></span>ito in un\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale \u00e8 allo<span class=\"_ _1\"></span>cato, alla dat<span class=\"_ _1\"></span>a di acquisi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, alle singole unit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>eratr<span class=\"_ _1\"></span>ici di flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo, o ai gr<span class=\"_ _1\"></span>uppi di unit\u00e0 ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ratrici di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si che d<span class=\"_ _1\"></span>ovre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciare dalle sine<span class=\"_ _1\"></span>rgie de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, indip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente dal fat<span class=\"_ _1\"></span>to che altr<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>iano as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nate a tali unit<span class=\"_ _1\"></span>\u00e0 o rag<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>uppame<span class=\"_ _1\"></span>nti di unit\u00e0<span class=\"_ _1\"></span>.Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>av<span class=\"_ _2\"></span>viame<span class=\"_ _1\"></span>nto \u00e8 st<span class=\"_ _1\"></span>ato alloc<span class=\"_ _1\"></span>ato a un<span class=\"_ _1\"></span>\u2019unit\u00e0 gener<span class=\"_ _1\"></span>atrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari e l<span class=\"_ _1\"></span>\u2019entit\u00e0 dis<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>te par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di t<span class=\"_ _1\"></span>ale uni<span class=\"_ _1\"></span><span class=\"ws0\">-</span>t\u00e0, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>viam<span class=\"_ _1\"></span>ento as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato all<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 dism<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere inclu<span class=\"_ _1\"></span>so ne<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 quando si de<span class=\"_ _1\"></span>termina l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciato con l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 dis<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato sulla bas<span class=\"_ _1\"></span>e dei val<span class=\"_ _1\"></span>ori re<span class=\"_ _1\"></span>lativi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 di<span class=\"_ _1\"></span>sme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e della p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te mantenut<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019unit\u00e0 gene<span class=\"_ _1\"></span>ratrice di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__40": {
   "value": "2.3.6 Atti<span class=\"_ _0\"></span>vit\u00e0 ImmaterialiLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>e nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo al cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to quando \u00e8 p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 gen<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>r\u00e0 ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomici f<span class=\"_ _1\"></span>uturi e quando il co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>u\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere det<span class=\"_ _1\"></span>erminato in mo<span class=\"_ _1\"></span>do at<span class=\"_ _1\"></span>tendib<span class=\"_ _1\"></span>ile. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 imma<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>teriali ac<span class=\"_ _1\"></span>quisite at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni di ag<span class=\"_ _1\"></span>gre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione di imp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o iscrit<span class=\"_ _1\"></span>te al v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo def<span class=\"_ _1\"></span>inito alla dat<span class=\"_ _1\"></span>a di ac<span class=\"ls0 ws0\">-</span>quisizi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>e tal<span class=\"_ _1\"></span>e valor<span class=\"_ _1\"></span>e pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere de<span class=\"_ _1\"></span>terminato in mo<span class=\"_ _1\"></span>do at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibile. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita s<span class=\"_ _1\"></span>ono ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate a qu<span class=\"_ _1\"></span>ote cos<span class=\"_ _1\"></span>tanti lungo la lo<span class=\"_ _1\"></span>ro vit<span class=\"_ _1\"></span>a utile s<span class=\"_ _1\"></span>timata; la vit<span class=\"_ _1\"></span>a utile v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminata co<span class=\"_ _1\"></span>n pe<span class=\"_ _1\"></span>riodicit<span class=\"_ _1\"></span>\u00e0 annuale ed e<span class=\"_ _1\"></span>ventuali camb<span class=\"_ _1\"></span>iamenti, lad<span class=\"_ _1\"></span>dove ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ari, son<span class=\"_ _1\"></span>o appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati co<span class=\"_ _1\"></span>n applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>a.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali s<span class=\"_ _1\"></span>ono es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ste al n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>lativi amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>enti ac<span class=\"_ _1\"></span>cumulati e di eventuali p<span class=\"_ _1\"></span>erdite di va<span class=\"_ _1\"></span>lore accumulati det<span class=\"_ _1\"></span>erminate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le mo<span class=\"_ _1\"></span>dalit<span class=\"_ _1\"></span>\u00e0 des<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>te nel s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito. Le vite utili d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>incipali clas<span class=\"_ _1\"></span>si di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti:Vita UtileDiritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _22a\"> </span>2-5 anniC<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _25e\"> </span>10 anniKey money<span class=\"_ _25f\"> </span>In base alla durat<span class=\"_ _0\"></span>a residua del c<span class=\"_ _0\"></span>ontratto di affitto del beneKnow-how<span class=\"_ _260\"> </span><span class=\"ff74\">8 anni</span>Un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riale vie<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>liminata al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla dismis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ia, alla data in cui l<span class=\"_ _1\"></span>\u2019acquirente ne ot<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>ne il controllo) o quando non ci si att<span class=\"_ _1\"></span>endo<span class=\"_ _1\"></span>no be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici futuri dal su<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>zo o dismis<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>. Quals<span class=\"_ _1\"></span>iasi util<span class=\"_ _1\"></span>e o per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019eliminazione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 (calcolat<span class=\"_ _1\"></span>a come dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra il c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o della dis<span class=\"_ _1\"></span>miss<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e il valo<span class=\"_ _1\"></span>re contab<span class=\"_ _1\"></span>ile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0<span class=\"_ _0\"></span>) \u00e8 inclusa n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico.Il valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _1\"></span>top<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to a verif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca, p<span class=\"_ _1\"></span>er rile<span class=\"_ _1\"></span>varne e<span class=\"_ _1\"></span>ventuali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore, qua<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lora e<span class=\"_ _1\"></span>venti o camb<span class=\"_ _1\"></span>iamenti di sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne indichino che il v<span class=\"_ _1\"></span>alore di c<span class=\"_ _1\"></span>arico no<span class=\"_ _1\"></span>n pos<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>o. Le perdit<span class=\"_ _1\"></span>e di valore s<span class=\"_ _1\"></span>ono co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico fr<span class=\"_ _1\"></span>a i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni. T<span class=\"_ _4\"></span>ali p<span class=\"_ _1\"></span>erdite di v<span class=\"_ _1\"></span>alore sono r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tinate ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui vengan<span class=\"_ _1\"></span>o meno i m<span class=\"_ _1\"></span>otiv<span class=\"_ _1\"></span>i che le hanno ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate.C<span class=\"_ _4\"></span>osti di sviluppoI cos<span class=\"_ _1\"></span>ti di rice<span class=\"_ _1\"></span>rca s<span class=\"_ _1\"></span>ono imput<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui son<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i. I cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nuti in rela<span class=\"_ _1\"></span>zione a un d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato proget<span class=\"_ _1\"></span>to so<span class=\"_ _1\"></span>no cap<span class=\"_ _1\"></span>italiz<span class=\"_ _2\"></span>zati s<span class=\"_ _1\"></span>olo quando il G<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>u\u00f2 dimos<span class=\"_ _1\"></span>trare la p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit\u00e0 t<span class=\"_ _1\"></span>ecnic<span class=\"_ _1\"></span>a di compl<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immaterial<span class=\"_ _1\"></span>e in modo da r<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>rla disp<span class=\"_ _1\"></span>onibile p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso o p<span class=\"_ _1\"></span>er la vendit<span class=\"_ _1\"></span>a, la prop<span class=\"_ _1\"></span>ria inten<span class=\"_ _1\"></span>zione di co<span class=\"_ _1\"></span>mplet<span class=\"_ _1\"></span>are det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r us<span class=\"_ _1\"></span>arla o vend<span class=\"_ _1\"></span>erla, l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 in cui es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rer\u00e0 probabili b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici eco<span class=\"_ _1\"></span>nomici fut<span class=\"_ _1\"></span>uri, la disp<span class=\"_ _1\"></span>onibilit\u00e0 di ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se t<span class=\"_ _1\"></span>ecnich<span class=\"_ _1\"></span>e, f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e o di altro tipo p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>omplet<span class=\"_ _1\"></span>are lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o e la sua capa<span class=\"_ _1\"></span>cit\u00e0 di v<span class=\"_ _1\"></span>alutare in m<span class=\"_ _1\"></span>odo at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibile il cos<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 dur<span class=\"_ _1\"></span>ante il suo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o.Durante il p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o, l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 \u00e8 rie<span class=\"_ _1\"></span>saminat<span class=\"_ _1\"></span>a annualmente ai f<span class=\"_ _1\"></span>ini de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di eve<span class=\"_ _1\"></span>ntuali perdit<span class=\"_ _1\"></span>e di valore<span class=\"_ _1\"></span>. Succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente alla r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale<span class=\"_ _1\"></span>, i cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o sono v<span class=\"_ _1\"></span>alutati al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>ntato di og<span class=\"_ _1\"></span>ni eventuale amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a accumulat<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 inizia ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui lo s<span class=\"_ _1\"></span>vilup<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>po si \u00e8 co<span class=\"_ _1\"></span>mplet<span class=\"_ _1\"></span>ato e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 dis<span class=\"_ _1\"></span>ponibil<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto al per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o in cui si preve<span class=\"_ _1\"></span>de che il proget<span class=\"_ _1\"></span>to coll<span class=\"_ _1\"></span>egato ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rer\u00e0 ri<span class=\"_ _1\"></span>cavi p<span class=\"_ _1\"></span>er il G<span class=\"_ _1\"></span>ruppo. Diritti di br<span class=\"_ _0\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _0\"></span>e d\u2019ingegno I diritti di b<span class=\"_ _1\"></span>revet<span class=\"_ _1\"></span>ti e di utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>re di ingegno s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>o ai cost<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r licen<span class=\"_ _1\"></span>ze d<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>i <span class=\"ff79 ws19\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span><span class=\"ls0 ws141\"> e<span class=\"_ _1\"></span>d </span>alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r il dep<span class=\"_ _1\"></span>osito e la re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione marchi e d<span class=\"_ _1\"></span>ei bre<span class=\"_ _1\"></span>vett<span class=\"_ _1\"></span>i relati<span class=\"_ _1\"></span>vi ai pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i del G<span class=\"_ _1\"></span>ruppo<span class=\"_ _1\"></span>.C<span class=\"_ _4\"></span>oncessioni, diritti lic<span class=\"_ _0\"></span>enze e mar<span class=\"_ _0\"></span>chi similar<span class=\"_ _0\"></span>i La voc<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>ame si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ce alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>o e regis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e del marchio S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o. I cos<span class=\"_ _1\"></span>ti di acqui<span class=\"ls0 ws0\">-</span>sto s<span class=\"_ _1\"></span>ono ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zati in un arco te<span class=\"_ _1\"></span>mporal<span class=\"_ _1\"></span>e pari alla vit<span class=\"_ _1\"></span>a util<span class=\"_ _1\"></span>e del dirit<span class=\"_ _1\"></span>to ac<span class=\"_ _1\"></span>quisito.Altre attivit\u00e0 immater<span class=\"_ _0\"></span>iali a vita utile definitaLa voc<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>a princip<span class=\"_ _1\"></span>almente imput<span class=\"_ _1\"></span>abile all<span class=\"_ _1\"></span>e somme p<span class=\"_ _1\"></span>agate p<span class=\"_ _1\"></span>er ot<span class=\"_ _1\"></span>tene<span class=\"_ _1\"></span>re la disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di immobili in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione sube<span class=\"_ _1\"></span>ntrand<span class=\"_ _1\"></span>o a contrat<span class=\"_ _1\"></span>ti es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti o<span class=\"_ _1\"></span>d otte<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do il re<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei con<span class=\"_ _1\"></span>dutto<span class=\"_ _1\"></span>ri in mo<span class=\"_ _1\"></span>do da pote<span class=\"_ _1\"></span>r ott<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re nuovi co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con i lo<span class=\"_ _1\"></span>cator<span class=\"_ _1\"></span>i (<span class=\"ff79 ls43 ws0\">k<span class=\"_ _0\"></span>ey money<span class=\"ff71 ls42 ws11f\">). T<span class=\"_ _6\"></span>ali oner<span class=\"_ _1\"></span>i vengono amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zati lungo un ori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zonte te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ale pari alla durat<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>tratt<span class=\"_ _1\"></span>o di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to.La voc<span class=\"_ _1\"></span>e include<span class=\"_ _1\"></span>, a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2020, anch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls38 ws119\">know how</span> acquisit<span class=\"_ _1\"></span>o attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019aggr<span class=\"_ _1\"></span>ega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndale di A<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. e Aura 1 S<span class=\"_ _1\"></span>.r<span class=\"_ _0\"></span>.l., is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to al suo v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo alla data di ac<span class=\"_ _1\"></span>quisiz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>a<span class=\"_ _1\"></span>le one<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato lungo un oriz<span class=\"ls0 ws0\">-</span>zonte temp<span class=\"_ _1\"></span>oral<span class=\"_ _1\"></span>e di 8 anni.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__43": {
   "value": "2.3.7 Strumenti finanziari Uno st<span class=\"_ _1\"></span>rumento f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario \u00e8 qualsia<span class=\"_ _1\"></span>si contr<span class=\"_ _1\"></span>atto che d\u00e0 o<span class=\"_ _1\"></span>rigine a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria p<span class=\"_ _1\"></span>er un<span class=\"_ _1\"></span>\u2019entit\u00e0 e ad una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria o ad uno s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ativo di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale pe<span class=\"_ _1\"></span>r un\u2019altra entit<span class=\"_ _1\"></span>\u00e0. Nell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 il principio ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rale \u00e8 che un<span class=\"_ _1\"></span>\u2019entit\u00e0 de<span class=\"_ _1\"></span>ve rilev<span class=\"_ _1\"></span>are nella pro<span class=\"_ _1\"></span>pria situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria un\u2019atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria quando e s<span class=\"_ _1\"></span>olo quando di<span class=\"_ _1\"></span>vie<span class=\"_ _1\"></span>ne par<span class=\"_ _1\"></span>te n<span class=\"_ _1\"></span>elle clau<span class=\"_ _1\"></span>sole c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali dello s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento. Attivit\u00e0 finanziarieAl mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in f<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ssi di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie e d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s</span> ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>a per la l<span class=\"_ _1\"></span>oro ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne. L<span class=\"_ _1\"></span>a va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>luta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attuali \u00e8 indi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a come <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st<span class=\"ff71 wscb\"> SPPI<span class=\"_ _0\"></span> (<span class=\"_ _4\"></span>cos<span class=\"_ _1\"></span>iddetto \u201c<span class=\"ff79 ls44 wsa0\">solely paymen<span class=\"_ _0\"></span>ts </span></span></span>of principal and intere<span class=\"_ _1\"></span>st-SPPI<span class=\"ff71\">) e v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>a a live<span class=\"_ _1\"></span>llo di st<span class=\"_ _1\"></span>rumento. T<span class=\"_ _4\"></span>ut<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>avia, st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari id<span class=\"_ _1\"></span>entici p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono </span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re analiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in grup<span class=\"_ _1\"></span>po dal mom<span class=\"_ _1\"></span>ento che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esit<span class=\"_ _1\"></span>o del <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st</span> non s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nte risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al ca<span class=\"_ _1\"></span>so in cui fos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ro st<span class=\"_ _1\"></span>ati valut<span class=\"_ _1\"></span>ati indi<span class=\"_ _1\"></span>vidualm<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. Il mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce al mo<span class=\"_ _1\"></span>do in cui ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce le p<span class=\"_ _1\"></span>roprie atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e di gene<span class=\"_ _1\"></span>rare f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i. Il mod<span class=\"_ _1\"></span>ello a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale dete<span class=\"_ _1\"></span>rmina se i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>iver<span class=\"_ _1\"></span>anno dalla racco<span class=\"_ _1\"></span>lta di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali, dalla vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie o da entramb<span class=\"_ _1\"></span>i. In bas<span class=\"_ _1\"></span>e a tali c<span class=\"_ _1\"></span>arat<span class=\"ls0 ws0\">-</span>teri<span class=\"_ _1\"></span>stich<span class=\"_ _1\"></span>e le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie son<span class=\"_ _1\"></span>o clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in quat<span class=\"_ _1\"></span>tro cate<span class=\"_ _1\"></span>gorie:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmor<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (strume<span class=\"_ _1\"></span>nti di deb<span class=\"_ _1\"></span>ito<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span> rilev<span class=\"_ _1\"></span>ato nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo con r<span class=\"_ _1\"></span>iclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a degli ut<span class=\"_ _1\"></span>ili e perdit<span class=\"_ _1\"></span>e cumu<span class=\"ls0 ws0\">-</span>late (<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti di de<span class=\"_ _1\"></span>bito);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al <span class=\"ff79\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rigiro d<span class=\"_ _1\"></span>egli utili e p<span class=\"_ _1\"></span>erdite c<span class=\"_ _1\"></span>umulate nel momento dell\u2019eli<span class=\"_ _0\"></span>minazione<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>strumenti rappresentativi di capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span><span class=\"lsd wse\"> rilevato a conto economico.</span>In se<span class=\"_ _1\"></span>de di rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one inizial<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po valut<span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria al su<span class=\"_ _1\"></span>o <span class=\"ff79\">fair value </span>pi\u00f9, nel ca<span class=\"_ _1\"></span>so di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziaria non al fair v<span class=\"_ _1\"></span>alue rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, i cost<span class=\"_ _1\"></span>i di trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, che non cont<span class=\"_ _1\"></span>engono una compo<span class=\"_ _1\"></span>nente di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va o p<span class=\"_ _1\"></span>er i quali il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ente prat<span class=\"_ _1\"></span>ico, sono v<span class=\"_ _1\"></span>alutati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dete<span class=\"_ _1\"></span>rminato se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>5.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, al<span class=\"ff79\"> fair value</span><span class=\"lsb ws134\"> rileva<span class=\"_ _0\"></span>to nel </span>conto economic<span class=\"_ _0\"></span>o complessivo e al<span class=\"ff79 ls4 ws0\"> f<span class=\"_ _0\"></span>air value<span class=\"ff71 lsd wse\"> rilevato nel conto economico.<span class=\"_ _0\"></span> </span></span>Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato se e<span class=\"_ _1\"></span>ntrambi i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti re<span class=\"_ _1\"></span>quisiti s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>oddi<span class=\"_ _1\"></span>sfat<span class=\"_ _1\"></span>ti:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia \u00e8 pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>dut<span class=\"_ _1\"></span>a nel quadro di un mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span> il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 il p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zato alla racc<span class=\"_ _1\"></span>olta d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali;\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>i te<span class=\"_ _1\"></span>rmini contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no a dete<span class=\"_ _1\"></span>rminate date f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati unic<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apita<span class=\"_ _1\"></span>le e dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se sull<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>stituire<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente valut<span class=\"_ _1\"></span>ate utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il criter<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo e so<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad <span class=\"ff79 ls8 ws6e\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>a o ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>ra le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o inclusi i cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali e i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato nel conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _4\"></span>omplessivo (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o al<span class=\"ff79\"> fair value</span><span class=\"ls45 ws10c\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo se entram<span class=\"ls0 ws0\">-</span></span>be le seguenti condizioni<span class=\"_ _0\"></span> sono soddisfatte: \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria \u00e8 po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>duta ne<span class=\"_ _1\"></span>l quadro di un mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls8 ws6e\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> il cui o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ia mediante l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali che me<span class=\"_ _1\"></span>diante la vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e; e\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>i termini co<span class=\"_ _1\"></span>ntrattuali d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o a dete<span class=\"_ _1\"></span>rminate date flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati unica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apital<span class=\"_ _1\"></span>e ed inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minati sull<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tituire.Per le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls45 ws105\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo gli u<span class=\"_ _0\"></span>tili e<span class=\"_ _0\"></span> le </span>per<span class=\"_ _1\"></span>dite son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sivo a<span class=\"_ _1\"></span>d ecc<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle var<span class=\"_ _1\"></span>iazioni p<span class=\"_ _1\"></span>er dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze c<span class=\"_ _1\"></span>ambio e de<span class=\"_ _1\"></span>lle per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e, insie<span class=\"_ _1\"></span>me alle rip<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e, che s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eliminazi<span class=\"_ _1\"></span>one, la v<span class=\"_ _1\"></span>aria<span class=\"ls0 ws0\">-</span>zione cumulati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span><span class=\"ls45 wsb2\"> rileva<span class=\"_ _0\"></span>ta nel conto economico<span class=\"_ _0\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _0\"></span>;<span class=\"_ _0\"></span> </span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciuti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si che s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>ero s<span class=\"_ _1\"></span>tati r<span class=\"_ _1\"></span>ilevati s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>ria foss<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a da semp<span class=\"_ _1\"></span>re valut<span class=\"_ _1\"></span>ata al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto il Grupp<span class=\"_ _1\"></span>o non ha que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cie.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al<span class=\"ff77\"> fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _0\"></span>onomicoIn gene<span class=\"_ _1\"></span>rale l<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 def<span class=\"_ _1\"></span>inis<span class=\"_ _1\"></span>ce la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span> rilevato a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico com<span class=\"_ _1\"></span>e una cate<span class=\"_ _1\"></span>goria re<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>duale da applic<span class=\"_ _1\"></span>are a tut<span class=\"_ _1\"></span>te quelle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, in vir<span class=\"_ _1\"></span>t\u00f9 d<span class=\"_ _1\"></span>elle lo<span class=\"_ _1\"></span>ro carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche contr<span class=\"_ _1\"></span>attuali, non s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato o al <span class=\"ff79\">fair value</span><span class=\"ls45 ws113\"> rileva<span class=\"_ _0\"></span>to a con<span class=\"_ _0\"></span>to economico com<span class=\"_ _0\"></span>plessi<span class=\"_ _1\"></span>vo. T<span class=\"_ _6\"></span>uttavia, il Gru<span class=\"_ _0\"></span>ppo pu\u00f2<span class=\"_ _0\"></span> </span>deci<span class=\"_ _1\"></span>dere<span class=\"_ _1\"></span>, in se<span class=\"_ _1\"></span>de di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale, di de<span class=\"_ _1\"></span>signare irr<span class=\"_ _1\"></span>evoc<span class=\"_ _1\"></span>abilmente un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria come mis<span class=\"_ _1\"></span>urata al <span class=\"ff79 ls0 ws0\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r </span>value <span class=\"_ _1\"></span><span class=\"ff71 ws81\">ril<span class=\"_ _1\"></span>evato a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico s<span class=\"_ _1\"></span>e ci\u00f2 comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eliminazione o la r<span class=\"_ _1\"></span>iduzio<span class=\"_ _1\"></span>ne signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a di un disalline<span class=\"_ _1\"></span>amento </span>contab<span class=\"_ _1\"></span>ile (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>inito com<span class=\"_ _1\"></span>e un \u201c<span class=\"_ _0\"></span><span class=\"ff79\">accounting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che invece e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgere<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e se le p<span class=\"_ _1\"></span>erdite o i p<span class=\"_ _1\"></span>rof<span class=\"_ _1\"></span>itti s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 </span></span>foss<span class=\"_ _1\"></span>ero ril<span class=\"_ _1\"></span>evati s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo un dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ente crite<span class=\"_ _1\"></span>rio. S<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ene que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere in qualche m<span class=\"_ _1\"></span>odo a<span class=\"_ _1\"></span>ssimilat<span class=\"_ _1\"></span>a ad un<span class=\"ff79 ls42 wsad\"> accounting polic<span class=\"_ _1\"></span>y choice<span class=\"ff71\">, t<span class=\"_ _1\"></span>utt<span class=\"_ _1\"></span>avia va n<span class=\"_ _1\"></span>otato che il p<span class=\"_ _1\"></span>rincipio no<span class=\"_ _1\"></span>n richie<span class=\"_ _1\"></span>de che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia appli<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a in modo c<span class=\"_ _1\"></span>oer<span class=\"_ _1\"></span>ente </span></span>a tutt<span class=\"_ _1\"></span>e le trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni similari.Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i finan<span class=\"_ _1\"></span>ziari al <span class=\"ff79\">fair value</span> con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situazione pa<span class=\"_ _0\"></span>trimoni<span class=\"_ _0\"></span>ale-finanziaria<span class=\"_ _0\"></span> al <span class=\"ff79 ls42 ws13f\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\"> e le varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>el </span>fair value<span class=\"ff71 ls45 wsbc\"> rilevate<span class=\"_ _0\"></span> nel prospetto dell<span class=\"_ _1\"></span>\u2019u<span class=\"_ _0\"></span>tile/</span></span>(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. In ques<span class=\"_ _1\"></span>ta c<span class=\"_ _1\"></span>atego<span class=\"_ _1\"></span>ria rientr<span class=\"_ _1\"></span>ano gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati. I d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i dete<span class=\"_ _1\"></span>nuti per la n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>alvo ch<span class=\"_ _1\"></span>e non siano de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icac<span class=\"_ _1\"></span>e. Il deri<span class=\"_ _1\"></span>vato inco<span class=\"_ _1\"></span>rpor<span class=\"_ _1\"></span>ato conte<span class=\"_ _1\"></span>nuto in un contrat<span class=\"_ _1\"></span>to ibri<span class=\"_ _1\"></span>do non de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, in una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o in un contrat<span class=\"ls0 ws0\">-</span>to non f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iario princip<span class=\"_ _1\"></span>ale, \u00e8 s<span class=\"_ _1\"></span>eparato dal c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to princip<span class=\"_ _1\"></span>ale e cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato com<span class=\"_ _1\"></span>e deri<span class=\"_ _1\"></span>vato s<span class=\"_ _1\"></span>eparato, s<span class=\"_ _1\"></span>e: le sue c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omiche e<span class=\"_ _1\"></span>d i ris<span class=\"_ _1\"></span>chi ad es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ass<span class=\"_ _1\"></span>ociati no<span class=\"_ _1\"></span>n son<span class=\"_ _1\"></span>o stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>lati a quelli de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to principale<span class=\"_ _0\"></span>; uno strumento<span class=\"_ _0\"></span> separato con gli stessi termini del derivato inc<span class=\"_ _0\"></span>orporato soddisferebb<span class=\"_ _1\"></span>e la definizione di<span class=\"_ _4\"></span> deri<span class=\"_ _1\"></span>vato; e il contrat<span class=\"_ _1\"></span>to ibrid<span class=\"_ _1\"></span>o non \u00e8 valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span><span class=\"ls46 wscd\"> rilevato nel conto economico. I derivati incorporati sono<span class=\"_ _0\"></span> </span>valutati al<span class=\"ff79 ls42 ws0\"> fair value<span class=\"ff71\">, con le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni di </span>fair value</span><span class=\"ls46 wse\"> rilevate nel con<span class=\"_ _0\"></span>to economico. </span>Riclassificazione Una riclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e solo n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso in cui inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nga un camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>i termini d<span class=\"_ _1\"></span>el contrat<span class=\"_ _1\"></span>to che mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a altrime<span class=\"_ _1\"></span>nti att<span class=\"_ _1\"></span>esi o quan<span class=\"_ _1\"></span>do il Grupp<span class=\"_ _1\"></span>o mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica il su<span class=\"_ _1\"></span>o <span class=\"ff79 ls0 ws0\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </span>model<span class=\"ff71 ls4 wsfd\"> pe<span class=\"_ _1\"></span>r ges<span class=\"_ _1\"></span>tire le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. La ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere app<span class=\"_ _1\"></span>licat<span class=\"_ _1\"></span>a prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente dalla dat<span class=\"_ _1\"></span>a di ri<span class=\"ls0 ws0\">-</span></span>clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di ride<span class=\"_ _1\"></span>terminare prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti, p<span class=\"_ _1\"></span>erdite e inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi g<span class=\"_ _1\"></span>i\u00e0 prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente rile<span class=\"_ _1\"></span>vati.Canc<span class=\"_ _4\"></span>ellazioneUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria (<span class=\"_ _0\"></span>o, ove applicabil<span class=\"_ _1\"></span>e, par<span class=\"_ _1\"></span>te di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria o par<span class=\"_ _1\"></span>te di un grupp<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie simi<span class=\"ls0 ws0\">-</span>li) \u00e8 cance<span class=\"_ _1\"></span>llata in primo lu<span class=\"_ _1\"></span>ogo (<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>. rimo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dal pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo) q<span class=\"_ _0\"></span>uando:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>i dir<span class=\"_ _1\"></span>itti a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inti; o\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>il Gruppo ha t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferito a<span class=\"_ _1\"></span>d una ter<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>te il dirit<span class=\"_ _1\"></span>to a rice<span class=\"_ _1\"></span>vere f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o ha as<span class=\"_ _1\"></span>sunto l<span class=\"_ _1\"></span>\u2019obbligo con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>uale di corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rli interam<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rit<span class=\"_ _1\"></span>ardi e (<span class=\"_ _4\"></span>a) ha tras<span class=\"_ _1\"></span>ferito s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente tut<span class=\"_ _1\"></span>ti i ri<span class=\"_ _1\"></span>schi e b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci della propri<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, oppur<span class=\"_ _1\"></span>e (b) non ha trasfe<span class=\"_ _1\"></span>rito n\u00e9 t<span class=\"_ _1\"></span>ratte<span class=\"_ _1\"></span>nuto s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0, ma ha tras<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ito il controllo d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Nei c<span class=\"_ _1\"></span>asi in cui il G<span class=\"_ _1\"></span>ruppo ab<span class=\"_ _1\"></span>bia tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o i diritt<span class=\"_ _1\"></span>i a riceve<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari da un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o abbia s<span class=\"_ _1\"></span>iglato un accor<span class=\"_ _1\"></span>do in base a<span class=\"_ _1\"></span>l quale mantiene i dirit<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali a riceve<span class=\"_ _1\"></span>re i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, ma as<span class=\"_ _1\"></span>sume un<span class=\"_ _1\"></span>\u2019obbli<span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e a pagare i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari a uno o pi\u00f9 be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari (<span class=\"_ _2\"></span><span class=\"ff79 ls0 ws0\">p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hrou<span class=\"_ _1\"></span>gh</span>)<span class=\"_ _0\"></span>, es<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>aluta s<span class=\"_ _1\"></span>e e in che misur<span class=\"_ _1\"></span>a abbia trat<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>o i rischi e i b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici iner<span class=\"_ _1\"></span>enti al po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o. Se tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ine<span class=\"_ _1\"></span>renti al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziaria s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>riti, il Grup<span class=\"_ _1\"></span>po elimina dal pro<span class=\"_ _1\"></span>prio bilanci<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia ed is<span class=\"_ _1\"></span>crive s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 qualsiasi dirit<span class=\"_ _1\"></span>to e o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zione cr<span class=\"_ _1\"></span>eati o mantenut<span class=\"_ _1\"></span>i; in caso co<span class=\"_ _1\"></span>ntrario l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0\">-</span>ziaria continua ad e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e mantenut<span class=\"_ _1\"></span>a in bilancio. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui non ab<span class=\"_ _1\"></span>bia n\u00e9 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rito n\u00e9 tr<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nuto so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tutt<span class=\"_ _1\"></span>i i rischi e b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici o non abb<span class=\"_ _1\"></span>ia per<span class=\"_ _1\"></span>so il c<span class=\"_ _1\"></span>ontrollo sulla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ntinua ad e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a nel bilan<span class=\"_ _1\"></span>cio del Grupp<span class=\"_ _1\"></span>o nella mis<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l suo coinvolg<span class=\"_ _1\"></span>imento re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa; qualora il contro<span class=\"_ _1\"></span>llo sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria non foss<span class=\"_ _1\"></span>e mantenuto, il G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>limina dal propri<span class=\"_ _1\"></span>o bilancio l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria ed i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 qual<span class=\"_ _1\"></span>siasi dirit<span class=\"_ _1\"></span>to e ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>ati o mantenut<span class=\"_ _1\"></span>i. L<span class=\"_ _6\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rita e la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociata s<span class=\"_ _1\"></span>ono v<span class=\"_ _1\"></span>alutate in mod<span class=\"_ _1\"></span>o da rifl<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ere i dirit<span class=\"_ _1\"></span>ti e le ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni che r<span class=\"_ _1\"></span>imangono di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tine<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo.Quando il co<span class=\"_ _1\"></span>involgimento r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>duo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 \u00e8 una garan<span class=\"_ _1\"></span>zia sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>a, il coinvolgim<span class=\"_ _1\"></span>ento \u00e8 misur<span class=\"_ _1\"></span>ato sulla bas<span class=\"_ _1\"></span>e del mino<span class=\"_ _1\"></span>re tra l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o mas<span class=\"_ _1\"></span>simo de<span class=\"_ _1\"></span>l corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo ricev<span class=\"_ _1\"></span>uto che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e dover rip<span class=\"_ _1\"></span>agare<span class=\"_ _1\"></span>.P<span class=\"_ _4\"></span>erdita di valor<span class=\"_ _4\"></span>e di attivit\u00e0 finanziarieIl Grupp<span class=\"_ _1\"></span>o iscr<span class=\"_ _1\"></span>ive una s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span><span class=\"ff79\">ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d credit lo<span class=\"_ _1\"></span>ss<span class=\"ff71\"> \u201c<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie rap<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate da st<span class=\"_ _1\"></span>rumenti di d<span class=\"_ _1\"></span>ebito n<span class=\"_ _1\"></span>on dete<span class=\"_ _1\"></span>nuti al <span class=\"ff79\">fair value</span> rilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. Nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico le dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni di <span class=\"_ _0\"></span><span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls4 ws104\"> si ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ano a tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e al <span class=\"ff79\">fair value</span><span class=\"lsb wsa4\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> </span></span></span>eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, mentr<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>se le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"ff79\">fair value</span><span class=\"lsd ws106\"> rilevato a conto economico.<span class=\"_ _0\"></span> </span>Inoltre<span class=\"_ _1\"></span>, rientr<span class=\"_ _1\"></span>ano nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>imetro di app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione an<span class=\"_ _1\"></span>che le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti tip<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws0\">Loan Commitment<span class=\"ff71\"> non valut<span class=\"_ _1\"></span>ati a F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL;</span></span>\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>G<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie f<span class=\"_ _1\"></span>inanziarie n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne IFRS 9;\u2022 <span class=\"_ _14\"> </span> Credit<span class=\"_ _1\"></span>i <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff79 ls4b wsc\">Lea<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g</span><span class=\"ws0\"> rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6;</span>\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls48 ws106\">Contrac<span class=\"_ _1\"></span>t A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et <span class=\"ff71 ls4 ws0\">rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5.</span></span>Le ECL si bas<span class=\"_ _1\"></span>ano sulla dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari contr<span class=\"_ _1\"></span>attuali dov<span class=\"_ _1\"></span>uti in confor<span class=\"_ _1\"></span>mit\u00e0 al co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e tutti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nanziari che il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o si asp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ta di ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, sc<span class=\"_ _1\"></span>ontati a<span class=\"_ _1\"></span>d un\u2019appross<span class=\"_ _1\"></span>imazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo or<span class=\"_ _1\"></span>iginario. I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ta di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re dipe<span class=\"_ _1\"></span>ndono dalla p<span class=\"_ _1\"></span>robabilit<span class=\"_ _1\"></span>\u00e0 che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi un evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult</span><span class=\"ls0 ws0\"> </span>della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te e quanto, in ta<span class=\"_ _1\"></span>le ca<span class=\"_ _1\"></span>so, ci si att<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e di riuscire a r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erare; i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>i include<span class=\"_ _1\"></span>ranno quindi anche i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>cuss<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle gar<span class=\"_ _1\"></span>anzie re<span class=\"_ _1\"></span>ali dete<span class=\"_ _1\"></span>nute o di altre g<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie sul cre<span class=\"_ _1\"></span>dito che s<span class=\"_ _1\"></span>ono parte integrante delle cond<span class=\"_ _0\"></span>izioni contra<span class=\"_ _0\"></span>ttuali.Se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019approccio gen<span class=\"_ _1\"></span>erale p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>isto dal Prin<span class=\"_ _1\"></span>cipio, la modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls5f ws7\">impairme<span class=\"_ _1\"></span>nt <span class=\"_ _2\"></span></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziarie \u00e8 in fun<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esito d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>nitorag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>io del m<span class=\"_ _1\"></span>erito cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>lle contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ti. Re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alle e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ni credit<span class=\"_ _1\"></span>izie p<span class=\"_ _1\"></span>er le quali no<span class=\"_ _1\"></span>n vi \u00e8 st<span class=\"_ _1\"></span>ato un aume<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, biso<span class=\"_ _1\"></span>gna rile<span class=\"_ _1\"></span>vare le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u credit<span class=\"_ _1\"></span>i che der<span class=\"_ _1\"></span>ivan<span class=\"_ _1\"></span>o dalla stima di eve<span class=\"_ _1\"></span>nti di <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>faul<span class=\"_ _1\"></span>t</span> che s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili entro i su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi 12<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> (12<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span><span class=\"ff79 ls48 wsd1\">mont<span class=\"_ _1\"></span>hs</span><span class=\"ls4 ws134\"> EC<span class=\"_ _1\"></span>L). P<span class=\"_ _0\"></span>er le e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ioni cre<span class=\"_ _1\"></span>ditizie p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali vi \u00e8 st<span class=\"_ _1\"></span>ato un signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo aume<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di </span>credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, b<span class=\"_ _1\"></span>iso<span class=\"_ _1\"></span>gna rilev<span class=\"_ _1\"></span>are integ<span class=\"_ _1\"></span>ralmente l<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono alla re<span class=\"_ _1\"></span>sidua durat<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, a pre<span class=\"_ _1\"></span>scind<span class=\"_ _1\"></span>ere dal mo<span class=\"_ _1\"></span>mento in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efau<span class=\"_ _1\"></span>lt</span> si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi (\u201c<span class=\"ff79 ls5f ws7\">Lif<span class=\"_ _1\"></span>etim<span class=\"_ _1\"></span>e </span><span class=\"ls0\">EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>). </span>Per i credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>rivanti da c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un appro<span class=\"_ _1\"></span>ccio se<span class=\"_ _1\"></span>mplif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o nel c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o delle per<span class=\"_ _1\"></span>dite atte<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, il Grupp<span class=\"_ _1\"></span>o non monit<span class=\"_ _1\"></span>ora le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito, ma rile<span class=\"_ _1\"></span>va integ<span class=\"_ _1\"></span>ralmente la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa a o<span class=\"_ _1\"></span>gni data di rife<span class=\"_ _1\"></span>rimento (<span class=\"_ _1\"></span>\u201c<span class=\"ff79 ls53 wseb\">Lifet<span class=\"_ _1\"></span>ime</span> ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>). Pi\u00f9 nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico, il Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r le su<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>te att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019espe<span class=\"_ _1\"></span>die<span class=\"_ _1\"></span>nte pratico d<span class=\"_ _1\"></span>ella <span class=\"ff79 ls4c ws8b\">provi<span class=\"_ _1\"></span>sion matri<span class=\"_ _1\"></span>x</span> pe<span class=\"_ _1\"></span>r il calco<span class=\"_ _1\"></span>lo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls0 ws6e\">, ov<span class=\"_ _2\"></span>vero ha def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o un sis<span class=\"_ _1\"></span>tema matric<span class=\"_ _1\"></span>iale bas<span class=\"_ _1\"></span>ato </span></span>sulle informaz<span class=\"_ _1\"></span>ioni st<span class=\"_ _1\"></span>oriche di in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>so, ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>tici c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>iche tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>gie di deb<span class=\"_ _1\"></span>itori e de<span class=\"_ _1\"></span>l loro amb<span class=\"_ _1\"></span>iente e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e.P<span class=\"_ _4\"></span>assivit\u00e0 finanziarieLe pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate e valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il tas<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo ad ecce<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione di que<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, non ri<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo ai re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>oter e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutate al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ammor<span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate al <span class=\"ff79\">fair value</span> rile<span class=\"_ _1\"></span>vato a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Ri<span class=\"_ _1\"></span>entrano in qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo ca<span class=\"_ _1\"></span>so le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ziarie det<span class=\"_ _1\"></span>enute a s<span class=\"_ _1\"></span>copo di n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o inoltre p<span class=\"_ _1\"></span>u\u00f2 sce<span class=\"_ _1\"></span>glie<span class=\"_ _1\"></span>re, in se<span class=\"_ _1\"></span>de di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale, di de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nare irrevoc<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsb wse0\">con<span class=\"_ _0\"></span> imputazione a con<span class=\"_ _0\"></span>to economico q<span class=\"_ _0\"></span>uando q<span class=\"_ _0\"></span>uesto consente di </span>fornire un<span class=\"_ _1\"></span>\u2019informativ<span class=\"_ _1\"></span>a pi\u00f9 rilev<span class=\"_ _1\"></span>ante, in quanto:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>elimina o riduce s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte un<span class=\"_ _1\"></span>\u2019inco<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>ella misur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne o rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a anche com<span class=\"_ _1\"></span>e \u201c<span class=\"ff79\">an accoun<span class=\"ls0 ws0\">-</span></span>ting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che eme<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e dalla misura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o delle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o dalla rile<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o </span>dell<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite su di una b<span class=\"_ _1\"></span>ase dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rente;\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>un gruppo di at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie \u00e8 ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ito e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> in applica<span class=\"_ _1\"></span>zione di una p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls0 ws0\">ris<span class=\"_ _1\"></span>k </span>management<span class=\"ff71 ls4 ws127\"> o sulla ba<span class=\"_ _1\"></span>se di una st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ia di invest<span class=\"_ _1\"></span>imento e l<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a su det<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>uppo \u00e8 fornit<span class=\"_ _1\"></span>a inter<span class=\"_ _1\"></span>namente ai </span>dirigenti chiave su t<span class=\"_ _1\"></span>ale ba<span class=\"_ _1\"></span>se.Anche i d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati con<span class=\"ff79\"> fair value</span> neg<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati e valut<span class=\"_ _1\"></span>ati al<span class=\"ff79\"> fair value</span><span class=\"lsd ws6e\"> rilevato a con<span class=\"_ _0\"></span>to economico ad eccez<span class=\"_ _1\"></span>io<span class=\"ls0 ws0\">-</span></span>ne di quelli de<span class=\"_ _1\"></span>tenuti c<span class=\"_ _1\"></span>ome ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>aci s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vate inizialme<span class=\"_ _1\"></span>nte al fair value<span class=\"ff71\"> cui si agg<span class=\"_ _1\"></span>iungono, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti e deb<span class=\"_ _1\"></span>iti, i cos<span class=\"_ _1\"></span>ti di tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>si diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuibili. </span>Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali e altri de<span class=\"_ _1\"></span>biti, f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti, inc<span class=\"_ _1\"></span>lusi sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di conto cor<span class=\"_ _1\"></span>rente e s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e dipen<span class=\"_ _1\"></span>de dalla loro cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, come pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al <span class=\"ff79\">fair value</span><span class=\"ls0 wsc8\"> a </span>conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti).P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al <span class=\"ff79\">fair value</span> rilevat<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evate ini<span class=\"_ _1\"></span>zialmente al <span class=\"ff79\">fair value</span> con var<span class=\"_ _1\"></span>iazioni r<span class=\"_ _1\"></span>ilevate a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. Le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ono tut<span class=\"_ _1\"></span>te que<span class=\"_ _1\"></span>lle as<span class=\"_ _1\"></span>sunte con l<span class=\"_ _2\"></span>\u2019intento di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguerl<span class=\"_ _1\"></span>e o tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>irle ne<span class=\"_ _1\"></span>l breve te<span class=\"_ _1\"></span>rmine<span class=\"_ _1\"></span>. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cate<span class=\"_ _1\"></span>goria inclu<span class=\"_ _1\"></span>de inoltre g<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>oscr<span class=\"_ _1\"></span>itti dal G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o che non s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>signati c<span class=\"_ _1\"></span>ome str<span class=\"_ _1\"></span>umenti di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ura in una rela<span class=\"_ _1\"></span>zione di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dallo IA<span class=\"_ _1\"></span>S 39. I de<span class=\"_ _1\"></span>rivat<span class=\"_ _1\"></span>i incorp<span class=\"_ _1\"></span>orati, s<span class=\"_ _1\"></span>corp<span class=\"_ _1\"></span>orati dal co<span class=\"_ _1\"></span>ntrat<span class=\"ls0 ws0\">-</span>to princip<span class=\"_ _1\"></span>ale, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dete<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>alvo che n<span class=\"_ _1\"></span>on siano de<span class=\"_ _1\"></span>signati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci<span class=\"_ _1\"></span>. Gli utili o le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>ulle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a) d\u2019ese<span class=\"_ _1\"></span>rcizio. Le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no de<span class=\"_ _1\"></span>signate al <span class=\"ff79\">fair value </span>con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o dalla data di prima is<span class=\"_ _1\"></span>criz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, solo s<span class=\"_ _1\"></span>e i crite<span class=\"_ _1\"></span>ri de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fat<span class=\"_ _1\"></span>ti. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione ini<span class=\"_ _1\"></span>ziale, il G<span class=\"_ _1\"></span>ruppo n<span class=\"_ _1\"></span>on ha de<span class=\"_ _1\"></span>signato pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsd wse\">con vari<span class=\"_ _0\"></span>azioni rilevate a conto<span class=\"_ _0\"></span> economico.</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al costo ammortizzato (prestiti e finanziamenti)Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ati con il crit<span class=\"_ _1\"></span>erio de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato us<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>o del ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 es<span class=\"_ _1\"></span>tint<span class=\"_ _1\"></span>a, oltre che at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento. Il cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato \u00e8 cal<span class=\"_ _1\"></span>colato rile<span class=\"_ _1\"></span>vand<span class=\"_ _1\"></span>o lo sco<span class=\"_ _1\"></span>nto o il premio sull<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne e gli ono<span class=\"_ _1\"></span>rari o co<span class=\"_ _1\"></span>sti ch<span class=\"_ _1\"></span>e fanno par<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>grante d<span class=\"_ _1\"></span>el t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>mpre<span class=\"_ _1\"></span>so tra g<span class=\"_ _1\"></span>li oner<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdita).<span class=\"_ _0\"></span> Non \u00e8 p<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span>ibile ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie. Canc<span class=\"_ _4\"></span>ellazioneUna pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>ancellat<span class=\"_ _1\"></span>a quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante la p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 \u00e8 e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inta, annullata ov<span class=\"_ _2\"></span>vero a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>piuta<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tente fo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a da un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra de<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tator<span class=\"_ _1\"></span>e, a con<span class=\"_ _1\"></span>dizioni s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zialmente di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, oppure le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte venis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ero so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate<span class=\"_ _1\"></span>, tal<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>ambio o modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne tr<span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ato come una c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>riginale, a<span class=\"_ _1\"></span>ccompag<span class=\"_ _1\"></span>nata dalla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione di una nuova pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, co<span class=\"_ _1\"></span>n iscri<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio di eve<span class=\"_ _1\"></span>ntuali diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze tra i val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili.C<span class=\"_ _0\"></span>ompensazione di strumenti finanziariUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ate e il sal<span class=\"_ _1\"></span>do net<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o nel pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria, se e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te un dirit<span class=\"_ _1\"></span>to leg<span class=\"_ _1\"></span>ale att<span class=\"_ _1\"></span>uale a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti rile<span class=\"_ _1\"></span>vati cont<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte e vi sia l<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one di e<span class=\"_ _1\"></span>stingu<span class=\"_ _1\"></span>ere il re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to, o realiz<span class=\"_ _2\"></span>zare l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e co<span class=\"_ _1\"></span>ntemp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>amente e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tingue<span class=\"_ _1\"></span>re la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0.Strumenti finanziari der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati e hedge ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ountingRilevazione iniziale e v<span class=\"_ _0\"></span>alutazione succ<span class=\"_ _4\"></span>essivaIl Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati tra i quali: contratt<span class=\"_ _1\"></span>i a termin<span class=\"_ _1\"></span>e in valuta<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r coprire i r<span class=\"_ _1\"></span>ischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari relati<span class=\"_ _1\"></span>vi alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di cambi<span class=\"_ _1\"></span>o sulle tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>mmerciali in valut<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no inizialm<span class=\"_ _1\"></span>ente r<span class=\"_ _1\"></span>ilev<span class=\"_ _1\"></span>ati al <span class=\"ff79 ls4 ws12a\">fair value<span class=\"ff71\"> alla data in cui il contrat<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato \u00e8 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e, suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ati </span></span>nuovame<span class=\"_ _1\"></span>nte al <span class=\"ff79\">fair value</span>. I deriv<span class=\"_ _1\"></span>ati son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati come at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie quand<span class=\"_ _1\"></span>o il <span class=\"ff79\">fair value</span> \u00e8 positi<span class=\"_ _1\"></span>vo e come pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie quando il <span class=\"ff79\">fair value</span> \u00e8 neg<span class=\"_ _1\"></span>ativo. Co<span class=\"_ _1\"></span>me con<span class=\"_ _1\"></span>sentit<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 par<span class=\"_ _1\"></span>agrafo 7<span class=\"_ _4\"></span>.2<span class=\"_ _1\"></span>.21<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _1\"></span>o ha opt<span class=\"_ _1\"></span>ato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>S 39 in merito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Coe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente co<span class=\"_ _1\"></span>n quanto st<span class=\"_ _1\"></span>abilito dallo IA<span class=\"_ _1\"></span>S 39.<span class=\"_ _1\"></span>88 e r<span class=\"_ _1\"></span>ipres<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9.6.4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 st<span class=\"_ _1\"></span>abilite p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls22 wse4\"> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o:</span></span>\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la de<span class=\"_ _1\"></span>signa<span class=\"_ _1\"></span>zione for<span class=\"_ _1\"></span>male e la doc<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa, degli o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 nella ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio e della s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tuare la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>ar\u00e0 alt<span class=\"_ _1\"></span>amente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>per l<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ture di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i, l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rogrammat<span class=\"_ _1\"></span>a che \u00e8 og<span class=\"_ _2\"></span>getto di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re altam<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span><span class=\"ws0\">-</span>babile e de<span class=\"_ _1\"></span>ve pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>are un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e alle valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ch<span class=\"_ _1\"></span>e potre<span class=\"_ _1\"></span>bbe in<span class=\"_ _1\"></span>cider<span class=\"_ _1\"></span>e sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>cia pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibilmente mis<span class=\"_ _1\"></span>urata; e \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a \u00e8 altam<span class=\"_ _1\"></span>ente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace durante i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r i quali \u00e8 desig<span class=\"_ _1\"></span>nata. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span>. Quando gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati hann<span class=\"_ _1\"></span>o le car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche per e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"_ _1\"></span></span><span class=\"lsb wsa\">, si appl<span class=\"_ _0\"></span>icano i seguenti trattamenti con<span class=\"_ _0\"></span>tabili<span class=\"_ _4\"></span>:</span>\u2022  <span class=\"_ _1af\"></span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _1\"></span>e<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato co<span class=\"_ _1\"></span>me cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione all<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni </span>del v<span class=\"_ _1\"></span>alore cor<span class=\"_ _1\"></span>rente di una att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 o di una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di bilancio o di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile ch<span class=\"_ _1\"></span>e pu\u00f2 det<span class=\"_ _1\"></span>erminare ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> del der<span class=\"_ _1\"></span>ivato di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura \u00e8 rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dello st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile al r<span class=\"_ _1\"></span>ischio co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to \u00e8 rilev<span class=\"_ _1\"></span>ato come p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l valore di c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span><span class=\"ws0\">-</span>rico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eleme<span class=\"_ _1\"></span>nto cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d \u00e8 inolt<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. N<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile<span class=\"_ _1\"></span>, il <span class=\"ff79\">fair value</span> della co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte relati<span class=\"_ _1\"></span>va al ri<span class=\"_ _1\"></span>schio cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o \u00e8 iscrit<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>llo s<span class=\"_ _1\"></span>tato patr<span class=\"_ _1\"></span>imoniale com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, andand<span class=\"_ _1\"></span>o a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icare la vo<span class=\"_ _1\"></span>ce di st<span class=\"_ _1\"></span>ato patrim<span class=\"_ _1\"></span>oniale che s<span class=\"_ _1\"></span>ar\u00e0 intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto del su<span class=\"_ _1\"></span>o realiz<span class=\"_ _2\"></span>zo.\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 wse3\">Cash f<span class=\"_ _1\"></span>low he<span class=\"_ _1\"></span>dge<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o deri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato c<span class=\"_ _1\"></span>ome cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e alla variabi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>lit\u00e0 de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a di una atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 di b<span class=\"_ _1\"></span>ilancio o di un\u2019oper<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta alt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte probab<span class=\"_ _1\"></span>ile o di un impeg<span class=\"_ _1\"></span>no irrevo<span class=\"_ _1\"></span>cabil<span class=\"_ _1\"></span>e e che potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e avere ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico, la p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace d<span class=\"_ _1\"></span>egli ut<span class=\"_ _1\"></span>ili o delle per<span class=\"_ _1\"></span>dite sullo s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario \u00e8 ril<span class=\"_ _1\"></span>evat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo; l<span class=\"_ _1\"></span>\u2019utile o la pe<span class=\"_ _1\"></span>rdita cumulati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tornati dal p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o nel<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura; l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciati a una cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, o a quella par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ella cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a divent<span class=\"_ _1\"></span>ata in<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>ce, s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia \u00e8 rilev<span class=\"_ _1\"></span>ata.Qualora non<span class=\"_ _0\"></span> ricorrano le<span class=\"_ _0\"></span> condizioni per l\u2019a<span class=\"_ _0\"></span>pplicazione dell\u2019<span class=\"ff79 ls9 wsfe\">hedge accounting</span><span class=\"ls4 wsa0\">, gli e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione al </span>\u201c<span class=\"ff79 ls4\">fair value<span class=\"_ _1\"></span><span class=\"ff71\">\u201d de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato son<span class=\"_ _1\"></span>o imputat<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__44": {
   "value": "Attivit\u00e0 finanziarieAl mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in f<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche de<span class=\"_ _1\"></span>i flu<span class=\"_ _1\"></span>ssi di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie e d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>usin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s</span> ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>a per la l<span class=\"_ _1\"></span>oro ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne. L<span class=\"_ _1\"></span>a va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>luta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attuali \u00e8 indi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a come <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st<span class=\"ff71 wscb\"> SPPI<span class=\"_ _0\"></span> (<span class=\"_ _4\"></span>cos<span class=\"_ _1\"></span>iddetto \u201c<span class=\"ff79 ls44 wsa0\">solely paymen<span class=\"_ _0\"></span>ts </span></span></span>of principal and intere<span class=\"_ _1\"></span>st-SPPI<span class=\"ff71\">) e v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>a a live<span class=\"_ _1\"></span>llo di st<span class=\"_ _1\"></span>rumento. T<span class=\"_ _4\"></span>ut<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>avia, st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari id<span class=\"_ _1\"></span>entici p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono </span>es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re analiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in grup<span class=\"_ _1\"></span>po dal mom<span class=\"_ _1\"></span>ento che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esit<span class=\"_ _1\"></span>o del <span class=\"ff79 lsd ws75\">te<span class=\"_ _1\"></span>st</span> non s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nte risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al ca<span class=\"_ _1\"></span>so in cui fos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ro st<span class=\"_ _1\"></span>ati valut<span class=\"_ _1\"></span>ati indi<span class=\"_ _1\"></span>vidualm<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atam<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>. Il mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce al mo<span class=\"_ _1\"></span>do in cui ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce le p<span class=\"_ _1\"></span>roprie atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e di gene<span class=\"_ _1\"></span>rare f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i. Il mod<span class=\"_ _1\"></span>ello a<span class=\"_ _1\"></span>zien<span class=\"_ _1\"></span>dale dete<span class=\"_ _1\"></span>rmina se i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>iver<span class=\"_ _1\"></span>anno dalla racco<span class=\"_ _1\"></span>lta di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali, dalla vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie o da entramb<span class=\"_ _1\"></span>i. In bas<span class=\"_ _1\"></span>e a tali c<span class=\"_ _1\"></span>arat<span class=\"ls0 ws0\">-</span>teri<span class=\"_ _1\"></span>stich<span class=\"_ _1\"></span>e le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie son<span class=\"_ _1\"></span>o clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate in quat<span class=\"_ _1\"></span>tro cate<span class=\"_ _1\"></span>gorie:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmor<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (strume<span class=\"_ _1\"></span>nti di deb<span class=\"_ _1\"></span>ito<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span> rilev<span class=\"_ _1\"></span>ato nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo con r<span class=\"_ _1\"></span>iclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a degli ut<span class=\"_ _1\"></span>ili e perdit<span class=\"_ _1\"></span>e cumu<span class=\"ls0 ws0\">-</span>late (<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti di de<span class=\"_ _1\"></span>bito);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al <span class=\"ff79\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rigiro d<span class=\"_ _1\"></span>egli utili e p<span class=\"_ _1\"></span>erdite c<span class=\"_ _1\"></span>umulate nel momento dell\u2019eli<span class=\"_ _0\"></span>minazione<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>strumenti rappresentativi di capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span><span class=\"lsd wse\"> rilevato a conto economico.</span>In se<span class=\"_ _1\"></span>de di rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one inizial<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po valut<span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria al su<span class=\"_ _1\"></span>o <span class=\"ff79\">fair value </span>pi\u00f9, nel ca<span class=\"_ _1\"></span>so di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziaria non al fair v<span class=\"_ _1\"></span>alue rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, i cost<span class=\"_ _1\"></span>i di trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, che non cont<span class=\"_ _1\"></span>engono una compo<span class=\"_ _1\"></span>nente di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va o p<span class=\"_ _1\"></span>er i quali il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ente prat<span class=\"_ _1\"></span>ico, sono v<span class=\"_ _1\"></span>alutati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dete<span class=\"_ _1\"></span>rminato se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>5.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, al<span class=\"ff79\"> fair value</span><span class=\"lsb ws134\"> rileva<span class=\"_ _0\"></span>to nel </span>conto economic<span class=\"_ _0\"></span>o complessivo e al<span class=\"ff79 ls4 ws0\"> f<span class=\"_ _0\"></span>air value<span class=\"ff71 lsd wse\"> rilevato nel conto economico.<span class=\"_ _0\"></span> </span></span>Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato se e<span class=\"_ _1\"></span>ntrambi i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti re<span class=\"_ _1\"></span>quisiti s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>oddi<span class=\"_ _1\"></span>sfat<span class=\"_ _1\"></span>ti:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia \u00e8 pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>dut<span class=\"_ _1\"></span>a nel quadro di un mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span> il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 il p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zato alla racc<span class=\"_ _1\"></span>olta d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali;\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>i te<span class=\"_ _1\"></span>rmini contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no a dete<span class=\"_ _1\"></span>rminate date f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati unic<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apita<span class=\"_ _1\"></span>le e dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se sull<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>stituire<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente valut<span class=\"_ _1\"></span>ate utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il criter<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo e so<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad <span class=\"ff79 ls8 ws6e\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>a o ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>ra le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o inclusi i cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali e i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato nel conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _4\"></span>omplessivo (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o al<span class=\"ff79\"> fair value</span><span class=\"ls45 ws10c\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo se entram<span class=\"ls0 ws0\">-</span></span>be le seguenti condizioni<span class=\"_ _0\"></span> sono soddisfatte: \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria \u00e8 po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>duta ne<span class=\"_ _1\"></span>l quadro di un mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls8 ws6e\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> il cui o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ia mediante l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali che me<span class=\"_ _1\"></span>diante la vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e; e\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>i termini co<span class=\"_ _1\"></span>ntrattuali d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o a dete<span class=\"_ _1\"></span>rminate date flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati unica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apital<span class=\"_ _1\"></span>e ed inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minati sull<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tituire.Per le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls45 ws105\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo gli u<span class=\"_ _0\"></span>tili e<span class=\"_ _0\"></span> le </span>per<span class=\"_ _1\"></span>dite son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sivo a<span class=\"_ _1\"></span>d ecc<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle var<span class=\"_ _1\"></span>iazioni p<span class=\"_ _1\"></span>er dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze c<span class=\"_ _1\"></span>ambio e de<span class=\"_ _1\"></span>lle per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e, insie<span class=\"_ _1\"></span>me alle rip<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e, che s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eliminazi<span class=\"_ _1\"></span>one, la v<span class=\"_ _1\"></span>aria<span class=\"ls0 ws0\">-</span>zione cumulati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span><span class=\"ls45 wsb2\"> rileva<span class=\"_ _0\"></span>ta nel conto economico<span class=\"_ _0\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _0\"></span>;<span class=\"_ _0\"></span> </span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciuti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si che s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>ero s<span class=\"_ _1\"></span>tati r<span class=\"_ _1\"></span>ilevati s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>ria foss<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a da semp<span class=\"_ _1\"></span>re valut<span class=\"_ _1\"></span>ata al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto il Grupp<span class=\"_ _1\"></span>o non ha que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cie.Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al<span class=\"ff77\"> fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _0\"></span>onomicoIn gene<span class=\"_ _1\"></span>rale l<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 def<span class=\"_ _1\"></span>inis<span class=\"_ _1\"></span>ce la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span> rilevato a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico com<span class=\"_ _1\"></span>e una cate<span class=\"_ _1\"></span>goria re<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>duale da applic<span class=\"_ _1\"></span>are a tut<span class=\"_ _1\"></span>te quelle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, in vir<span class=\"_ _1\"></span>t\u00f9 d<span class=\"_ _1\"></span>elle lo<span class=\"_ _1\"></span>ro carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche contr<span class=\"_ _1\"></span>attuali, non s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato o al <span class=\"ff79\">fair value</span><span class=\"ls45 ws113\"> rileva<span class=\"_ _0\"></span>to a con<span class=\"_ _0\"></span>to economico com<span class=\"_ _0\"></span>plessi<span class=\"_ _1\"></span>vo. T<span class=\"_ _6\"></span>uttavia, il Gru<span class=\"_ _0\"></span>ppo pu\u00f2<span class=\"_ _0\"></span> </span>deci<span class=\"_ _1\"></span>dere<span class=\"_ _1\"></span>, in se<span class=\"_ _1\"></span>de di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale, di de<span class=\"_ _1\"></span>signare irr<span class=\"_ _1\"></span>evoc<span class=\"_ _1\"></span>abilmente un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria come mis<span class=\"_ _1\"></span>urata al <span class=\"ff79 ls0 ws0\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r </span>value <span class=\"_ _1\"></span><span class=\"ff71 ws81\">ril<span class=\"_ _1\"></span>evato a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico s<span class=\"_ _1\"></span>e ci\u00f2 comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eliminazione o la r<span class=\"_ _1\"></span>iduzio<span class=\"_ _1\"></span>ne signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a di un disalline<span class=\"_ _1\"></span>amento </span>contab<span class=\"_ _1\"></span>ile (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>inito com<span class=\"_ _1\"></span>e un \u201c<span class=\"_ _0\"></span><span class=\"ff79\">accounting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che invece e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgere<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e se le p<span class=\"_ _1\"></span>erdite o i p<span class=\"_ _1\"></span>rof<span class=\"_ _1\"></span>itti s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 </span></span>foss<span class=\"_ _1\"></span>ero ril<span class=\"_ _1\"></span>evati s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo un dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ente crite<span class=\"_ _1\"></span>rio. S<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ene que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere in qualche m<span class=\"_ _1\"></span>odo a<span class=\"_ _1\"></span>ssimilat<span class=\"_ _1\"></span>a ad un<span class=\"ff79 ls42 wsad\"> accounting polic<span class=\"_ _1\"></span>y choice<span class=\"ff71\">, t<span class=\"_ _1\"></span>utt<span class=\"_ _1\"></span>avia va n<span class=\"_ _1\"></span>otato che il p<span class=\"_ _1\"></span>rincipio no<span class=\"_ _1\"></span>n richie<span class=\"_ _1\"></span>de che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia appli<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a in modo c<span class=\"_ _1\"></span>oer<span class=\"_ _1\"></span>ente </span></span>a tutt<span class=\"_ _1\"></span>e le trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni similari.Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i finan<span class=\"_ _1\"></span>ziari al <span class=\"ff79\">fair value</span> con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situazione pa<span class=\"_ _0\"></span>trimoni<span class=\"_ _0\"></span>ale-finanziaria<span class=\"_ _0\"></span> al <span class=\"ff79 ls42 ws13f\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\"> e le varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>el </span>fair value<span class=\"ff71 ls45 wsbc\"> rilevate<span class=\"_ _0\"></span> nel prospetto dell<span class=\"_ _1\"></span>\u2019u<span class=\"_ _0\"></span>tile/</span></span>(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. In ques<span class=\"_ _1\"></span>ta c<span class=\"_ _1\"></span>atego<span class=\"_ _1\"></span>ria rientr<span class=\"_ _1\"></span>ano gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati. I d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i dete<span class=\"_ _1\"></span>nuti per la n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>alvo ch<span class=\"_ _1\"></span>e non siano de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icac<span class=\"_ _1\"></span>e. Il deri<span class=\"_ _1\"></span>vato inco<span class=\"_ _1\"></span>rpor<span class=\"_ _1\"></span>ato conte<span class=\"_ _1\"></span>nuto in un contrat<span class=\"_ _1\"></span>to ibri<span class=\"_ _1\"></span>do non de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, in una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o in un contrat<span class=\"ls0 ws0\">-</span>to non f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iario princip<span class=\"_ _1\"></span>ale, \u00e8 s<span class=\"_ _1\"></span>eparato dal c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to princip<span class=\"_ _1\"></span>ale e cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato com<span class=\"_ _1\"></span>e deri<span class=\"_ _1\"></span>vato s<span class=\"_ _1\"></span>eparato, s<span class=\"_ _1\"></span>e: le sue c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omiche e<span class=\"_ _1\"></span>d i ris<span class=\"_ _1\"></span>chi ad es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ass<span class=\"_ _1\"></span>ociati no<span class=\"_ _1\"></span>n son<span class=\"_ _1\"></span>o stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>lati a quelli de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to principale<span class=\"_ _0\"></span>; uno strumento<span class=\"_ _0\"></span> separato con gli stessi termini del derivato inc<span class=\"_ _0\"></span>orporato soddisferebb<span class=\"_ _1\"></span>e la definizione di<span class=\"_ _4\"></span> deri<span class=\"_ _1\"></span>vato; e il contrat<span class=\"_ _1\"></span>to ibrid<span class=\"_ _1\"></span>o non \u00e8 valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span><span class=\"ls46 wscd\"> rilevato nel conto economico. I derivati incorporati sono<span class=\"_ _0\"></span> </span>valutati al<span class=\"ff79 ls42 ws0\"> fair value<span class=\"ff71\">, con le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni di </span>fair value</span><span class=\"ls46 wse\"> rilevate nel con<span class=\"_ _0\"></span>to economico. </span>Riclassificazione Una riclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e solo n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso in cui inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nga un camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>i termini d<span class=\"_ _1\"></span>el contrat<span class=\"_ _1\"></span>to che mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a altrime<span class=\"_ _1\"></span>nti att<span class=\"_ _1\"></span>esi o quan<span class=\"_ _1\"></span>do il Grupp<span class=\"_ _1\"></span>o mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica il su<span class=\"_ _1\"></span>o <span class=\"ff79 ls0 ws0\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </span>model<span class=\"ff71 ls4 wsfd\"> pe<span class=\"_ _1\"></span>r ges<span class=\"_ _1\"></span>tire le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. La ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere app<span class=\"_ _1\"></span>licat<span class=\"_ _1\"></span>a prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente dalla dat<span class=\"_ _1\"></span>a di ri<span class=\"ls0 ws0\">-</span></span>clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di ride<span class=\"_ _1\"></span>terminare prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti, p<span class=\"_ _1\"></span>erdite e inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi g<span class=\"_ _1\"></span>i\u00e0 prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente rile<span class=\"_ _1\"></span>vati.Canc<span class=\"_ _4\"></span>ellazioneUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria (<span class=\"_ _0\"></span>o, ove applicabil<span class=\"_ _1\"></span>e, par<span class=\"_ _1\"></span>te di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria o par<span class=\"_ _1\"></span>te di un grupp<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie simi<span class=\"ls0 ws0\">-</span>li) \u00e8 cance<span class=\"_ _1\"></span>llata in primo lu<span class=\"_ _1\"></span>ogo (<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>. rimo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dal pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo) q<span class=\"_ _0\"></span>uando:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>i dir<span class=\"_ _1\"></span>itti a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inti; o\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>il Gruppo ha t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferito a<span class=\"_ _1\"></span>d una ter<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>te il dirit<span class=\"_ _1\"></span>to a rice<span class=\"_ _1\"></span>vere f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o ha as<span class=\"_ _1\"></span>sunto l<span class=\"_ _1\"></span>\u2019obbligo con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>uale di corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rli interam<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rit<span class=\"_ _1\"></span>ardi e (<span class=\"_ _4\"></span>a) ha tras<span class=\"_ _1\"></span>ferito s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente tut<span class=\"_ _1\"></span>ti i ri<span class=\"_ _1\"></span>schi e b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci della propri<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, oppur<span class=\"_ _1\"></span>e (b) non ha trasfe<span class=\"_ _1\"></span>rito n\u00e9 t<span class=\"_ _1\"></span>ratte<span class=\"_ _1\"></span>nuto s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0, ma ha tras<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ito il controllo d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Nei c<span class=\"_ _1\"></span>asi in cui il G<span class=\"_ _1\"></span>ruppo ab<span class=\"_ _1\"></span>bia tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o i diritt<span class=\"_ _1\"></span>i a riceve<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari da un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o abbia s<span class=\"_ _1\"></span>iglato un accor<span class=\"_ _1\"></span>do in base a<span class=\"_ _1\"></span>l quale mantiene i dirit<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali a riceve<span class=\"_ _1\"></span>re i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, ma as<span class=\"_ _1\"></span>sume un<span class=\"_ _1\"></span>\u2019obbli<span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e a pagare i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari a uno o pi\u00f9 be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari (<span class=\"_ _2\"></span><span class=\"ff79 ls0 ws0\">p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hrou<span class=\"_ _1\"></span>gh</span>)<span class=\"_ _0\"></span>, es<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>aluta s<span class=\"_ _1\"></span>e e in che misur<span class=\"_ _1\"></span>a abbia trat<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>o i rischi e i b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici iner<span class=\"_ _1\"></span>enti al po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o. Se tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ine<span class=\"_ _1\"></span>renti al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziaria s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>riti, il Grup<span class=\"_ _1\"></span>po elimina dal pro<span class=\"_ _1\"></span>prio bilanci<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia ed is<span class=\"_ _1\"></span>crive s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 qualsiasi dirit<span class=\"_ _1\"></span>to e o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zione cr<span class=\"_ _1\"></span>eati o mantenut<span class=\"_ _1\"></span>i; in caso co<span class=\"_ _1\"></span>ntrario l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0\">-</span>ziaria continua ad e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e mantenut<span class=\"_ _1\"></span>a in bilancio. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui non ab<span class=\"_ _1\"></span>bia n\u00e9 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rito n\u00e9 tr<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nuto so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tutt<span class=\"_ _1\"></span>i i rischi e b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici o non abb<span class=\"_ _1\"></span>ia per<span class=\"_ _1\"></span>so il c<span class=\"_ _1\"></span>ontrollo sulla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ntinua ad e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a nel bilan<span class=\"_ _1\"></span>cio del Grupp<span class=\"_ _1\"></span>o nella mis<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l suo coinvolg<span class=\"_ _1\"></span>imento re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa; qualora il contro<span class=\"_ _1\"></span>llo sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria non foss<span class=\"_ _1\"></span>e mantenuto, il G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>limina dal propri<span class=\"_ _1\"></span>o bilancio l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria ed i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 qual<span class=\"_ _1\"></span>siasi dirit<span class=\"_ _1\"></span>to e ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>ati o mantenut<span class=\"_ _1\"></span>i. L<span class=\"_ _6\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rita e la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociata s<span class=\"_ _1\"></span>ono v<span class=\"_ _1\"></span>alutate in mod<span class=\"_ _1\"></span>o da rifl<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ere i dirit<span class=\"_ _1\"></span>ti e le ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni che r<span class=\"_ _1\"></span>imangono di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tine<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo.Quando il co<span class=\"_ _1\"></span>involgimento r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>duo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 \u00e8 una garan<span class=\"_ _1\"></span>zia sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>a, il coinvolgim<span class=\"_ _1\"></span>ento \u00e8 misur<span class=\"_ _1\"></span>ato sulla bas<span class=\"_ _1\"></span>e del mino<span class=\"_ _1\"></span>re tra l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o mas<span class=\"_ _1\"></span>simo de<span class=\"_ _1\"></span>l corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo ricev<span class=\"_ _1\"></span>uto che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e dover rip<span class=\"_ _1\"></span>agare<span class=\"_ _1\"></span>.P<span class=\"_ _4\"></span>erdita di valor<span class=\"_ _4\"></span>e di attivit\u00e0 finanziarieIl Grupp<span class=\"_ _1\"></span>o iscr<span class=\"_ _1\"></span>ive una s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span><span class=\"ff79\">ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d credit lo<span class=\"_ _1\"></span>ss<span class=\"ff71\"> \u201c<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie rap<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate da st<span class=\"_ _1\"></span>rumenti di d<span class=\"_ _1\"></span>ebito n<span class=\"_ _1\"></span>on dete<span class=\"_ _1\"></span>nuti al <span class=\"ff79\">fair value</span> rilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. Nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico le dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni di <span class=\"_ _0\"></span><span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls4 ws104\"> si ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ano a tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e al <span class=\"ff79\">fair value</span><span class=\"lsb wsa4\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> </span></span></span>eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, mentr<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>se le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"ff79\">fair value</span><span class=\"lsd ws106\"> rilevato a conto economico.<span class=\"_ _0\"></span> </span>Inoltre<span class=\"_ _1\"></span>, rientr<span class=\"_ _1\"></span>ano nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>imetro di app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione an<span class=\"_ _1\"></span>che le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti tip<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws0\">Loan Commitment<span class=\"ff71\"> non valut<span class=\"_ _1\"></span>ati a F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL;</span></span>\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>G<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie f<span class=\"_ _1\"></span>inanziarie n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne IFRS 9;\u2022 <span class=\"_ _14\"> </span> Credit<span class=\"_ _1\"></span>i <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff79 ls4b wsc\">Lea<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g</span><span class=\"ws0\"> rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6;</span>\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls48 ws106\">Contrac<span class=\"_ _1\"></span>t A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et <span class=\"ff71 ls4 ws0\">rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5.</span></span>Le ECL si bas<span class=\"_ _1\"></span>ano sulla dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari contr<span class=\"_ _1\"></span>attuali dov<span class=\"_ _1\"></span>uti in confor<span class=\"_ _1\"></span>mit\u00e0 al co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e tutti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nanziari che il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o si asp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ta di ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, sc<span class=\"_ _1\"></span>ontati a<span class=\"_ _1\"></span>d un\u2019appross<span class=\"_ _1\"></span>imazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo or<span class=\"_ _1\"></span>iginario. I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ta di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re dipe<span class=\"_ _1\"></span>ndono dalla p<span class=\"_ _1\"></span>robabilit<span class=\"_ _1\"></span>\u00e0 che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi un evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult</span><span class=\"ls0 ws0\"> </span>della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te e quanto, in ta<span class=\"_ _1\"></span>le ca<span class=\"_ _1\"></span>so, ci si att<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e di riuscire a r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erare; i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>i include<span class=\"_ _1\"></span>ranno quindi anche i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>cuss<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle gar<span class=\"_ _1\"></span>anzie re<span class=\"_ _1\"></span>ali dete<span class=\"_ _1\"></span>nute o di altre g<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie sul cre<span class=\"_ _1\"></span>dito che s<span class=\"_ _1\"></span>ono parte integrante delle cond<span class=\"_ _0\"></span>izioni contra<span class=\"_ _0\"></span>ttuali.Se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019approccio gen<span class=\"_ _1\"></span>erale p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>isto dal Prin<span class=\"_ _1\"></span>cipio, la modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls5f ws7\">impairme<span class=\"_ _1\"></span>nt <span class=\"_ _2\"></span></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziarie \u00e8 in fun<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esito d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>nitorag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>io del m<span class=\"_ _1\"></span>erito cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>lle contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ti. Re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alle e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ni credit<span class=\"_ _1\"></span>izie p<span class=\"_ _1\"></span>er le quali no<span class=\"_ _1\"></span>n vi \u00e8 st<span class=\"_ _1\"></span>ato un aume<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, biso<span class=\"_ _1\"></span>gna rile<span class=\"_ _1\"></span>vare le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u credit<span class=\"_ _1\"></span>i che der<span class=\"_ _1\"></span>ivan<span class=\"_ _1\"></span>o dalla stima di eve<span class=\"_ _1\"></span>nti di <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>faul<span class=\"_ _1\"></span>t</span> che s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili entro i su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi 12<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> (12<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span><span class=\"ff79 ls48 wsd1\">mont<span class=\"_ _1\"></span>hs</span><span class=\"ls4 ws134\"> EC<span class=\"_ _1\"></span>L). P<span class=\"_ _0\"></span>er le e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ioni cre<span class=\"_ _1\"></span>ditizie p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali vi \u00e8 st<span class=\"_ _1\"></span>ato un signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo aume<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di </span>credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, b<span class=\"_ _1\"></span>iso<span class=\"_ _1\"></span>gna rilev<span class=\"_ _1\"></span>are integ<span class=\"_ _1\"></span>ralmente l<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono alla re<span class=\"_ _1\"></span>sidua durat<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, a pre<span class=\"_ _1\"></span>scind<span class=\"_ _1\"></span>ere dal mo<span class=\"_ _1\"></span>mento in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efau<span class=\"_ _1\"></span>lt</span> si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi (\u201c<span class=\"ff79 ls5f ws7\">Lif<span class=\"_ _1\"></span>etim<span class=\"_ _1\"></span>e </span><span class=\"ls0\">EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>). </span>Per i credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>rivanti da c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un appro<span class=\"_ _1\"></span>ccio se<span class=\"_ _1\"></span>mplif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o nel c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o delle per<span class=\"_ _1\"></span>dite atte<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, il Grupp<span class=\"_ _1\"></span>o non monit<span class=\"_ _1\"></span>ora le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito, ma rile<span class=\"_ _1\"></span>va integ<span class=\"_ _1\"></span>ralmente la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa a o<span class=\"_ _1\"></span>gni data di rife<span class=\"_ _1\"></span>rimento (<span class=\"_ _1\"></span>\u201c<span class=\"ff79 ls53 wseb\">Lifet<span class=\"_ _1\"></span>ime</span> ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>). Pi\u00f9 nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico, il Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r le su<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>te att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019espe<span class=\"_ _1\"></span>die<span class=\"_ _1\"></span>nte pratico d<span class=\"_ _1\"></span>ella <span class=\"ff79 ls4c ws8b\">provi<span class=\"_ _1\"></span>sion matri<span class=\"_ _1\"></span>x</span> pe<span class=\"_ _1\"></span>r il calco<span class=\"_ _1\"></span>lo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls0 ws6e\">, ov<span class=\"_ _2\"></span>vero ha def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o un sis<span class=\"_ _1\"></span>tema matric<span class=\"_ _1\"></span>iale bas<span class=\"_ _1\"></span>ato </span></span>sulle informaz<span class=\"_ _1\"></span>ioni st<span class=\"_ _1\"></span>oriche di in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>so, ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>tici c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>iche tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>gie di deb<span class=\"_ _1\"></span>itori e de<span class=\"_ _1\"></span>l loro amb<span class=\"_ _1\"></span>iente e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__47": {
   "value": " At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>sto a<span class=\"_ _1\"></span>mmor<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (strume<span class=\"_ _1\"></span>nti di deb<span class=\"_ _1\"></span>ito<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span> rilev<span class=\"_ _1\"></span>ato nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo con r<span class=\"_ _1\"></span>iclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a degli ut<span class=\"_ _1\"></span>ili e perdit<span class=\"_ _1\"></span>e cumu<span class=\"ls0 ws0\">-</span>late (<span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti di de<span class=\"_ _1\"></span>bito);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al <span class=\"ff79\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rigiro d<span class=\"_ _1\"></span>egli utili e p<span class=\"_ _1\"></span>erdite c<span class=\"_ _1\"></span>umulate nel momento dell\u2019eli<span class=\"_ _0\"></span>minazione<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>strumenti rappresentativi di capi<span class=\"_ _0\"></span>tale<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al<span class=\"ff79\"> fair value</span><span class=\"lsd wse\"> rilevato a conto economico.</span>In se<span class=\"_ _1\"></span>de di rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one inizial<span class=\"_ _1\"></span>e, il Grup<span class=\"_ _1\"></span>po valut<span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria al su<span class=\"_ _1\"></span>o <span class=\"ff79\">fair value </span>pi\u00f9, nel ca<span class=\"_ _1\"></span>so di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziaria non al fair v<span class=\"_ _1\"></span>alue rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, i cost<span class=\"_ _1\"></span>i di trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, che non cont<span class=\"_ _1\"></span>engono una compo<span class=\"_ _1\"></span>nente di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va o p<span class=\"_ _1\"></span>er i quali il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ente prat<span class=\"_ _1\"></span>ico, sono v<span class=\"_ _1\"></span>alutati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dete<span class=\"_ _1\"></span>rminato se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>5.Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, al<span class=\"ff79\"> fair value</span><span class=\"lsb ws134\"> rileva<span class=\"_ _0\"></span>to nel </span>conto economic<span class=\"_ _0\"></span>o complessivo e al<span class=\"ff79 ls4 ws0\"> f<span class=\"_ _0\"></span>air value<span class=\"ff71 lsd wse\"> rilevato nel conto economico.<span class=\"_ _0\"></span> </span></span>Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato se e<span class=\"_ _1\"></span>ntrambi i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti re<span class=\"_ _1\"></span>quisiti s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>oddi<span class=\"_ _1\"></span>sfat<span class=\"_ _1\"></span>ti:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia \u00e8 pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>dut<span class=\"_ _1\"></span>a nel quadro di un mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span> il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 il p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zato alla racc<span class=\"_ _1\"></span>olta d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari contrat<span class=\"_ _1\"></span>tuali;\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>i te<span class=\"_ _1\"></span>rmini contrat<span class=\"_ _1\"></span>tuali dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pre<span class=\"_ _1\"></span>vedo<span class=\"_ _1\"></span>no a dete<span class=\"_ _1\"></span>rminate date f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati unic<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apita<span class=\"_ _1\"></span>le e dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se sull<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>stituire<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente valut<span class=\"_ _1\"></span>ate utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il criter<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo e so<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad <span class=\"ff79 ls8 ws6e\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>a o ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>ra le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o inclusi i cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali e i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__46": {
   "value": "Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato nel conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _4\"></span>omplessivo (strumenti di debito)Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o al<span class=\"ff79\"> fair value</span><span class=\"ls45 ws10c\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo se entram<span class=\"ls0 ws0\">-</span></span>be le seguenti condizioni<span class=\"_ _0\"></span> sono soddisfatte: \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria \u00e8 po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>duta ne<span class=\"_ _1\"></span>l quadro di un mo<span class=\"_ _1\"></span>dello di <span class=\"ff79 ls8 ws6e\">b<span class=\"_ _1\"></span>usine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span> il cui o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ia mediante l<span class=\"_ _1\"></span>\u2019inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>tuali che me<span class=\"_ _1\"></span>diante la vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e; e\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>i termini co<span class=\"_ _1\"></span>ntrattuali d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o a dete<span class=\"_ _1\"></span>rminate date flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati unica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente da pag<span class=\"_ _1\"></span>amenti d<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>apital<span class=\"_ _1\"></span>e ed inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minati sull<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale da re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tituire.Per le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 da s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di debit<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls45 ws105\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> economico complessivo gli u<span class=\"_ _0\"></span>tili e<span class=\"_ _0\"></span> le </span>per<span class=\"_ _1\"></span>dite son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sivo a<span class=\"_ _1\"></span>d ecc<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle var<span class=\"_ _1\"></span>iazioni p<span class=\"_ _1\"></span>er dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze c<span class=\"_ _1\"></span>ambio e de<span class=\"_ _1\"></span>lle per<span class=\"_ _1\"></span>dite di valor<span class=\"_ _1\"></span>e, insie<span class=\"_ _1\"></span>me alle rip<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e, che s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eliminazi<span class=\"_ _1\"></span>one, la v<span class=\"_ _1\"></span>aria<span class=\"ls0 ws0\">-</span>zione cumulati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span><span class=\"ls45 wsb2\"> rileva<span class=\"_ _0\"></span>ta nel conto economico<span class=\"_ _0\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _0\"></span>;<span class=\"_ _0\"></span> </span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciuti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o sono g<span class=\"_ _1\"></span>li ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si che s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>ero s<span class=\"_ _1\"></span>tati r<span class=\"_ _1\"></span>ilevati s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>zia<span class=\"ls0 ws0\">-</span>ria foss<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a da semp<span class=\"_ _1\"></span>re valut<span class=\"_ _1\"></span>ata al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato. A<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto il Grupp<span class=\"_ _1\"></span>o non ha que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a fat<span class=\"_ _1\"></span>tisp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cie.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__45": {
   "value": "Atti<span class=\"_ _0\"></span>vit\u00e0 finanziarie al<span class=\"ff77\"> fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _0\"></span>onomicoIn gene<span class=\"_ _1\"></span>rale l<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9 def<span class=\"_ _1\"></span>inis<span class=\"_ _1\"></span>ce la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span> rilevato a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico com<span class=\"_ _1\"></span>e una cate<span class=\"_ _1\"></span>goria re<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>duale da applic<span class=\"_ _1\"></span>are a tut<span class=\"_ _1\"></span>te quelle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, in vir<span class=\"_ _1\"></span>t\u00f9 d<span class=\"_ _1\"></span>elle lo<span class=\"_ _1\"></span>ro carat<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>iche contr<span class=\"_ _1\"></span>attuali, non s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato o al <span class=\"ff79\">fair value</span><span class=\"ls45 ws113\"> rileva<span class=\"_ _0\"></span>to a con<span class=\"_ _0\"></span>to economico com<span class=\"_ _0\"></span>plessi<span class=\"_ _1\"></span>vo. T<span class=\"_ _6\"></span>uttavia, il Gru<span class=\"_ _0\"></span>ppo pu\u00f2<span class=\"_ _0\"></span> </span>deci<span class=\"_ _1\"></span>dere<span class=\"_ _1\"></span>, in se<span class=\"_ _1\"></span>de di rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale, di de<span class=\"_ _1\"></span>signare irr<span class=\"_ _1\"></span>evoc<span class=\"_ _1\"></span>abilmente un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria come mis<span class=\"_ _1\"></span>urata al <span class=\"ff79 ls0 ws0\">f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r </span>value <span class=\"_ _1\"></span><span class=\"ff71 ws81\">ril<span class=\"_ _1\"></span>evato a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico s<span class=\"_ _1\"></span>e ci\u00f2 comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eliminazione o la r<span class=\"_ _1\"></span>iduzio<span class=\"_ _1\"></span>ne signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>a di un disalline<span class=\"_ _1\"></span>amento </span>contab<span class=\"_ _1\"></span>ile (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>inito com<span class=\"_ _1\"></span>e un \u201c<span class=\"_ _0\"></span><span class=\"ff79\">accounting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che invece e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rgere<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e se le p<span class=\"_ _1\"></span>erdite o i p<span class=\"_ _1\"></span>rof<span class=\"_ _1\"></span>itti s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 </span></span>foss<span class=\"_ _1\"></span>ero ril<span class=\"_ _1\"></span>evati s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo un dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ente crite<span class=\"_ _1\"></span>rio. S<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>ene que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere in qualche m<span class=\"_ _1\"></span>odo a<span class=\"_ _1\"></span>ssimilat<span class=\"_ _1\"></span>a ad un<span class=\"ff79 ls42 wsad\"> accounting polic<span class=\"_ _1\"></span>y choice<span class=\"ff71\">, t<span class=\"_ _1\"></span>utt<span class=\"_ _1\"></span>avia va n<span class=\"_ _1\"></span>otato che il p<span class=\"_ _1\"></span>rincipio no<span class=\"_ _1\"></span>n richie<span class=\"_ _1\"></span>de che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia appli<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a in modo c<span class=\"_ _1\"></span>oer<span class=\"_ _1\"></span>ente </span></span>a tutt<span class=\"_ _1\"></span>e le trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni similari.Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i finan<span class=\"_ _1\"></span>ziari al <span class=\"ff79\">fair value</span> con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situazione pa<span class=\"_ _0\"></span>trimoni<span class=\"_ _0\"></span>ale-finanziaria<span class=\"_ _0\"></span> al <span class=\"ff79 ls42 ws13f\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\"> e le varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>tte d<span class=\"_ _1\"></span>el </span>fair value<span class=\"ff71 ls45 wsbc\"> rilevate<span class=\"_ _0\"></span> nel prospetto dell<span class=\"_ _1\"></span>\u2019u<span class=\"_ _0\"></span>tile/</span></span>(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. In ques<span class=\"_ _1\"></span>ta c<span class=\"_ _1\"></span>atego<span class=\"_ _1\"></span>ria rientr<span class=\"_ _1\"></span>ano gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati. I d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i dete<span class=\"_ _1\"></span>nuti per la n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one, s<span class=\"_ _1\"></span>alvo ch<span class=\"_ _1\"></span>e non siano de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icac<span class=\"_ _1\"></span>e. Il deri<span class=\"_ _1\"></span>vato inco<span class=\"_ _1\"></span>rpor<span class=\"_ _1\"></span>ato conte<span class=\"_ _1\"></span>nuto in un contrat<span class=\"_ _1\"></span>to ibri<span class=\"_ _1\"></span>do non de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, in una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria o in un contrat<span class=\"ls0 ws0\">-</span>to non f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iario princip<span class=\"_ _1\"></span>ale, \u00e8 s<span class=\"_ _1\"></span>eparato dal c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to princip<span class=\"_ _1\"></span>ale e cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato com<span class=\"_ _1\"></span>e deri<span class=\"_ _1\"></span>vato s<span class=\"_ _1\"></span>eparato, s<span class=\"_ _1\"></span>e: le sue c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omiche e<span class=\"_ _1\"></span>d i ris<span class=\"_ _1\"></span>chi ad es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o ass<span class=\"_ _1\"></span>ociati no<span class=\"_ _1\"></span>n son<span class=\"_ _1\"></span>o stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>lati a quelli de<span class=\"_ _1\"></span>l contrat<span class=\"_ _1\"></span>to principale<span class=\"_ _0\"></span>; uno strumento<span class=\"_ _0\"></span> separato con gli stessi termini del derivato inc<span class=\"_ _0\"></span>orporato soddisferebb<span class=\"_ _1\"></span>e la definizione di<span class=\"_ _4\"></span> deri<span class=\"_ _1\"></span>vato; e il contrat<span class=\"_ _1\"></span>to ibrid<span class=\"_ _1\"></span>o non \u00e8 valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span><span class=\"ls46 wscd\"> rilevato nel conto economico. I derivati incorporati sono<span class=\"_ _0\"></span> </span>valutati al<span class=\"ff79 ls42 ws0\"> fair value<span class=\"ff71\">, con le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni di </span>fair value</span><span class=\"ls46 wse\"> rilevate nel con<span class=\"_ _0\"></span>to economico. </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__51": {
   "value": "Riclassificazione Una riclas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>e solo n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso in cui inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nga un camb<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>i termini d<span class=\"_ _1\"></span>el contrat<span class=\"_ _1\"></span>to che mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a altrime<span class=\"_ _1\"></span>nti att<span class=\"_ _1\"></span>esi o quan<span class=\"_ _1\"></span>do il Grupp<span class=\"_ _1\"></span>o mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica il su<span class=\"_ _1\"></span>o <span class=\"ff79 ls0 ws0\">bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s </span>model<span class=\"ff71 ls4 wsfd\"> pe<span class=\"_ _1\"></span>r ges<span class=\"_ _1\"></span>tire le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. La ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>eve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere app<span class=\"_ _1\"></span>licat<span class=\"_ _1\"></span>a prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente dalla dat<span class=\"_ _1\"></span>a di ri<span class=\"ls0 ws0\">-</span></span>clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di ride<span class=\"_ _1\"></span>terminare prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti, p<span class=\"_ _1\"></span>erdite e inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi g<span class=\"_ _1\"></span>i\u00e0 prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>ntem<span class=\"_ _1\"></span>ente rile<span class=\"_ _1\"></span>vati.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__48-1": {
   "value": "Canc<span class=\"_ _4\"></span>ellazioneUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria (<span class=\"_ _0\"></span>o, ove applicabil<span class=\"_ _1\"></span>e, par<span class=\"_ _1\"></span>te di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria o par<span class=\"_ _1\"></span>te di un grupp<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie simi<span class=\"ls0 ws0\">-</span>li) \u00e8 cance<span class=\"_ _1\"></span>llata in primo lu<span class=\"_ _1\"></span>ogo (<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>. rimo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dal pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo) q<span class=\"_ _0\"></span>uando:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>i dir<span class=\"_ _1\"></span>itti a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inti; o\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>il Gruppo ha t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferito a<span class=\"_ _1\"></span>d una ter<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>te il dirit<span class=\"_ _1\"></span>to a rice<span class=\"_ _1\"></span>vere f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o ha as<span class=\"_ _1\"></span>sunto l<span class=\"_ _1\"></span>\u2019obbligo con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratt<span class=\"_ _1\"></span>uale di corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rli interam<span class=\"_ _1\"></span>ente e s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a rit<span class=\"_ _1\"></span>ardi e (<span class=\"_ _4\"></span>a) ha tras<span class=\"_ _1\"></span>ferito s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente tut<span class=\"_ _1\"></span>ti i ri<span class=\"_ _1\"></span>schi e b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci della propri<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, oppur<span class=\"_ _1\"></span>e (b) non ha trasfe<span class=\"_ _1\"></span>rito n\u00e9 t<span class=\"_ _1\"></span>ratte<span class=\"_ _1\"></span>nuto s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0, ma ha tras<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ito il controllo d<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Nei c<span class=\"_ _1\"></span>asi in cui il G<span class=\"_ _1\"></span>ruppo ab<span class=\"_ _1\"></span>bia tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o i diritt<span class=\"_ _1\"></span>i a riceve<span class=\"_ _1\"></span>re f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziari da un<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o abbia s<span class=\"_ _1\"></span>iglato un accor<span class=\"_ _1\"></span>do in base a<span class=\"_ _1\"></span>l quale mantiene i dirit<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>uali a riceve<span class=\"_ _1\"></span>re i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria, ma as<span class=\"_ _1\"></span>sume un<span class=\"_ _1\"></span>\u2019obbli<span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>ntrattual<span class=\"_ _1\"></span>e a pagare i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari a uno o pi\u00f9 be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari (<span class=\"_ _2\"></span><span class=\"ff79 ls0 ws0\">p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hrou<span class=\"_ _1\"></span>gh</span>)<span class=\"_ _0\"></span>, es<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>aluta s<span class=\"_ _1\"></span>e e in che misur<span class=\"_ _1\"></span>a abbia trat<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>o i rischi e i b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici iner<span class=\"_ _1\"></span>enti al po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o. Se tut<span class=\"_ _1\"></span>ti i ris<span class=\"_ _1\"></span>chi e i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ine<span class=\"_ _1\"></span>renti al p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziaria s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>riti, il Grup<span class=\"_ _1\"></span>po elimina dal pro<span class=\"_ _1\"></span>prio bilanci<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia ed is<span class=\"_ _1\"></span>crive s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 qualsiasi dirit<span class=\"_ _1\"></span>to e o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zione cr<span class=\"_ _1\"></span>eati o mantenut<span class=\"_ _1\"></span>i; in caso co<span class=\"_ _1\"></span>ntrario l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"ls0\">-</span>ziaria continua ad e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e mantenut<span class=\"_ _1\"></span>a in bilancio. Ne<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so in cui non ab<span class=\"_ _1\"></span>bia n\u00e9 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rito n\u00e9 tr<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nuto so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anzialm<span class=\"_ _1\"></span>ente tutt<span class=\"_ _1\"></span>i i rischi e b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici o non abb<span class=\"_ _1\"></span>ia per<span class=\"_ _1\"></span>so il c<span class=\"_ _1\"></span>ontrollo sulla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ntinua ad e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere rile<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a nel bilan<span class=\"_ _1\"></span>cio del Grupp<span class=\"_ _1\"></span>o nella mis<span class=\"_ _1\"></span>ura de<span class=\"_ _1\"></span>l suo coinvolg<span class=\"_ _1\"></span>imento re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa; qualora il contro<span class=\"_ _1\"></span>llo sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria non foss<span class=\"_ _1\"></span>e mantenuto, il G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>limina dal propri<span class=\"_ _1\"></span>o bilancio l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria ed i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve sep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 qual<span class=\"_ _1\"></span>siasi dirit<span class=\"_ _1\"></span>to e ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>ati o mantenut<span class=\"_ _1\"></span>i. L<span class=\"_ _6\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rita e la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociata s<span class=\"_ _1\"></span>ono v<span class=\"_ _1\"></span>alutate in mod<span class=\"_ _1\"></span>o da rifl<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ere i dirit<span class=\"_ _1\"></span>ti e le ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni che r<span class=\"_ _1\"></span>imangono di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tine<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo.Quando il co<span class=\"_ _1\"></span>involgimento r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>duo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 \u00e8 una garan<span class=\"_ _1\"></span>zia sull<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>a, il coinvolgim<span class=\"_ _1\"></span>ento \u00e8 misur<span class=\"_ _1\"></span>ato sulla bas<span class=\"_ _1\"></span>e del mino<span class=\"_ _1\"></span>re tra l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e l<span class=\"_ _2\"></span>\u2019impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o mas<span class=\"_ _1\"></span>simo de<span class=\"_ _1\"></span>l corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo ricev<span class=\"_ _1\"></span>uto che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e dover rip<span class=\"_ _1\"></span>agare<span class=\"_ _1\"></span>.Canc<span class=\"_ _4\"></span>ellazioneUna pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>ancellat<span class=\"_ _1\"></span>a quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante la p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 \u00e8 e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inta, annullata ov<span class=\"_ _2\"></span>vero a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>piuta<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tente fo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a da un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra de<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tator<span class=\"_ _1\"></span>e, a con<span class=\"_ _1\"></span>dizioni s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zialmente di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, oppure le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte venis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ero so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate<span class=\"_ _1\"></span>, tal<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>ambio o modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne tr<span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ato come una c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>riginale, a<span class=\"_ _1\"></span>ccompag<span class=\"_ _1\"></span>nata dalla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione di una nuova pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, co<span class=\"_ _1\"></span>n iscri<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio di eve<span class=\"_ _1\"></span>ntuali diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze tra i val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__50": {
   "value": "P<span class=\"_ _4\"></span>erdita di valor<span class=\"_ _4\"></span>e di attivit\u00e0 finanziarieIl Grupp<span class=\"_ _1\"></span>o iscr<span class=\"_ _1\"></span>ive una s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span><span class=\"ff79\">ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d credit lo<span class=\"_ _1\"></span>ss<span class=\"ff71\"> \u201c<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie rap<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate da st<span class=\"_ _1\"></span>rumenti di d<span class=\"_ _1\"></span>ebito n<span class=\"_ _1\"></span>on dete<span class=\"_ _1\"></span>nuti al <span class=\"ff79\">fair value</span> rilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. Nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico le dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni di <span class=\"_ _0\"></span><span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls4 ws104\"> si ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ano a tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e al <span class=\"ff79\">fair value</span><span class=\"lsb wsa4\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> </span></span></span>eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, mentr<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>se le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"ff79\">fair value</span><span class=\"lsd ws106\"> rilevato a conto economico.<span class=\"_ _0\"></span> </span>Inoltre<span class=\"_ _1\"></span>, rientr<span class=\"_ _1\"></span>ano nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>imetro di app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione an<span class=\"_ _1\"></span>che le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti tip<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws0\">Loan Commitment<span class=\"ff71\"> non valut<span class=\"_ _1\"></span>ati a F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL;</span></span>\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>G<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie f<span class=\"_ _1\"></span>inanziarie n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne IFRS 9;\u2022 <span class=\"_ _14\"> </span> Credit<span class=\"_ _1\"></span>i <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff79 ls4b wsc\">Lea<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g</span><span class=\"ws0\"> rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6;</span>\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls48 ws106\">Contrac<span class=\"_ _1\"></span>t A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et <span class=\"ff71 ls4 ws0\">rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5.</span></span>Le ECL si bas<span class=\"_ _1\"></span>ano sulla dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari contr<span class=\"_ _1\"></span>attuali dov<span class=\"_ _1\"></span>uti in confor<span class=\"_ _1\"></span>mit\u00e0 al co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e tutti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nanziari che il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o si asp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ta di ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, sc<span class=\"_ _1\"></span>ontati a<span class=\"_ _1\"></span>d un\u2019appross<span class=\"_ _1\"></span>imazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo or<span class=\"_ _1\"></span>iginario. I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ta di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re dipe<span class=\"_ _1\"></span>ndono dalla p<span class=\"_ _1\"></span>robabilit<span class=\"_ _1\"></span>\u00e0 che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi un evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult</span><span class=\"ls0 ws0\"> </span>della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te e quanto, in ta<span class=\"_ _1\"></span>le ca<span class=\"_ _1\"></span>so, ci si att<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e di riuscire a r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erare; i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>i include<span class=\"_ _1\"></span>ranno quindi anche i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>cuss<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle gar<span class=\"_ _1\"></span>anzie re<span class=\"_ _1\"></span>ali dete<span class=\"_ _1\"></span>nute o di altre g<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie sul cre<span class=\"_ _1\"></span>dito che s<span class=\"_ _1\"></span>ono parte integrante delle cond<span class=\"_ _0\"></span>izioni contra<span class=\"_ _0\"></span>ttuali.Se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019approccio gen<span class=\"_ _1\"></span>erale p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>isto dal Prin<span class=\"_ _1\"></span>cipio, la modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls5f ws7\">impairme<span class=\"_ _1\"></span>nt <span class=\"_ _2\"></span></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziarie \u00e8 in fun<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esito d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>nitorag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>io del m<span class=\"_ _1\"></span>erito cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>lle contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ti. Re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alle e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ni credit<span class=\"_ _1\"></span>izie p<span class=\"_ _1\"></span>er le quali no<span class=\"_ _1\"></span>n vi \u00e8 st<span class=\"_ _1\"></span>ato un aume<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, biso<span class=\"_ _1\"></span>gna rile<span class=\"_ _1\"></span>vare le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u credit<span class=\"_ _1\"></span>i che der<span class=\"_ _1\"></span>ivan<span class=\"_ _1\"></span>o dalla stima di eve<span class=\"_ _1\"></span>nti di <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>faul<span class=\"_ _1\"></span>t</span> che s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili entro i su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi 12<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> (12<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span><span class=\"ff79 ls48 wsd1\">mont<span class=\"_ _1\"></span>hs</span><span class=\"ls4 ws134\"> EC<span class=\"_ _1\"></span>L). P<span class=\"_ _0\"></span>er le e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ioni cre<span class=\"_ _1\"></span>ditizie p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali vi \u00e8 st<span class=\"_ _1\"></span>ato un signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo aume<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di </span>credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, b<span class=\"_ _1\"></span>iso<span class=\"_ _1\"></span>gna rilev<span class=\"_ _1\"></span>are integ<span class=\"_ _1\"></span>ralmente l<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono alla re<span class=\"_ _1\"></span>sidua durat<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, a pre<span class=\"_ _1\"></span>scind<span class=\"_ _1\"></span>ere dal mo<span class=\"_ _1\"></span>mento in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efau<span class=\"_ _1\"></span>lt</span> si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi (\u201c<span class=\"ff79 ls5f ws7\">Lif<span class=\"_ _1\"></span>etim<span class=\"_ _1\"></span>e </span><span class=\"ls0\">EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>). </span>Per i credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>rivanti da c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un appro<span class=\"_ _1\"></span>ccio se<span class=\"_ _1\"></span>mplif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o nel c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o delle per<span class=\"_ _1\"></span>dite atte<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, il Grupp<span class=\"_ _1\"></span>o non monit<span class=\"_ _1\"></span>ora le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito, ma rile<span class=\"_ _1\"></span>va integ<span class=\"_ _1\"></span>ralmente la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa a o<span class=\"_ _1\"></span>gni data di rife<span class=\"_ _1\"></span>rimento (<span class=\"_ _1\"></span>\u201c<span class=\"ff79 ls53 wseb\">Lifet<span class=\"_ _1\"></span>ime</span> ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>). Pi\u00f9 nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico, il Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r le su<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>te att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019espe<span class=\"_ _1\"></span>die<span class=\"_ _1\"></span>nte pratico d<span class=\"_ _1\"></span>ella <span class=\"ff79 ls4c ws8b\">provi<span class=\"_ _1\"></span>sion matri<span class=\"_ _1\"></span>x</span> pe<span class=\"_ _1\"></span>r il calco<span class=\"_ _1\"></span>lo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls0 ws6e\">, ov<span class=\"_ _2\"></span>vero ha def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o un sis<span class=\"_ _1\"></span>tema matric<span class=\"_ _1\"></span>iale bas<span class=\"_ _1\"></span>ato </span></span>sulle informaz<span class=\"_ _1\"></span>ioni st<span class=\"_ _1\"></span>oriche di in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>so, ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>tici c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>iche tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>gie di deb<span class=\"_ _1\"></span>itori e de<span class=\"_ _1\"></span>l loro amb<span class=\"_ _1\"></span>iente e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__49": {
   "value": "P<span class=\"_ _4\"></span>erdita di valor<span class=\"_ _4\"></span>e di attivit\u00e0 finanziarieIl Grupp<span class=\"_ _1\"></span>o iscr<span class=\"_ _1\"></span>ive una s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span><span class=\"ff79\">ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cte<span class=\"_ _1\"></span>d credit lo<span class=\"_ _1\"></span>ss<span class=\"ff71\"> \u201c<span class=\"_ _1\"></span>ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>) p<span class=\"_ _1\"></span>er tut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie rap<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate da st<span class=\"_ _1\"></span>rumenti di d<span class=\"_ _1\"></span>ebito n<span class=\"_ _1\"></span>on dete<span class=\"_ _1\"></span>nuti al <span class=\"ff79\">fair value</span> rilevato a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o. Nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico le dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni di <span class=\"_ _0\"></span><span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls4 ws104\"> si ap<span class=\"_ _1\"></span>plic<span class=\"_ _1\"></span>ano a tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato e al <span class=\"ff79\">fair value</span><span class=\"lsb wsa4\"> rileva<span class=\"_ _0\"></span>to nel conto<span class=\"_ _0\"></span> </span></span></span>eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, mentr<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>se le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie v<span class=\"_ _1\"></span>alutate al <span class=\"ff79\">fair value</span><span class=\"lsd ws106\"> rilevato a conto economico.<span class=\"_ _0\"></span> </span>Inoltre<span class=\"_ _1\"></span>, rientr<span class=\"_ _1\"></span>ano nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>imetro di app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione an<span class=\"_ _1\"></span>che le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti tip<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws0\">Loan Commitment<span class=\"ff71\"> non valut<span class=\"_ _1\"></span>ati a F<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>TPL;</span></span>\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>G<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie f<span class=\"_ _1\"></span>inanziarie n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne IFRS 9;\u2022 <span class=\"_ _14\"> </span> Credit<span class=\"_ _1\"></span>i <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff79 ls4b wsc\">Lea<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g</span><span class=\"ws0\"> rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6;</span>\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ls48 ws106\">Contrac<span class=\"_ _1\"></span>t A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>et <span class=\"ff71 ls4 ws0\">rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5.</span></span>Le ECL si bas<span class=\"_ _1\"></span>ano sulla dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a tra i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari contr<span class=\"_ _1\"></span>attuali dov<span class=\"_ _1\"></span>uti in confor<span class=\"_ _1\"></span>mit\u00e0 al co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e tutti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nanziari che il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o si asp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ta di ri<span class=\"_ _1\"></span>cever<span class=\"_ _1\"></span>e, sc<span class=\"_ _1\"></span>ontati a<span class=\"_ _1\"></span>d un\u2019appross<span class=\"_ _1\"></span>imazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo or<span class=\"_ _1\"></span>iginario. I flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>sa ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ta di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re dipe<span class=\"_ _1\"></span>ndono dalla p<span class=\"_ _1\"></span>robabilit<span class=\"_ _1\"></span>\u00e0 che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi un evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efa<span class=\"_ _1\"></span>ult</span><span class=\"ls0 ws0\"> </span>della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te e quanto, in ta<span class=\"_ _1\"></span>le ca<span class=\"_ _1\"></span>so, ci si att<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>e di riuscire a r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erare; i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>i include<span class=\"_ _1\"></span>ranno quindi anche i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>cuss<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle gar<span class=\"_ _1\"></span>anzie re<span class=\"_ _1\"></span>ali dete<span class=\"_ _1\"></span>nute o di altre g<span class=\"_ _1\"></span>aranz<span class=\"_ _1\"></span>ie sul cre<span class=\"_ _1\"></span>dito che s<span class=\"_ _1\"></span>ono parte integrante delle cond<span class=\"_ _0\"></span>izioni contra<span class=\"_ _0\"></span>ttuali.Se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019approccio gen<span class=\"_ _1\"></span>erale p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>isto dal Prin<span class=\"_ _1\"></span>cipio, la modalit<span class=\"_ _1\"></span>\u00e0 di dete<span class=\"_ _1\"></span>rminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls5f ws7\">impairme<span class=\"_ _1\"></span>nt <span class=\"_ _2\"></span></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziarie \u00e8 in fun<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esito d<span class=\"_ _1\"></span>el mo<span class=\"_ _1\"></span>nitorag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>io del m<span class=\"_ _1\"></span>erito cr<span class=\"_ _1\"></span>editi<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>lle contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ti. Re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alle e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ni credit<span class=\"_ _1\"></span>izie p<span class=\"_ _1\"></span>er le quali no<span class=\"_ _1\"></span>n vi \u00e8 st<span class=\"_ _1\"></span>ato un aume<span class=\"_ _1\"></span>nto signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, biso<span class=\"_ _1\"></span>gna rile<span class=\"_ _1\"></span>vare le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u credit<span class=\"_ _1\"></span>i che der<span class=\"_ _1\"></span>ivan<span class=\"_ _1\"></span>o dalla stima di eve<span class=\"_ _1\"></span>nti di <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>faul<span class=\"_ _1\"></span>t</span> che s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili entro i su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi 12<span class=\"_ _2\"></span> m<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> (12<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span><span class=\"ff79 ls48 wsd1\">mont<span class=\"_ _1\"></span>hs</span><span class=\"ls4 ws134\"> EC<span class=\"_ _1\"></span>L). P<span class=\"_ _0\"></span>er le e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ioni cre<span class=\"_ _1\"></span>ditizie p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali vi \u00e8 st<span class=\"_ _1\"></span>ato un signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo aume<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di </span>credit<span class=\"_ _1\"></span>o dalla rileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e iniziale, b<span class=\"_ _1\"></span>iso<span class=\"_ _1\"></span>gna rilev<span class=\"_ _1\"></span>are integ<span class=\"_ _1\"></span>ralmente l<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono alla re<span class=\"_ _1\"></span>sidua durat<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, a pre<span class=\"_ _1\"></span>scind<span class=\"_ _1\"></span>ere dal mo<span class=\"_ _1\"></span>mento in cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>evento di <span class=\"ff79 ls66 ws127\">d<span class=\"_ _1\"></span>efau<span class=\"_ _1\"></span>lt</span> si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ichi (\u201c<span class=\"ff79 ls5f ws7\">Lif<span class=\"_ _1\"></span>etim<span class=\"_ _1\"></span>e </span><span class=\"ls0\">EC<span class=\"_ _1\"></span>L<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>). </span>Per i credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>rivanti da c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>a un appro<span class=\"_ _1\"></span>ccio se<span class=\"_ _1\"></span>mplif<span class=\"_ _1\"></span>icat<span class=\"_ _1\"></span>o nel c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o delle per<span class=\"_ _1\"></span>dite atte<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, il Grupp<span class=\"_ _1\"></span>o non monit<span class=\"_ _1\"></span>ora le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito, ma rile<span class=\"_ _1\"></span>va integ<span class=\"_ _1\"></span>ralmente la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa a o<span class=\"_ _1\"></span>gni data di rife<span class=\"_ _1\"></span>rimento (<span class=\"_ _1\"></span>\u201c<span class=\"ff79 ls53 wseb\">Lifet<span class=\"_ _1\"></span>ime</span> ECL<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>). Pi\u00f9 nello s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico, il Grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r le su<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>te att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019espe<span class=\"_ _1\"></span>die<span class=\"_ _1\"></span>nte pratico d<span class=\"_ _1\"></span>ella <span class=\"ff79 ls4c ws8b\">provi<span class=\"_ _1\"></span>sion matri<span class=\"_ _1\"></span>x</span> pe<span class=\"_ _1\"></span>r il calco<span class=\"_ _1\"></span>lo dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent<span class=\"ff71 ls0 ws6e\">, ov<span class=\"_ _2\"></span>vero ha def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o un sis<span class=\"_ _1\"></span>tema matric<span class=\"_ _1\"></span>iale bas<span class=\"_ _1\"></span>ato </span></span>sulle informaz<span class=\"_ _1\"></span>ioni st<span class=\"_ _1\"></span>oriche di in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>so, ri<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>te p<span class=\"_ _1\"></span>er con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rare e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>tici c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>iche tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>gie di deb<span class=\"_ _1\"></span>itori e de<span class=\"_ _1\"></span>l loro amb<span class=\"_ _1\"></span>iente e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__52": {
   "value": "P<span class=\"_ _4\"></span>assivit\u00e0 finanziarieLe pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate e valut<span class=\"_ _1\"></span>ate al cos<span class=\"_ _1\"></span>to ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o il tas<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo ad ecce<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione di que<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ch<span class=\"_ _1\"></span>e, non ri<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo ai re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>oter e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutate al c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ammor<span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato, so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate al <span class=\"ff79\">fair value</span> rile<span class=\"_ _1\"></span>vato a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Ri<span class=\"_ _1\"></span>entrano in qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo ca<span class=\"_ _1\"></span>so le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ziarie det<span class=\"_ _1\"></span>enute a s<span class=\"_ _1\"></span>copo di n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o inoltre p<span class=\"_ _1\"></span>u\u00f2 sce<span class=\"_ _1\"></span>glie<span class=\"_ _1\"></span>re, in se<span class=\"_ _1\"></span>de di ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale, di de<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>nare irrevoc<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsb wse0\">con<span class=\"_ _0\"></span> imputazione a con<span class=\"_ _0\"></span>to economico q<span class=\"_ _0\"></span>uando q<span class=\"_ _0\"></span>uesto consente di </span>fornire un<span class=\"_ _1\"></span>\u2019informativ<span class=\"_ _1\"></span>a pi\u00f9 rilev<span class=\"_ _1\"></span>ante, in quanto:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>elimina o riduce s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte un<span class=\"_ _1\"></span>\u2019inco<span class=\"_ _1\"></span>eren<span class=\"_ _1\"></span>za n<span class=\"_ _1\"></span>ella misur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne o rilev<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one (<span class=\"_ _0\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a anche com<span class=\"_ _1\"></span>e \u201c<span class=\"ff79\">an accoun<span class=\"ls0 ws0\">-</span></span>ting mismatch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _2\"></span>) che eme<span class=\"_ _1\"></span>rge<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e dalla misura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o delle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o dalla rile<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o </span>dell<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>rdite su di una b<span class=\"_ _1\"></span>ase dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rente;\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>un gruppo di at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie \u00e8 ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ito e valut<span class=\"_ _1\"></span>ato al <span class=\"ff79\">fair value</span> in applica<span class=\"_ _1\"></span>zione di una p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di <span class=\"ff79 ls0 ws0\">ris<span class=\"_ _1\"></span>k </span>management<span class=\"ff71 ls4 ws127\"> o sulla ba<span class=\"_ _1\"></span>se di una st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ia di invest<span class=\"_ _1\"></span>imento e l<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a su det<span class=\"_ _1\"></span>to gr<span class=\"_ _1\"></span>uppo \u00e8 fornit<span class=\"_ _1\"></span>a inter<span class=\"_ _1\"></span>namente ai </span>dirigenti chiave su t<span class=\"_ _1\"></span>ale ba<span class=\"_ _1\"></span>se.Anche i d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati con<span class=\"ff79\"> fair value</span> neg<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati e valut<span class=\"_ _1\"></span>ati al<span class=\"ff79\"> fair value</span><span class=\"lsd ws6e\"> rilevato a con<span class=\"_ _0\"></span>to economico ad eccez<span class=\"_ _1\"></span>io<span class=\"ls0 ws0\">-</span></span>ne di quelli de<span class=\"_ _1\"></span>tenuti c<span class=\"_ _1\"></span>ome ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>aci s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vate inizialme<span class=\"_ _1\"></span>nte al fair value<span class=\"ff71\"> cui si agg<span class=\"_ _1\"></span>iungono, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti e deb<span class=\"_ _1\"></span>iti, i cos<span class=\"_ _1\"></span>ti di tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>d es<span class=\"_ _1\"></span>si diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuibili. </span>Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali e altri de<span class=\"_ _1\"></span>biti, f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti, inc<span class=\"_ _1\"></span>lusi sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di conto cor<span class=\"_ _1\"></span>rente e s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>eriv<span class=\"_ _1\"></span>ati.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e dipen<span class=\"_ _1\"></span>de dalla loro cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, come pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie al <span class=\"ff79\">fair value</span><span class=\"ls0 wsc8\"> a </span>conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al co<span class=\"_ _1\"></span>sto amm<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato (<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti).P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> rilev<span class=\"_ _0\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie al <span class=\"ff79\">fair value</span> rilevat<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>etenut<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evate ini<span class=\"_ _1\"></span>zialmente al <span class=\"ff79\">fair value</span> con var<span class=\"_ _1\"></span>iazioni r<span class=\"_ _1\"></span>ilevate a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. Le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negoziaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>ono tut<span class=\"_ _1\"></span>te que<span class=\"_ _1\"></span>lle as<span class=\"_ _1\"></span>sunte con l<span class=\"_ _2\"></span>\u2019intento di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguerl<span class=\"_ _1\"></span>e o tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>irle ne<span class=\"_ _1\"></span>l breve te<span class=\"_ _1\"></span>rmine<span class=\"_ _1\"></span>. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cate<span class=\"_ _1\"></span>goria inclu<span class=\"_ _1\"></span>de inoltre g<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>oscr<span class=\"_ _1\"></span>itti dal G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o che non s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>signati c<span class=\"_ _1\"></span>ome str<span class=\"_ _1\"></span>umenti di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ura in una rela<span class=\"_ _1\"></span>zione di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dallo IA<span class=\"_ _1\"></span>S 39. I de<span class=\"_ _1\"></span>rivat<span class=\"_ _1\"></span>i incorp<span class=\"_ _1\"></span>orati, s<span class=\"_ _1\"></span>corp<span class=\"_ _1\"></span>orati dal co<span class=\"_ _1\"></span>ntrat<span class=\"ls0 ws0\">-</span>to princip<span class=\"_ _1\"></span>ale, s<span class=\"_ _1\"></span>ono clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati come s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari dete<span class=\"_ _1\"></span>nuti pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>alvo che n<span class=\"_ _1\"></span>on siano de<span class=\"_ _1\"></span>signati come s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci<span class=\"_ _1\"></span>. Gli utili o le p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>ulle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dete<span class=\"_ _1\"></span>nute pe<span class=\"_ _1\"></span>r la negozia<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a) d\u2019ese<span class=\"_ _1\"></span>rcizio. Le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie so<span class=\"_ _1\"></span>no de<span class=\"_ _1\"></span>signate al <span class=\"ff79\">fair value </span>con varia<span class=\"_ _1\"></span>zioni rile<span class=\"_ _1\"></span>vate a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o dalla data di prima is<span class=\"_ _1\"></span>criz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, solo s<span class=\"_ _1\"></span>e i crite<span class=\"_ _1\"></span>ri de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 s<span class=\"_ _1\"></span>ono so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fat<span class=\"_ _1\"></span>ti. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione ini<span class=\"_ _1\"></span>ziale, il G<span class=\"_ _1\"></span>ruppo n<span class=\"_ _1\"></span>on ha de<span class=\"_ _1\"></span>signato pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value </span><span class=\"lsd wse\">con vari<span class=\"_ _0\"></span>azioni rilevate a conto<span class=\"_ _0\"></span> economico.</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al costo ammortizzato (prestiti e finanziamenti)Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ati con il crit<span class=\"_ _1\"></span>erio de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato us<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>o del ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 es<span class=\"_ _1\"></span>tint<span class=\"_ _1\"></span>a, oltre che at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento. Il cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato \u00e8 cal<span class=\"_ _1\"></span>colato rile<span class=\"_ _1\"></span>vand<span class=\"_ _1\"></span>o lo sco<span class=\"_ _1\"></span>nto o il premio sull<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne e gli ono<span class=\"_ _1\"></span>rari o co<span class=\"_ _1\"></span>sti ch<span class=\"_ _1\"></span>e fanno par<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>grante d<span class=\"_ _1\"></span>el t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>mpre<span class=\"_ _1\"></span>so tra g<span class=\"_ _1\"></span>li oner<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdita).<span class=\"_ _0\"></span> Non \u00e8 p<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span>ibile ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care le p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie. Canc<span class=\"_ _4\"></span>ellazioneUna pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>ancellat<span class=\"_ _1\"></span>a quando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tante la p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 \u00e8 e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inta, annullata ov<span class=\"_ _2\"></span>vero a<span class=\"_ _1\"></span>dem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>piuta<span class=\"_ _1\"></span>. Lad<span class=\"_ _1\"></span>dove una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>tente fo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a da un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>altra de<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tator<span class=\"_ _1\"></span>e, a con<span class=\"_ _1\"></span>dizioni s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zialmente di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, oppure le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte venis<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ero so<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate<span class=\"_ _1\"></span>, tal<span class=\"_ _1\"></span>e sc<span class=\"_ _1\"></span>ambio o modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne tr<span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ato come una c<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span>llazion<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>riginale, a<span class=\"_ _1\"></span>ccompag<span class=\"_ _1\"></span>nata dalla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione di una nuova pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, co<span class=\"_ _1\"></span>n iscri<span class=\"_ _1\"></span>zione n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) d<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio di eve<span class=\"_ _1\"></span>ntuali diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze tra i val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili.C<span class=\"_ _0\"></span>ompensazione di strumenti finanziariUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ate e il sal<span class=\"_ _1\"></span>do net<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o nel pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria, se e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te un dirit<span class=\"_ _1\"></span>to leg<span class=\"_ _1\"></span>ale att<span class=\"_ _1\"></span>uale a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti rile<span class=\"_ _1\"></span>vati cont<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte e vi sia l<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one di e<span class=\"_ _1\"></span>stingu<span class=\"_ _1\"></span>ere il re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to, o realiz<span class=\"_ _2\"></span>zare l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e co<span class=\"_ _1\"></span>ntemp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>amente e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tingue<span class=\"_ _1\"></span>re la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__55": {
   "value": "P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al costo ammortizzato (prestiti e finanziamenti)Dop<span class=\"_ _1\"></span>o la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne iniziale<span class=\"_ _1\"></span>, i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ati con il crit<span class=\"_ _1\"></span>erio de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato us<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>o del ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo. G<span class=\"_ _1\"></span>li utili e le pe<span class=\"_ _1\"></span>rdite s<span class=\"_ _1\"></span>ono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 es<span class=\"_ _1\"></span>tint<span class=\"_ _1\"></span>a, oltre che at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il proc<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento. Il cos<span class=\"_ _1\"></span>to ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _2\"></span>zato \u00e8 cal<span class=\"_ _1\"></span>colato rile<span class=\"_ _1\"></span>vand<span class=\"_ _1\"></span>o lo sco<span class=\"_ _1\"></span>nto o il premio sull<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne e gli ono<span class=\"_ _1\"></span>rari o co<span class=\"_ _1\"></span>sti ch<span class=\"_ _1\"></span>e fanno par<span class=\"_ _1\"></span>te inte<span class=\"_ _1\"></span>grante d<span class=\"_ _1\"></span>el t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. L<span class=\"_ _6\"></span>\u2019ammort<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tivo \u00e8 co<span class=\"_ _1\"></span>mpre<span class=\"_ _1\"></span>so tra g<span class=\"_ _1\"></span>li oner<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile<span class=\"_ _1\"></span>/(pe<span class=\"_ _1\"></span>rdita).",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__54": {
   "value": "C<span class=\"_ _0\"></span>ompensazione di strumenti finanziariUn\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ate e il sal<span class=\"_ _1\"></span>do net<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o nel pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria, se e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te un dirit<span class=\"_ _1\"></span>to leg<span class=\"_ _1\"></span>ale att<span class=\"_ _1\"></span>uale a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are gli impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti rile<span class=\"_ _1\"></span>vati cont<span class=\"_ _1\"></span>abilme<span class=\"_ _1\"></span>nte e vi sia l<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one di e<span class=\"_ _1\"></span>stingu<span class=\"_ _1\"></span>ere il re<span class=\"_ _1\"></span>sidu<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to, o realiz<span class=\"_ _2\"></span>zare l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e co<span class=\"_ _1\"></span>ntemp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>amente e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tingue<span class=\"_ _1\"></span>re la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__56": {
   "value": "Strumenti finanziari der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ati e hedge ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ountingRilevazione iniziale e v<span class=\"_ _0\"></span>alutazione succ<span class=\"_ _4\"></span>essivaIl Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati tra i quali: contratt<span class=\"_ _1\"></span>i a termin<span class=\"_ _1\"></span>e in valuta<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r coprire i r<span class=\"_ _1\"></span>ischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari relati<span class=\"_ _1\"></span>vi alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di cambi<span class=\"_ _1\"></span>o sulle tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>mmerciali in valut<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no inizialm<span class=\"_ _1\"></span>ente r<span class=\"_ _1\"></span>ilev<span class=\"_ _1\"></span>ati al <span class=\"ff79 ls4 ws12a\">fair value<span class=\"ff71\"> alla data in cui il contrat<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato \u00e8 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e, suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ati </span></span>nuovame<span class=\"_ _1\"></span>nte al <span class=\"ff79\">fair value</span>. I deriv<span class=\"_ _1\"></span>ati son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati come at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie quand<span class=\"_ _1\"></span>o il <span class=\"ff79\">fair value</span> \u00e8 positi<span class=\"_ _1\"></span>vo e come pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie quando il <span class=\"ff79\">fair value</span> \u00e8 neg<span class=\"_ _1\"></span>ativo. Co<span class=\"_ _1\"></span>me con<span class=\"_ _1\"></span>sentit<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 par<span class=\"_ _1\"></span>agrafo 7<span class=\"_ _4\"></span>.2<span class=\"_ _1\"></span>.21<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _1\"></span>o ha opt<span class=\"_ _1\"></span>ato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>S 39 in merito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Coe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente co<span class=\"_ _1\"></span>n quanto st<span class=\"_ _1\"></span>abilito dallo IA<span class=\"_ _1\"></span>S 39.<span class=\"_ _1\"></span>88 e r<span class=\"_ _1\"></span>ipres<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9.6.4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 st<span class=\"_ _1\"></span>abilite p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls22 wse4\"> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o:</span></span>\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la de<span class=\"_ _1\"></span>signa<span class=\"_ _1\"></span>zione for<span class=\"_ _1\"></span>male e la doc<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa, degli o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 nella ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio e della s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tuare la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>ar\u00e0 alt<span class=\"_ _1\"></span>amente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>per l<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ture di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i, l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rogrammat<span class=\"_ _1\"></span>a che \u00e8 og<span class=\"_ _2\"></span>getto di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re altam<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span><span class=\"ws0\">-</span>babile e de<span class=\"_ _1\"></span>ve pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>are un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e alle valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ch<span class=\"_ _1\"></span>e potre<span class=\"_ _1\"></span>bbe in<span class=\"_ _1\"></span>cider<span class=\"_ _1\"></span>e sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>cia pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibilmente mis<span class=\"_ _1\"></span>urata; e \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a \u00e8 altam<span class=\"_ _1\"></span>ente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace durante i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r i quali \u00e8 desig<span class=\"_ _1\"></span>nata. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span>. Quando gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati hann<span class=\"_ _1\"></span>o le car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche per e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"_ _1\"></span></span><span class=\"lsb wsa\">, si appl<span class=\"_ _0\"></span>icano i seguenti trattamenti con<span class=\"_ _0\"></span>tabili<span class=\"_ _4\"></span>:</span>\u2022  <span class=\"_ _1af\"></span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _1\"></span>e<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato co<span class=\"_ _1\"></span>me cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione all<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni </span>del v<span class=\"_ _1\"></span>alore cor<span class=\"_ _1\"></span>rente di una att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 o di una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di bilancio o di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile ch<span class=\"_ _1\"></span>e pu\u00f2 det<span class=\"_ _1\"></span>erminare ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> del der<span class=\"_ _1\"></span>ivato di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura \u00e8 rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dello st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile al r<span class=\"_ _1\"></span>ischio co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to \u00e8 rilev<span class=\"_ _1\"></span>ato come p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l valore di c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span><span class=\"ws0\">-</span>rico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eleme<span class=\"_ _1\"></span>nto cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d \u00e8 inolt<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. N<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile<span class=\"_ _1\"></span>, il <span class=\"ff79\">fair value</span> della co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte relati<span class=\"_ _1\"></span>va al ri<span class=\"_ _1\"></span>schio cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o \u00e8 iscrit<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>llo s<span class=\"_ _1\"></span>tato patr<span class=\"_ _1\"></span>imoniale com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, andand<span class=\"_ _1\"></span>o a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icare la vo<span class=\"_ _1\"></span>ce di st<span class=\"_ _1\"></span>ato patrim<span class=\"_ _1\"></span>oniale che s<span class=\"_ _1\"></span>ar\u00e0 intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto del su<span class=\"_ _1\"></span>o realiz<span class=\"_ _2\"></span>zo.\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 wse3\">Cash f<span class=\"_ _1\"></span>low he<span class=\"_ _1\"></span>dge<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o deri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato c<span class=\"_ _1\"></span>ome cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e alla variabi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>lit\u00e0 de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a di una atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 di b<span class=\"_ _1\"></span>ilancio o di un\u2019oper<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta alt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte probab<span class=\"_ _1\"></span>ile o di un impeg<span class=\"_ _1\"></span>no irrevo<span class=\"_ _1\"></span>cabil<span class=\"_ _1\"></span>e e che potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e avere ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico, la p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace d<span class=\"_ _1\"></span>egli ut<span class=\"_ _1\"></span>ili o delle per<span class=\"_ _1\"></span>dite sullo s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario \u00e8 ril<span class=\"_ _1\"></span>evat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo; l<span class=\"_ _1\"></span>\u2019utile o la pe<span class=\"_ _1\"></span>rdita cumulati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tornati dal p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o nel<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura; l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciati a una cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, o a quella par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ella cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a divent<span class=\"_ _1\"></span>ata in<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>ce, s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia \u00e8 rilev<span class=\"_ _1\"></span>ata.Qualora non<span class=\"_ _0\"></span> ricorrano le<span class=\"_ _0\"></span> condizioni per l\u2019a<span class=\"_ _0\"></span>pplicazione dell\u2019<span class=\"ff79 ls9 wsfe\">hedge accounting</span><span class=\"ls4 wsa0\">, gli e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione al </span>\u201c<span class=\"ff79 ls4\">fair value<span class=\"_ _1\"></span><span class=\"ff71\">\u201d de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato son<span class=\"_ _1\"></span>o imputat<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a conto e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__57": {
   "value": "Rilevazione iniziale e v<span class=\"_ _0\"></span>alutazione succ<span class=\"_ _4\"></span>essivaIl Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati tra i quali: contratt<span class=\"_ _1\"></span>i a termin<span class=\"_ _1\"></span>e in valuta<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r coprire i r<span class=\"_ _1\"></span>ischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari relati<span class=\"_ _1\"></span>vi alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di cambi<span class=\"_ _1\"></span>o sulle tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>mmerciali in valut<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no inizialm<span class=\"_ _1\"></span>ente r<span class=\"_ _1\"></span>ilev<span class=\"_ _1\"></span>ati al <span class=\"ff79 ls4 ws12a\">fair value<span class=\"ff71\"> alla data in cui il contrat<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato \u00e8 sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e, suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, s<span class=\"_ _1\"></span>ono valut<span class=\"_ _1\"></span>ati </span></span>nuovame<span class=\"_ _1\"></span>nte al <span class=\"ff79\">fair value</span>. I deriv<span class=\"_ _1\"></span>ati son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati come at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie quand<span class=\"_ _1\"></span>o il <span class=\"ff79\">fair value</span> \u00e8 positi<span class=\"_ _1\"></span>vo e come pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie quando il <span class=\"ff79\">fair value</span> \u00e8 neg<span class=\"_ _1\"></span>ativo. Co<span class=\"_ _1\"></span>me con<span class=\"_ _1\"></span>sentit<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 9 par<span class=\"_ _1\"></span>agrafo 7<span class=\"_ _4\"></span>.2<span class=\"_ _1\"></span>.21<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _1\"></span>o ha opt<span class=\"_ _1\"></span>ato per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>S 39 in merito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Coe<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>mente co<span class=\"_ _1\"></span>n quanto st<span class=\"_ _1\"></span>abilito dallo IA<span class=\"_ _1\"></span>S 39.<span class=\"_ _1\"></span>88 e r<span class=\"_ _1\"></span>ipres<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9.6.4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 st<span class=\"_ _1\"></span>abilite p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span><span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"ff71 ls22 wse4\"> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> qu<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o:</span></span>\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la de<span class=\"_ _1\"></span>signa<span class=\"_ _1\"></span>zione for<span class=\"_ _1\"></span>male e la doc<span class=\"_ _1\"></span>ument<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa, degli o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 nella ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio e della s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>tuare la cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>s<span class=\"_ _1\"></span>i preve<span class=\"_ _1\"></span>de che la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>ar\u00e0 alt<span class=\"_ _1\"></span>amente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>per l<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ture di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i, l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>rogrammat<span class=\"_ _1\"></span>a che \u00e8 og<span class=\"_ _2\"></span>getto di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re altam<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span><span class=\"ws0\">-</span>babile e de<span class=\"_ _1\"></span>ve pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>are un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e alle valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni di f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari ch<span class=\"_ _1\"></span>e potre<span class=\"_ _1\"></span>bbe in<span class=\"_ _1\"></span>cider<span class=\"_ _1\"></span>e sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>cia pu\u00f2 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>dibilmente mis<span class=\"_ _1\"></span>urata; e \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a \u00e8 altam<span class=\"_ _1\"></span>ente ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace durante i di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>abili pe<span class=\"_ _1\"></span>r i quali \u00e8 desig<span class=\"_ _1\"></span>nata. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti gli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono misur<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span>. Quando gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati hann<span class=\"_ _1\"></span>o le car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche per e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 ls9 ws127\">hedge accounting<span class=\"_ _1\"></span></span><span class=\"lsb wsa\">, si appl<span class=\"_ _0\"></span>icano i seguenti trattamenti con<span class=\"_ _0\"></span>tabili<span class=\"_ _4\"></span>:</span>\u2022  <span class=\"_ _1af\"></span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _1\"></span>e<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato co<span class=\"_ _1\"></span>me cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione all<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni </span>del v<span class=\"_ _1\"></span>alore cor<span class=\"_ _1\"></span>rente di una att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 o di una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di bilancio o di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile ch<span class=\"_ _1\"></span>e pu\u00f2 det<span class=\"_ _1\"></span>erminare ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico, la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> del der<span class=\"_ _1\"></span>ivato di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura \u00e8 rile<span class=\"_ _1\"></span>vato ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e la variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dello st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nto cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tribuibile al r<span class=\"_ _1\"></span>ischio co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to \u00e8 rilev<span class=\"_ _1\"></span>ato come p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l valore di c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span><span class=\"ws0\">-</span>rico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eleme<span class=\"_ _1\"></span>nto cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>d \u00e8 inolt<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ato nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. N<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di un imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile<span class=\"_ _1\"></span>, il <span class=\"ff79\">fair value</span> della co<span class=\"_ _1\"></span>mpone<span class=\"_ _1\"></span>nte relati<span class=\"_ _1\"></span>va al ri<span class=\"_ _1\"></span>schio cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o \u00e8 iscrit<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>llo s<span class=\"_ _1\"></span>tato patr<span class=\"_ _1\"></span>imoniale com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, andand<span class=\"_ _1\"></span>o a rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icare la vo<span class=\"_ _1\"></span>ce di st<span class=\"_ _1\"></span>ato patrim<span class=\"_ _1\"></span>oniale che s<span class=\"_ _1\"></span>ar\u00e0 intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>egn<span class=\"_ _1\"></span>o irrevo<span class=\"_ _1\"></span>cabile al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto del su<span class=\"_ _1\"></span>o realiz<span class=\"_ _2\"></span>zo.\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 wse3\">Cash f<span class=\"_ _1\"></span>low he<span class=\"_ _1\"></span>dge<span class=\"ff71\"> \u2013 se uno s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o deri<span class=\"_ _1\"></span>vato \u00e8 de<span class=\"_ _1\"></span>signato c<span class=\"_ _1\"></span>ome cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e alla variabi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>lit\u00e0 de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a di una atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 di b<span class=\"_ _1\"></span>ilancio o di un\u2019oper<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta alt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte probab<span class=\"_ _1\"></span>ile o di un impeg<span class=\"_ _1\"></span>no irrevo<span class=\"_ _1\"></span>cabil<span class=\"_ _1\"></span>e e che potr<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e avere ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico, la p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace d<span class=\"_ _1\"></span>egli ut<span class=\"_ _1\"></span>ili o delle per<span class=\"_ _1\"></span>dite sullo s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario \u00e8 ril<span class=\"_ _1\"></span>evat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e<span class=\"_ _1\"></span>d e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo; l<span class=\"_ _1\"></span>\u2019utile o la pe<span class=\"_ _1\"></span>rdita cumulati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tornati dal p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto e c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o nel<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>lo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui v<span class=\"_ _1\"></span>iene r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019opera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura; l<span class=\"_ _1\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciati a una cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, o a quella par<span class=\"_ _1\"></span>te d<span class=\"_ _1\"></span>ella cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a divent<span class=\"_ _1\"></span>ata in<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>ce, s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o quando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia \u00e8 rilev<span class=\"_ _1\"></span>ata.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__58": {
   "value": "2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _1\"></span>ivalentiLe dispo<span class=\"_ _1\"></span>nibilit\u00e0 liqui<span class=\"_ _1\"></span>de e i dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i a breve te<span class=\"_ _1\"></span>rmine co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono il de<span class=\"_ _1\"></span>naro in ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a e i dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i a vis<span class=\"_ _1\"></span>ta e a b<span class=\"_ _1\"></span>reve te<span class=\"_ _1\"></span>rmi<span class=\"ls0 ws0\">-</span>ne, in que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ultimo ca<span class=\"_ _1\"></span>so co<span class=\"_ _1\"></span>n sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nza o<span class=\"_ _1\"></span>riginaria pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta n<span class=\"_ _1\"></span>on oltre i t<span class=\"_ _1\"></span>re me<span class=\"_ _1\"></span>si.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__59": {
   "value": "2.3.9 Azioni <span class=\"_ _1\"></span>proprieLe azio<span class=\"_ _1\"></span>ni proprie a<span class=\"_ _1\"></span>cquist<span class=\"_ _1\"></span>ate s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate al co<span class=\"_ _1\"></span>sto e p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate in diminuzione d<span class=\"_ _1\"></span>el patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o, la vendit<span class=\"_ _1\"></span>a o la cance<span class=\"_ _1\"></span>llazi<span class=\"_ _1\"></span>one di az<span class=\"_ _1\"></span>ioni prop<span class=\"_ _1\"></span>rie non danno o<span class=\"_ _1\"></span>rigine a ne<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sun prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to o pe<span class=\"_ _1\"></span>rdita n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico. L<span class=\"_ _1\"></span>a diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>za tra il val<span class=\"_ _1\"></span>ore di acquis<span class=\"_ _1\"></span>to e il co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo, in c<span class=\"_ _1\"></span>aso di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a e/o ass<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, vie<span class=\"_ _1\"></span>ne rile<span class=\"_ _1\"></span>vata in una ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>va de<span class=\"_ _1\"></span>l Patri<span class=\"ls0 ws0\">-</span>monio Netto.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__60": {
   "value": "2.3.10 RimanenzeLe rimanen<span class=\"_ _1\"></span>ze di magaz<span class=\"_ _2\"></span>zino so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore tr<span class=\"_ _1\"></span>a il cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to e<span class=\"_ _1\"></span>/o di produzio<span class=\"_ _1\"></span>ne, det<span class=\"_ _1\"></span>erminato s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>dio po<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>ato, e il valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di realiz<span class=\"_ _2\"></span>zo. Il cost<span class=\"_ _1\"></span>o di acquis<span class=\"_ _1\"></span>to \u00e8 inclus<span class=\"_ _1\"></span>ivo de<span class=\"_ _1\"></span>gli one<span class=\"_ _1\"></span>ri acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sori; il cos<span class=\"_ _1\"></span>to di pro<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e compre<span class=\"_ _1\"></span>nde i co<span class=\"_ _1\"></span>sti di dire<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a imput<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e una quot<span class=\"_ _1\"></span>a dei co<span class=\"_ _1\"></span>sti in<span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>i, ragion<span class=\"_ _1\"></span>evolme<span class=\"_ _1\"></span>nte im<span class=\"ls0 ws0\">-</span>putab<span class=\"_ _1\"></span>ili ai prod<span class=\"_ _1\"></span>otti. Il v<span class=\"_ _1\"></span>alore ne<span class=\"_ _1\"></span>tto di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>umibile reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo \u00e8 cos<span class=\"_ _1\"></span>tituito dal n<span class=\"_ _1\"></span>ormale p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zo stimato di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a ded<span class=\"_ _1\"></span>otti i cos<span class=\"_ _1\"></span>ti st<span class=\"_ _1\"></span>imati di comple<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento e i cos<span class=\"_ _1\"></span>ti s<span class=\"_ _1\"></span>timati p<span class=\"_ _1\"></span>er reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are la vendit<span class=\"_ _1\"></span>a.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__62": {
   "value": "2.3.11 <span class=\"_ _0\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 possedute per la vendit<span class=\"_ _0\"></span>a T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e voce inclu<span class=\"_ _1\"></span>de le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti, il cui valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e sar\u00e0 re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte attr<span class=\"_ _1\"></span>avers<span class=\"_ _1\"></span>o la ven<span class=\"_ _1\"></span>dita piutto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o che attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>ontinuativo. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 de<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinate alla vendit<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore t<span class=\"_ _1\"></span>ra il loro valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile e il <span class=\"ff79\">fair value</span> al netto d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti di ve<span class=\"_ _1\"></span>ndita<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__61": {
   "value": "2.3.11 <span class=\"_ _0\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 possedute per la vendit<span class=\"_ _0\"></span>a T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e voce inclu<span class=\"_ _1\"></span>de le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti, il cui valore c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e sar\u00e0 re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>erato pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte attr<span class=\"_ _1\"></span>avers<span class=\"_ _1\"></span>o la ven<span class=\"_ _1\"></span>dita piutto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o che attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>ontinuativo. Le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 de<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinate alla vendit<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>no valut<span class=\"_ _1\"></span>ate al minore t<span class=\"_ _1\"></span>ra il loro valore n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>ile e il <span class=\"ff79\">fair value</span> al netto d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti di ve<span class=\"_ _1\"></span>ndita<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__63": {
   "value": "2.3.12 Fondi rischi ed oneri Gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti a fondi p<span class=\"_ _1\"></span>er ris<span class=\"_ _1\"></span>chi e one<span class=\"_ _1\"></span>ri son<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati quando il Grup<span class=\"_ _1\"></span>po de<span class=\"_ _1\"></span>ve far fronte a un<span class=\"_ _1\"></span>\u2019obbligazi<span class=\"_ _1\"></span>one att<span class=\"_ _1\"></span>ua<span class=\"ls0 ws0\">-</span>le (l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e o implicit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) risult<span class=\"_ _1\"></span>ante da un evento pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato, \u00e8 probab<span class=\"_ _1\"></span>ile un\u2019uscit<span class=\"_ _1\"></span>a di ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>er far fro<span class=\"_ _1\"></span>nte a tal<span class=\"_ _1\"></span>e obbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ed \u00e8 p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare una s<span class=\"_ _1\"></span>tima af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>idabile de<span class=\"_ _1\"></span>l suo amm<span class=\"_ _1\"></span>ontare<span class=\"_ _1\"></span>. Quando il G<span class=\"_ _1\"></span>ruppo r<span class=\"_ _1\"></span>itien<span class=\"_ _1\"></span>e che un acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto al fondo ri<span class=\"_ _1\"></span>schi e one<span class=\"_ _1\"></span>ri s<span class=\"_ _1\"></span>ar\u00e0 in par<span class=\"_ _1\"></span>te o de<span class=\"_ _1\"></span>l tut<span class=\"_ _1\"></span>to rimbo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ato, per es<span class=\"_ _1\"></span>empio n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>aso di ri<span class=\"_ _1\"></span>schi cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i da poliz<span class=\"_ _2\"></span>ze ass<span class=\"_ _1\"></span>icurati<span class=\"_ _1\"></span>ve, l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo \u00e8 rile<span class=\"_ _1\"></span>vato in mo<span class=\"_ _1\"></span>do dis<span class=\"_ _1\"></span>tinto e se<span class=\"_ _1\"></span>parato n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tivo s<span class=\"_ _1\"></span>e, e so<span class=\"_ _1\"></span>lo se<span class=\"_ _1\"></span>, es<span class=\"_ _1\"></span>so r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>a pratic<span class=\"_ _1\"></span>amente c<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>to. In t<span class=\"_ _1\"></span>al ca<span class=\"_ _1\"></span>so, ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o il cos<span class=\"_ _1\"></span>to dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eventual<span class=\"_ _1\"></span>e accanto<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>namento \u00e8 pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entato a<span class=\"_ _1\"></span>l nett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ammontare ril<span class=\"_ _1\"></span>evato p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo. Se l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>effe<span class=\"_ _1\"></span>tto di at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e del de<span class=\"_ _1\"></span>naro \u00e8 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo, gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti so<span class=\"_ _1\"></span>no attuali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i utiliz<span class=\"ls0 ws0\">-</span>zand<span class=\"_ _1\"></span>o un tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di sconto ante imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, ove ade<span class=\"_ _1\"></span>guato, i ris<span class=\"_ _1\"></span>chi spe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. Quand<span class=\"_ _1\"></span>o vie<span class=\"_ _1\"></span>ne ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uata l<span class=\"_ _1\"></span>\u2019attualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione, l<span class=\"_ _2\"></span>\u2019incre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019accantoname<span class=\"_ _1\"></span>nto dov<span class=\"_ _1\"></span>uto al tra<span class=\"_ _1\"></span>scor<span class=\"_ _1\"></span>rere de<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o \u00e8 rile<span class=\"_ _1\"></span>vato com<span class=\"_ _1\"></span>e onere f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__64": {
   "value": "2.3.13 Fondi P<span class=\"_ _6\"></span>ensione e alt<span class=\"_ _1\"></span>ri benefici a lungo termine per i dipendenti<span class=\"_ _4\"></span> Il Grupp<span class=\"_ _1\"></span>o ha, in Italia, un \u201c<span class=\"_ _1\"></span>Piano a b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ci def<span class=\"_ _1\"></span>initi<span class=\"_ _1\"></span>\u201d c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento alle quot<span class=\"_ _1\"></span>e TFR, r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>amente alla S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. p<span class=\"_ _1\"></span>er le s<span class=\"_ _1\"></span>ole quot<span class=\"_ _1\"></span>e iscrit<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>ino al 31 dicembre 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6. Ino<span class=\"_ _1\"></span>ltre, ha \u201c<span class=\"_ _1\"></span>Piani a contrib<span class=\"_ _1\"></span>uzioni d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inite<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>er le quote TFR maturate suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte a tale dat<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ale dis<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>zione \u00e8 c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a alla Leg<span class=\"_ _1\"></span>ge Finan<span class=\"_ _1\"></span>ziaria 20<span class=\"_ _1\"></span>07 ed i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>creti at<span class=\"_ _1\"></span>tuativ<span class=\"_ _1\"></span>i, dalla quale deri<span class=\"_ _1\"></span>va la de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inazio<span class=\"_ _1\"></span>ne obb<span class=\"_ _1\"></span>ligatoria de<span class=\"_ _1\"></span>l TFR alle forme p<span class=\"_ _1\"></span>ensi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>iche comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ment<span class=\"_ _1\"></span>ari o al Fon<span class=\"_ _1\"></span>do di T<span class=\"_ _4\"></span>es<span class=\"_ _1\"></span>orer<span class=\"_ _1\"></span>ia ges<span class=\"_ _1\"></span>tito dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>INP<span class=\"_ _1\"></span>S.Il Grupp<span class=\"_ _1\"></span>o ha inoltre in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e altri \u201c<span class=\"_ _1\"></span>Piani a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>initi<span class=\"_ _2\"></span>\u201d negli St<span class=\"_ _1\"></span>ati Uniti, Me<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sico, T<span class=\"_ _4\"></span>ailandia, Francia, Be<span class=\"_ _1\"></span>lgio, Principato di M<span class=\"_ _1\"></span>onaco, T<span class=\"_ _4\"></span>aiw<span class=\"_ _1\"></span>an, Giapp<span class=\"_ _1\"></span>one e Svi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze<span class=\"_ _1\"></span>ra.Il Grupp<span class=\"_ _1\"></span>o ha inoltre al<span class=\"_ _1\"></span>cuni piani a contribu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita p<span class=\"_ _1\"></span>er i pro<span class=\"_ _1\"></span>pri dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti. L<span class=\"_ _6\"></span>\u2019obbligazi<span class=\"_ _1\"></span>one net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vante da piani a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi vie<span class=\"_ _1\"></span>ne c<span class=\"_ _1\"></span>alcolat<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>paratam<span class=\"_ _1\"></span>ente p<span class=\"_ _1\"></span>er cias<span class=\"_ _1\"></span>cun piano st<span class=\"_ _1\"></span>imando l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o del b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icio futuro che i dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti hanno maturat<span class=\"_ _1\"></span>o in cambio d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nte e nei pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi; tal<span class=\"_ _1\"></span>e ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>icio v<span class=\"_ _1\"></span>iene at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r cal<span class=\"_ _1\"></span>colare il val<span class=\"_ _1\"></span>ore attual<span class=\"_ _1\"></span>e. Il cos<span class=\"_ _1\"></span>to dei b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>l piano a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi \u00e8 det<span class=\"_ _1\"></span>erminato us<span class=\"_ _1\"></span>ando il m<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>o attuariale d<span class=\"_ _1\"></span>ella proie<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e unitaria de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Gli utili e le p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>e attuariali s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo, cos\u00ec c<span class=\"_ _1\"></span>ome pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dallo IA<span class=\"_ _1\"></span>S 19. Gli interes<span class=\"_ _1\"></span>si net<span class=\"_ _1\"></span>ti sulla p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi devon<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re dete<span class=\"_ _1\"></span>rminati moltip<span class=\"_ _1\"></span>licand<span class=\"_ _1\"></span>o la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>er il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di sc<span class=\"_ _1\"></span>onto. La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione at<span class=\"_ _1\"></span>tuariale de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>idat<span class=\"_ _1\"></span>a ad attuar<span class=\"_ _1\"></span>i indipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__65": {
   "value": "2.3.14 <span class=\"ff77 ws0\">Fair v<span class=\"_ _0\"></span>alue</span>L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>3 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un<span class=\"_ _1\"></span>\u2019unica fonte di riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r la valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al <span class=\"ff79\">fair value</span> e per la re<span class=\"_ _1\"></span>lativa infor<span class=\"_ _1\"></span>mativa, quando t<span class=\"_ _1\"></span>ale valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one \u00e8 richie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a o con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntita<span class=\"_ _1\"></span>. Il<span class=\"ff79\"> fair value</span> \u00e8 il prez<span class=\"_ _1\"></span>zo ch<span class=\"_ _1\"></span>e si pe<span class=\"_ _1\"></span>rcepire<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r la vendit<span class=\"_ _1\"></span>a di un\u2019at<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>it\u00e0 o ch<span class=\"_ _1\"></span>e si paghe<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span>be p<span class=\"_ _1\"></span>er il tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rimento di una p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una re<span class=\"_ _1\"></span>golare op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e tra op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>atori di me<span class=\"_ _1\"></span>rcato alla data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. Il<span class=\"ff79\"> fair value</span> di un\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 v<span class=\"_ _1\"></span>alutato a<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>tand<span class=\"_ _1\"></span>o le as<span class=\"_ _1\"></span>sunz<span class=\"_ _1\"></span>ioni che gli o<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>atori di merc<span class=\"_ _1\"></span>ato utiliz<span class=\"_ _2\"></span>zerebb<span class=\"_ _1\"></span>ero n<span class=\"_ _1\"></span>ella det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 o pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, pr<span class=\"_ _1\"></span>esum<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o che gli st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si agi<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>no pe<span class=\"_ _1\"></span>r so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fare ne<span class=\"_ _1\"></span>l mod<span class=\"_ _1\"></span>o migliore il pro<span class=\"_ _1\"></span>prio inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico. Una valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del <span class=\"ff79\">fair value</span> di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on f<span class=\"_ _1\"></span>inanziaria co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>era la c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 di un ope<span class=\"_ _1\"></span>rator<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato di gene<span class=\"_ _1\"></span>rare b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omici impie<span class=\"_ _1\"></span>gando l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 nel s<span class=\"_ _1\"></span>uo mas<span class=\"_ _1\"></span>simo e miglio<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>zo o ve<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>la a un altro ope<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ratore di me<span class=\"_ _1\"></span>rcato ch<span class=\"_ _1\"></span>e la impieg<span class=\"_ _1\"></span>here<span class=\"_ _1\"></span>bbe n<span class=\"_ _1\"></span>el su<span class=\"_ _1\"></span>o mass<span class=\"_ _1\"></span>imo e miglior ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo.Il Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za te<span class=\"_ _1\"></span>cniche di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione che s<span class=\"_ _1\"></span>ono a<span class=\"_ _1\"></span>datte alle circo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anze e p<span class=\"_ _1\"></span>er le quali v<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icienti dati disp<span class=\"_ _1\"></span>onibili p<span class=\"_ _1\"></span>er v<span class=\"_ _1\"></span>alut<span class=\"_ _1\"></span>are il <span class=\"ff79 ls42 ws3e\">fair value<span class=\"ff71\">, mas<span class=\"_ _1\"></span>simiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo di </span><span class=\"ls8 ws6e\">input</span></span><span class=\"ls44 ws6b\"> os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili rile<span class=\"_ _1\"></span>vanti e minimi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019uso di </span>input<span class=\"ff71 ls6 wsd\"> no<span class=\"_ _1\"></span>n os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abili. </span>T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>e quali il <span class=\"ff79\">fair val<span class=\"_ _0\"></span>ue<span class=\"ff71\"> vie<span class=\"_ _1\"></span>ne valut<span class=\"_ _1\"></span>ato o e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto in b<span class=\"_ _1\"></span>ilancio so<span class=\"_ _1\"></span>no cate<span class=\"_ _1\"></span>goriz<span class=\"_ _2\"></span>zate in ba<span class=\"_ _1\"></span>se alla </span></span>gerarchia del <span class=\"ff79 ls4 ws0\">fair value<span class=\"ff71\">, come di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>ta: </span></span>\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Live<span class=\"_ _1\"></span>llo 1 - i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi quot<span class=\"_ _1\"></span>ati (non rettif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati) in merc<span class=\"_ _1\"></span>ati atti<span class=\"_ _1\"></span>vi p<span class=\"_ _1\"></span>er at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 ide<span class=\"_ _1\"></span>ntiche a cui l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 pu\u00f2 acc<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>re alla data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Li<span class=\"_ _1\"></span>vello 2 - <span class=\"ff79 ls3a wsa\">I<span class=\"_ _1\"></span>nput</span> dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i dai pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi quot<span class=\"_ _1\"></span>ati inclus<span class=\"_ _1\"></span>i nel Li<span class=\"_ _1\"></span>vello 1, osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>ili dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte o indiret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 o per la p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>L<span class=\"_ _1\"></span>ivello 3 - t<span class=\"_ _1\"></span>ecnich<span class=\"_ _1\"></span>e di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r le quali i dati di <span class=\"ff79 ls5f ws7\">input</span> no<span class=\"_ _1\"></span>n sono o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vabili pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o p<span class=\"_ _1\"></span>er la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0.La valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> \u00e8 classif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte ne<span class=\"_ _1\"></span>llo ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so live<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>lla gerarchia de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> in cui \u00e8 classi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato l<span class=\"_ _2\"></span>\u2019<span class=\"ff79 ls5f ws7\">input</span><span class=\"ls4 ws0\"> di pi\u00f9 bass<span class=\"_ _1\"></span>o live<span class=\"_ _1\"></span>llo di gerarchia utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato per la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. </span>I meto<span class=\"_ _1\"></span>di di det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del <span class=\"ff79 ls4 ws8\">fair value<span class=\"ff71\"> con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto agli str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari, con f<span class=\"_ _1\"></span>inalit<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>abili o informative<span class=\"_ _1\"></span>, </span></span>sono r<span class=\"_ _1\"></span>iepilo<span class=\"_ _1\"></span>gati di s<span class=\"_ _1\"></span>eguito c<span class=\"_ _1\"></span>on rifer<span class=\"_ _1\"></span>imento alle p<span class=\"_ _1\"></span>rincipali c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari, cui son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati applic<span class=\"_ _1\"></span>ati:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>Strum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati: sono st<span class=\"_ _1\"></span>ati ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ati gli ade<span class=\"_ _1\"></span>guati mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lli di <span class=\"ff79 ls3a wsa\">pricing</span> bas<span class=\"_ _1\"></span>ati sui v<span class=\"_ _1\"></span>alori di me<span class=\"_ _1\"></span>rcato d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di cambio;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>Credit<span class=\"_ _1\"></span>i e Deb<span class=\"_ _1\"></span>iti e att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie non quot<span class=\"_ _1\"></span>ate: pe<span class=\"_ _1\"></span>r gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari co<span class=\"_ _1\"></span>n sca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za s<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>iore ad un anno \u00e8 st<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l <span class=\"ff79\">discounte<span class=\"_ _1\"></span>d cash f<span class=\"_ _1\"></span>low</span><span class=\"lsb ws6\">, ossia l\u2019<span class=\"_ _0\"></span>attual<span class=\"_ _0\"></span>iz<span class=\"_ _1\"></span>zazione dei flus<span class=\"_ _1\"></span>si di cassa attesi in considerazione </span>delle c<span class=\"_ _1\"></span>orrenti c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o e me<span class=\"_ _1\"></span>rito cre<span class=\"_ _1\"></span>ditizi<span class=\"_ _1\"></span>o; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari quot<span class=\"_ _1\"></span>ati: \u00e8 utiliz<span class=\"_ _1\"></span>zato il v<span class=\"_ _1\"></span>alore di me<span class=\"_ _1\"></span>rcato alla dat<span class=\"_ _1\"></span>a di riferime<span class=\"_ _1\"></span>nto.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__66": {
   "value": "2.3.15 C<span class=\"_ _4\"></span>ostiI cos<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti quand<span class=\"_ _1\"></span>o relati<span class=\"_ _1\"></span>vi a b<span class=\"_ _1\"></span>eni e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi ve<span class=\"_ _1\"></span>nduti o con<span class=\"_ _1\"></span>sumati ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio o p<span class=\"_ _1\"></span>er ripar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e sis<span class=\"_ _1\"></span>tematic<span class=\"_ _1\"></span>a, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quando non s<span class=\"_ _1\"></span>i pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a identif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utilit\u00e0 f<span class=\"_ _1\"></span>utura de<span class=\"_ _1\"></span>gli ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si.I cos<span class=\"_ _1\"></span>ti di pubbli<span class=\"_ _1\"></span>cit\u00e0 e ric<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>a, in accord<span class=\"_ _1\"></span>o con lo I<span class=\"_ _1\"></span>AS 38<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>no integr<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>utati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico quand<span class=\"_ _1\"></span>o il ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ato re<span class=\"_ _1\"></span>so e con<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnato al Grup<span class=\"_ _1\"></span>po. I cos<span class=\"_ _1\"></span>ti so<span class=\"_ _1\"></span>no iscr<span class=\"_ _1\"></span>itti a s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>onda de<span class=\"_ _1\"></span>lla loro natura con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o i principi ap<span class=\"_ _1\"></span>plicab<span class=\"_ _1\"></span>ili nell<span class=\"_ _1\"></span>\u2019ambito deg<span class=\"_ _1\"></span>li IFRS<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__67": {
   "value": "I cos<span class=\"_ _1\"></span>ti di pubbli<span class=\"_ _1\"></span>cit\u00e0 e ric<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>a, in accord<span class=\"_ _1\"></span>o con lo I<span class=\"_ _1\"></span>AS 38<span class=\"_ _1\"></span>, so<span class=\"_ _1\"></span>no integr<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>utati a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico quand<span class=\"_ _1\"></span>o il",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__68-1": {
   "value": "2.3.16 Rica<span class=\"_ _4\"></span>vi da contr<span class=\"_ _0\"></span>atti con c<span class=\"_ _0\"></span>lientiI ricav<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti da co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con i client<span class=\"_ _1\"></span>i sono r<span class=\"_ _1\"></span>ilevati quan<span class=\"_ _1\"></span>do il controll<span class=\"_ _1\"></span>o dei b<span class=\"_ _1\"></span>eni e se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi \u00e8 tr<span class=\"_ _1\"></span>asfe<span class=\"_ _1\"></span>rito al clie<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r un ammontar<span class=\"_ _1\"></span>e che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te il corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivo che il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a di rice<span class=\"_ _1\"></span>vere in c<span class=\"_ _1\"></span>ambio di t<span class=\"_ _1\"></span>ali be<span class=\"_ _1\"></span>ni o ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i.Vendita di beniI ricav<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla ve<span class=\"_ _1\"></span>ndita d<span class=\"_ _1\"></span>ei b<span class=\"_ _1\"></span>eni so<span class=\"_ _1\"></span>no ricon<span class=\"_ _1\"></span>osciut<span class=\"_ _1\"></span>i nel mo<span class=\"_ _1\"></span>mento in cui il co<span class=\"_ _1\"></span>ntrollo de<span class=\"_ _1\"></span>l be<span class=\"_ _1\"></span>ne pas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a al cliente, ge<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>lmente al mo<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>lla sp<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>zione in r<span class=\"_ _1\"></span>agione d<span class=\"_ _1\"></span>elle claus<span class=\"_ _1\"></span>ole ap<span class=\"_ _1\"></span>plicate<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>a se ci s<span class=\"_ _1\"></span>ono altre p<span class=\"_ _1\"></span>rome<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to che rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni di fare sulle quali una par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo della tr<span class=\"_ _1\"></span>ansa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e deve e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere allo<span class=\"_ _1\"></span>cato (ad ese<span class=\"_ _1\"></span>mpio gar<span class=\"_ _1\"></span>anzie). Nel dete<span class=\"_ _1\"></span>rminare il pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>lla tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ione di<span class=\"_ _1\"></span> vendit<span class=\"_ _1\"></span>a dei b<span class=\"_ _1\"></span>eni, il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era g<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vanti dalla pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo variabil<span class=\"_ _1\"></span>e, di comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti di f<span class=\"_ _1\"></span>inanzia<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mento s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve, di cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i non mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>i e di corris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi da pag<span class=\"_ _1\"></span>are al cliente (se pre<span class=\"_ _1\"></span>senti).  <span class=\"_ _45\"></span><span class=\"ff74\">Diritto di reso</span>Alcuni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tono al clie<span class=\"_ _1\"></span>nte di res<span class=\"_ _1\"></span>tituire i b<span class=\"_ _1\"></span>eni e<span class=\"_ _1\"></span>ntro un dete<span class=\"_ _1\"></span>rminato pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di temp<span class=\"_ _1\"></span>o. Il Grupp<span class=\"_ _1\"></span>o utiliz<span class=\"_ _2\"></span>za il meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>l valore at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>timare i be<span class=\"_ _1\"></span>ni che non ve<span class=\"_ _1\"></span>rranno r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tituiti p<span class=\"_ _1\"></span>erch\u00e9 t<span class=\"_ _1\"></span>ale m<span class=\"_ _1\"></span>etod<span class=\"_ _1\"></span>o \u00e8 il migliore p<span class=\"_ _1\"></span>er pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>ere l<span class=\"_ _1\"></span>\u2019ammontare del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo v<span class=\"_ _1\"></span>ariabile a cui il Gr<span class=\"_ _1\"></span>uppo av<span class=\"_ _1\"></span>r\u00e0 dirit<span class=\"_ _1\"></span>to. La g<span class=\"_ _1\"></span>uida dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _4\"></span>5 s<span class=\"_ _1\"></span>ulle limita<span class=\"_ _1\"></span>zioni alla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne del c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo variabile s<span class=\"_ _1\"></span>i applic<span class=\"_ _1\"></span>ano pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ammontare del co<span class=\"_ _1\"></span>rris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tivo v<span class=\"_ _1\"></span>ariabile che p<span class=\"_ _1\"></span>u\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re inclus<span class=\"_ _1\"></span>o nel p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zo della tr<span class=\"_ _1\"></span>ansa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. Per le m<span class=\"_ _1\"></span>erci che ci s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite il Grup<span class=\"_ _1\"></span>po ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a i ricav<span class=\"_ _1\"></span>i e regi<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er rimb<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>si. Il dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>stitu<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 (e il corrispo<span class=\"_ _1\"></span>ndent<span class=\"_ _1\"></span>e ag<span class=\"_ _1\"></span>gius<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto) \u00e8 riconosciuto a<span class=\"_ _1\"></span>nche pe<span class=\"_ _1\"></span>r il dirit<span class=\"_ _1\"></span>to di riceve<span class=\"_ _1\"></span>re i be<span class=\"_ _1\"></span>ni dal cliente<span class=\"_ _1\"></span>.Roy<span class=\"_ _4\"></span>alt<span class=\"_ _1\"></span>iesI ricav<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">royaltie<span class=\"_ _1\"></span>s</span> de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ano da contrat<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n clienti di \u201c<span class=\"ff79\">sale<span class=\"_ _1\"></span>s bas<span class=\"_ _1\"></span>ed royalties<span class=\"_ _2\"></span></span>\u201d e so<span class=\"_ _1\"></span>no dunque is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>eten<span class=\"_ _1\"></span>za con rifer<span class=\"_ _1\"></span>imento allo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato di avanz<span class=\"_ _1\"></span>amento d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite de<span class=\"_ _1\"></span>l licen<span class=\"_ _1\"></span>ziatar<span class=\"_ _1\"></span>io, in base all<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni contr<span class=\"_ _1\"></span>attualme<span class=\"_ _1\"></span>nte previste.2.3.17 Diritti di r<span class=\"_ _0\"></span>ecuper<span class=\"_ _4\"></span>o prodotti da clienti per r<span class=\"_ _0\"></span>esiL<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to di res<span class=\"_ _1\"></span>o rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a il diritto d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rare i b<span class=\"_ _1\"></span>eni che si p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de sar<span class=\"_ _1\"></span>anno res<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>i dai clienti. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 \u00e8 valut<span class=\"_ _1\"></span>ata al pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle riman<span class=\"_ _1\"></span>enze al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di eventuali co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>ero, compre<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibili ridu<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re dei pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>si. Il Gr<span class=\"_ _1\"></span>uppo ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iorna p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>ente la s<span class=\"_ _1\"></span>tima con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto all<span class=\"_ _1\"></span>\u2019entit\u00e0 pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ta d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>si da clienti, n<span class=\"_ _1\"></span>onch\u00e9 e<span class=\"_ _1\"></span>ventuali ulter<span class=\"_ _1\"></span>iori ridu<span class=\"_ _1\"></span>zioni di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>.2.3.18 P<span class=\"_ _6\"></span>assivit\u00e0 per r<span class=\"_ _0\"></span>esiLa pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r rimbo<span class=\"_ _1\"></span>rsi r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>bbligo di rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>are in par<span class=\"_ _1\"></span>te o tu<span class=\"_ _1\"></span>tto il co<span class=\"_ _1\"></span>rrisp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tivo ri<span class=\"_ _1\"></span>cev<span class=\"_ _1\"></span>uto (<span class=\"_ _0\"></span>o da ricever<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) dal cliente e vi<span class=\"_ _1\"></span>ene v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>a in bas<span class=\"_ _1\"></span>e al valore ch<span class=\"_ _1\"></span>e il Grupp<span class=\"_ _1\"></span>o si as<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di dover re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituire al cliente<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po ag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rna le sue s<span class=\"_ _1\"></span>time de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r rimbor<span class=\"_ _1\"></span>si (e la corrispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte variaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione) alla fine di cia<span class=\"_ _1\"></span>scun pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di rifer<span class=\"_ _1\"></span>imento<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__70": {
   "value": "2.3.19 Piani di pagamenti basati su azioni Il Grupp<span class=\"_ _1\"></span>o ricon<span class=\"_ _1\"></span>osce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici ad<span class=\"_ _1\"></span>dizionali a<span class=\"_ _1\"></span>d alcuni dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti, amministr<span class=\"_ _1\"></span>atori e collab<span class=\"_ _1\"></span>orato<span class=\"_ _1\"></span>ri che ri<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tono r<span class=\"_ _1\"></span>uoli di rilievo, attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so piani di par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zione al c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>goria \u201c<span class=\"ff79 ls46 ws107\">eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ty-settl<span class=\"_ _0\"></span>ed<span class=\"_ _1\"></span><span class=\"ff71 ls4 wsc2\">\u201d, in q<span class=\"_ _0\"></span>uanto preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o </span></span>la cons<span class=\"_ _1\"></span>egna f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ica d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni, e att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so p<span class=\"_ _1\"></span>iani basati s<span class=\"_ _1\"></span>ul valore d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni ma re<span class=\"_ _1\"></span>golabili p<span class=\"_ _1\"></span>er ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a (\u201c<span class=\"ff79 lsd ws75\">cash-settle<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span></span><span class=\"ls0\">\u201d<span class=\"_ _2\"></span>). </span>Oper<span class=\"_ _0\"></span>azioni con pagamento r<span class=\"_ _4\"></span>egolato con strumenti di capitaleSe<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto st<span class=\"_ _1\"></span>abilito dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 2 \u2013 Pagamenti b<span class=\"_ _1\"></span>asati s<span class=\"_ _1\"></span>u azio<span class=\"_ _1\"></span>ni \u2013 i diritt<span class=\"_ _1\"></span>i ass<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>nati a favore de<span class=\"_ _1\"></span>i dipen<span class=\"_ _1\"></span>denti ve<span class=\"_ _1\"></span>ngono valori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati al <span class=\"ff79\">fair value</span><span class=\"ls8 ws121\"> al momento<span class=\"_ _0\"></span> della comu<span class=\"_ _0\"></span>nicazione dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>assegnazione degli ste<span class=\"_ _1\"></span>ssi al benef<span class=\"_ _1\"></span>iciario,<span class=\"_ _0\"></span> determina<span class=\"_ _0\"></span>to </span>se<span class=\"_ _1\"></span>condo il m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>llo bino<span class=\"_ _1\"></span>miale. T<span class=\"_ _4\"></span>ale mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>llo tien<span class=\"_ _1\"></span>e conto di tut<span class=\"_ _1\"></span>te le c<span class=\"_ _1\"></span>aratt<span class=\"_ _1\"></span>eris<span class=\"_ _1\"></span>tich<span class=\"_ _1\"></span>e di tali dirit<span class=\"_ _1\"></span>ti (durata, pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo e con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dizioni di e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizio, e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>), nonch\u00e9 de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re dei tit<span class=\"_ _1\"></span>oli azi<span class=\"_ _1\"></span>onari sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti alla data di as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnaz<span class=\"_ _1\"></span>ione e de<span class=\"_ _1\"></span>lla volatilit<span class=\"_ _1\"></span>\u00e0 attesa degli ste<span class=\"_ _1\"></span>ssi.Se il dirit<span class=\"_ _1\"></span>to div<span class=\"_ _1\"></span>iene e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>abile dop<span class=\"_ _1\"></span>o un cer<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o di temp<span class=\"_ _1\"></span>o dall<span class=\"_ _1\"></span>\u2019asseg<span class=\"_ _1\"></span>nazio<span class=\"_ _1\"></span>ne (<span class=\"_ _4\"></span><span class=\"ff79 ls3a wsda\">v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ting p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span><span class=\"ff71 ls4 ws110\">) e al verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>si di </span></span>cer<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di <span class=\"ff79 ls2c ws9d\">per<span class=\"_ _1\"></span>formance</span>, il cos<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni re<span class=\"_ _1\"></span>golate con s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cap<span class=\"_ _1\"></span>itale<span class=\"_ _1\"></span>, as<span class=\"_ _1\"></span>siem<span class=\"_ _1\"></span>e al corr<span class=\"_ _1\"></span>ispo<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>te increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to, \u00e8 rilev<span class=\"_ _1\"></span>ato sul pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do in cui le con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ni relative al r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto di obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o alla pres<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izio s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>disf<span class=\"_ _1\"></span>atte co<span class=\"_ _1\"></span>n termin<span class=\"_ _1\"></span>e alla data in cui i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari hann<span class=\"_ _1\"></span>o piename<span class=\"_ _1\"></span>nte maturato il diritto a r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re il comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>o (\u201cdata di maturazio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>). Alla f<span class=\"_ _1\"></span>ine di cias<span class=\"_ _1\"></span>cun es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io il <span class=\"ff79\">fair value</span> dei diritt<span class=\"_ _1\"></span>i as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nati pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente det<span class=\"_ _1\"></span>erminato no<span class=\"_ _1\"></span>n vie<span class=\"_ _1\"></span>ne riv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to; a tale data vi<span class=\"_ _1\"></span>ene inve<span class=\"_ _1\"></span>ce ag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>rnata la s<span class=\"_ _1\"></span>tima del num<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>i diritt<span class=\"_ _1\"></span>i che maturer<span class=\"_ _1\"></span>anno f<span class=\"_ _1\"></span>ino alla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a. I cos<span class=\"_ _1\"></span>ti cumulati rile<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vati a fronte di t<span class=\"_ _1\"></span>ali op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni alla dat<span class=\"_ _1\"></span>a di chiusura di og<span class=\"_ _1\"></span>ni es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io sino alla data di matur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o commisur<span class=\"_ _1\"></span>ati alle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di maturazi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>d alla migliore s<span class=\"_ _1\"></span>tima disp<span class=\"_ _1\"></span>onibile de<span class=\"_ _1\"></span>l numero di s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipati<span class=\"_ _1\"></span>vi che verrann<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente a matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e. Il co<span class=\"_ _1\"></span>sto o ri<span class=\"_ _1\"></span>cavo a conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta la var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>sto cumulato r<span class=\"_ _1\"></span>ilevato all<span class=\"_ _2\"></span>\u2019inizio e alla f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio. Nes<span class=\"_ _1\"></span>sun co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r i diritti ch<span class=\"_ _1\"></span>e non arri<span class=\"_ _1\"></span>vano a matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>initi<span class=\"_ _1\"></span>va, tr<span class=\"_ _1\"></span>anne nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o dei dirit<span class=\"_ _1\"></span>ti la cui as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnazi<span class=\"_ _1\"></span>one \u00e8 sub<span class=\"_ _1\"></span>ordinat<span class=\"_ _1\"></span>a alle co<span class=\"_ _1\"></span>ndiz<span class=\"_ _1\"></span>ioni di me<span class=\"_ _1\"></span>rcato.L<span class=\"_ _6\"></span>\u2019effet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla diluizion<span class=\"_ _1\"></span>e dei dirit<span class=\"_ _1\"></span>ti as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnati no<span class=\"_ _1\"></span>n ancora e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcitati \u00e8 r<span class=\"_ _1\"></span>ifl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so n<span class=\"_ _1\"></span>el c<span class=\"_ _1\"></span>alcolo d<span class=\"_ _1\"></span>ella diluizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019utile per azione.Oper<span class=\"_ _0\"></span>azioni regol<span class=\"_ _0\"></span>ate per cassaIn pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni con pagam<span class=\"_ _1\"></span>ento ba<span class=\"_ _1\"></span>sato su a<span class=\"_ _1\"></span>zioni re<span class=\"_ _1\"></span>golate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>a, il co<span class=\"_ _1\"></span>sto d<span class=\"_ _1\"></span>elle op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa \u00e8 valut<span class=\"_ _1\"></span>ato inizialme<span class=\"_ _1\"></span>nte al valore e<span class=\"_ _1\"></span>quo alla dat<span class=\"_ _1\"></span>a di comunica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario. T<span class=\"_ _4\"></span>ale v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo \u00e8 spe<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>o nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do f<span class=\"_ _1\"></span>ino alla matura<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, con r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>orris<span class=\"_ _1\"></span>pon<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>. Fino a quando la pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 non \u00e8 e<span class=\"_ _1\"></span>stint<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato il ric<span class=\"_ _1\"></span>alcolo d<span class=\"_ _1\"></span>el <span class=\"ff79\">fair value</span> a ciascuna data di chiu<span class=\"_ _1\"></span>sura di bilancio e<span class=\"_ _1\"></span>d alla data di re<span class=\"_ _1\"></span>golame<span class=\"_ _1\"></span>nto imputan<span class=\"_ _1\"></span>do tut<span class=\"_ _1\"></span>te le var<span class=\"_ _1\"></span>iazioni a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>appro<span class=\"_ _1\"></span>ccio utiliz<span class=\"_ _2\"></span>zato pe<span class=\"_ _1\"></span>r cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zare le co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni di maturazi<span class=\"_ _1\"></span>one quando si mis<span class=\"_ _1\"></span>urano le op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate c<span class=\"_ _1\"></span>on titoli a<span class=\"_ _1\"></span>zionar<span class=\"_ _1\"></span>i si applic<span class=\"_ _1\"></span>a anche alle t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni regolate p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__72": {
   "value": "2.3.20 P<span class=\"_ _4\"></span>roventi ed Oneri finanziariI proventi e gli o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nza s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si maturati s<span class=\"_ _1\"></span>ul valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>, utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__71": {
   "value": "2.3.20 P<span class=\"_ _4\"></span>roventi ed Oneri finanziariI proventi e gli o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no rilev<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nza s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>egli inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si maturati s<span class=\"_ _1\"></span>ul valor<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>, utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>ivo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__73": {
   "value": "2.3.21 DividendiI divi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>di sono r<span class=\"_ _1\"></span>ilevati c<span class=\"_ _1\"></span>ontabilm<span class=\"_ _1\"></span>ente quando s<span class=\"_ _1\"></span>orge il dirit<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>gli a<span class=\"_ _1\"></span>zionis<span class=\"_ _1\"></span>ti a rice<span class=\"_ _1\"></span>vere il pag<span class=\"_ _1\"></span>amento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__74": {
   "value": "2.3.22 C<span class=\"_ _4\"></span>ont<span class=\"_ _1\"></span>ributi pubbliciI contribut<span class=\"_ _1\"></span>i pubblici s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evati quand<span class=\"_ _1\"></span>o sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te la ragi<span class=\"_ _1\"></span>onevol<span class=\"_ _1\"></span>e cer<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>za che e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i sar<span class=\"_ _1\"></span>anno ricev<span class=\"_ _1\"></span>uti e che t<span class=\"_ _1\"></span>utte l<span class=\"_ _1\"></span>e con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dizioni ad<span class=\"_ _0\"></span> essi riferiti sia<span class=\"_ _0\"></span>no soddisfatte. I contributi<span class=\"_ _0\"></span> in con<span class=\"_ _0\"></span>to esercizio sono presentati come com<span class=\"_ _0\"></span>ponente positiva nel conto economico.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__75": {
   "value": "2.3.23 Imposte sul r<span class=\"_ _0\"></span>edditoImposte c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>entiLe impos<span class=\"_ _1\"></span>te cor<span class=\"_ _1\"></span>renti rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o una stima re<span class=\"_ _1\"></span>alist<span class=\"_ _1\"></span>ica d<span class=\"_ _1\"></span>el car<span class=\"_ _1\"></span>ico f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata app<span class=\"_ _1\"></span>lican<span class=\"_ _1\"></span>do le aliquote e la n<span class=\"_ _1\"></span>ormativ<span class=\"_ _1\"></span>a vigente n<span class=\"_ _1\"></span>ei Pae<span class=\"_ _1\"></span>si ne<span class=\"_ _1\"></span>i quali il Grupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>a la sua att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0; il debito p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti vie<span class=\"_ _1\"></span>ne contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato nell<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ato patrimo<span class=\"_ _1\"></span>niale al net<span class=\"_ _1\"></span>to di eve<span class=\"_ _1\"></span>ntuali acconti di imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>a pag<span class=\"_ _1\"></span>ati. Il Grupp<span class=\"_ _1\"></span>o valut<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>te la po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne as<span class=\"_ _1\"></span>sunta n<span class=\"_ _1\"></span>ella dichiara<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei re<span class=\"_ _1\"></span>dditi ne<span class=\"_ _1\"></span>i ca<span class=\"_ _1\"></span>si in cui le nor<span class=\"_ _1\"></span>me f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali siano s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d interpre<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zioni e, ove appro<span class=\"_ _1\"></span>priato, prov<span class=\"_ _2\"></span>vede a s<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>ziare de<span class=\"_ _1\"></span>gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti.Le impos<span class=\"_ _1\"></span>te cor<span class=\"_ _1\"></span>renti re<span class=\"_ _1\"></span>lative a p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ate dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to o nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico com<span class=\"_ _1\"></span><span class=\"ws0\">-</span>ple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo so<span class=\"_ _1\"></span>no anche e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente a patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to o ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo.Imposte differiteLe impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>late sulle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ane<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>anti alla data di bilanci<span class=\"_ _1\"></span>o fra i val<span class=\"_ _1\"></span>ori f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pre<span class=\"_ _1\"></span>si a riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e i val<span class=\"_ _1\"></span>ori rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a b<span class=\"_ _1\"></span>ilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate a fro<span class=\"_ _1\"></span>nte di tutt<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili, ad ec<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>zione:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>di quando le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve deri<span class=\"_ _1\"></span>vino dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento o di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in una trans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 una ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>iendal<span class=\"_ _1\"></span>e e che, al t<span class=\"_ _1\"></span>empo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, no<span class=\"_ _1\"></span>n compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i n\u00e9 sull<span class=\"_ _1\"></span>\u2019utile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio c<span class=\"_ _1\"></span>alcolato a f<span class=\"_ _1\"></span>ini di bilancio n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile o sulla pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a calco<span class=\"_ _1\"></span>lati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sabili a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociate a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in co<span class=\"_ _1\"></span>ntrollate, co<span class=\"_ _1\"></span>lleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls2c wseb\">joint ventu<span class=\"ls0 ws0\">-</span></span>re<span class=\"ff71 wsb0\">, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il rigiro dell<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re controllato e<span class=\"_ _1\"></span>d \u00e8 pro<span class=\"_ _1\"></span>babile che e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so non s<span class=\"_ _1\"></span>i verif<span class=\"_ _1\"></span>ichi </span>nel fut<span class=\"_ _1\"></span>uro preve<span class=\"_ _1\"></span>dibile<span class=\"_ _1\"></span>.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve sono r<span class=\"_ _1\"></span>ilevate a f<span class=\"_ _1\"></span>ronte di tut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee d<span class=\"_ _1\"></span>educib<span class=\"_ _1\"></span>ili e per l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>t\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, nella mis<span class=\"_ _1\"></span>ura in cui sia prob<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019esis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nza di a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali futuri c<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano ren<span class=\"_ _1\"></span>dere applic<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>scali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, ecc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o il cas<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>l\u2019<span class=\"_ _1\"></span>impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>va co<span class=\"_ _1\"></span>llegat<span class=\"_ _1\"></span>a alle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili deri<span class=\"_ _1\"></span>vi dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 un\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale e che<span class=\"_ _1\"></span>, al temp<span class=\"_ _1\"></span>o della t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa, non inf<span class=\"_ _1\"></span>luisce n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>lato a f<span class=\"_ _1\"></span>ini di bilancio n\u00e9 sull<span class=\"_ _2\"></span>\u2019utile o sulla perdit<span class=\"_ _1\"></span>a cal<span class=\"_ _1\"></span>colati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>co<span class=\"_ _1\"></span>n riferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili ass<span class=\"_ _1\"></span>ociate a p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in c<span class=\"_ _1\"></span>ontrollate, c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls43 ws8b\">joint ven<span class=\"ls0 ws0\">-</span></span>ture<span class=\"ff71 ls42 wscd\">, le impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate s<span class=\"_ _1\"></span>olo ne<span class=\"_ _1\"></span>lla misura in cui sia p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee </span>dedu<span class=\"_ _1\"></span>cibili si rive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anno nell<span class=\"_ _2\"></span>\u2019imme<span class=\"_ _1\"></span>diato futuro e che v<span class=\"_ _1\"></span>i siano ade<span class=\"_ _1\"></span>guati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali a f<span class=\"_ _1\"></span>ronte dei quali le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate.Il valore da rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are in bilancio de<span class=\"_ _1\"></span>lle impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive v<span class=\"_ _1\"></span>iene ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>aminato a ciascuna dat<span class=\"_ _1\"></span>a di chiusura de<span class=\"_ _1\"></span>l bi<span class=\"ls0 ws0\">-</span>lancio e ridot<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lla misura in cui n<span class=\"_ _1\"></span>on risult<span class=\"_ _1\"></span>i pi\u00f9 probabil<span class=\"_ _1\"></span>e che suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nti utili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali sar<span class=\"_ _1\"></span>anno disp<span class=\"_ _1\"></span>onibili in futuro in mod<span class=\"_ _1\"></span>o da per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere a tut<span class=\"_ _1\"></span>to o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e di tal<span class=\"_ _1\"></span>e credito di e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato. Le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive no<span class=\"_ _1\"></span>n ricono<span class=\"_ _1\"></span>sciute sono r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminate con p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicit<span class=\"_ _1\"></span>\u00e0 annuale alla data di chius<span class=\"_ _1\"></span>ura del b<span class=\"_ _1\"></span>ilancio e vengon<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate nella mis<span class=\"_ _1\"></span>ura in cui \u00e8 divent<span class=\"_ _1\"></span>ato probab<span class=\"_ _1\"></span>ile che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale s<span class=\"_ _1\"></span>ia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>ntire che t<span class=\"_ _1\"></span>ali impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>.Per st<span class=\"_ _1\"></span>abilire se s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zati re<span class=\"_ _1\"></span>dditi impo<span class=\"_ _1\"></span>nibili a fronte de<span class=\"_ _1\"></span>i quali poter ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a dedu<span class=\"_ _1\"></span>cibile, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>a se la nor<span class=\"_ _1\"></span>mativa t<span class=\"_ _1\"></span>ribut<span class=\"_ _1\"></span>aria loc<span class=\"_ _1\"></span>ale impo<span class=\"_ _1\"></span>nga o me<span class=\"_ _1\"></span>no res<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>zioni alle fonti di r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>o imponi<span class=\"ls0 ws0\">-</span>bili a fronte de<span class=\"_ _1\"></span>i quali pu\u00f2 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare de<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ni sull<span class=\"_ _1\"></span>\u2019annullamento di dett<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono mi<span class=\"_ _1\"></span>surate in bas<span class=\"_ _1\"></span>e alle aliquot<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali che ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de vengan<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>ate all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio in cui t<span class=\"_ _1\"></span>ali atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 si reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ano o tali p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 si e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinguon<span class=\"_ _1\"></span>o, consi<span class=\"_ _1\"></span>deran<span class=\"_ _1\"></span>do le aliqu<span class=\"_ _1\"></span>ote in vigore e que<span class=\"_ _1\"></span>lle gi\u00e0 emanate o s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente e<span class=\"_ _1\"></span>manate alla data di bilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve a pos<span class=\"_ _1\"></span>te rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a pat<span class=\"_ _1\"></span>rimonio ne<span class=\"_ _1\"></span>tto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>ono anch<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>se ril<span class=\"_ _1\"></span>evate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a p<span class=\"_ _1\"></span>atrimonio n<span class=\"_ _1\"></span>etto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto di c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>plessi<span class=\"_ _1\"></span>vo.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>nsate<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a un diritto l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 per imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corr<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti e le imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite fa<span class=\"_ _1\"></span>cciano rifer<span class=\"_ _1\"></span>imento alla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a entit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>d alla ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa auto<span class=\"_ _1\"></span>rit\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ale.Imposta sul valor<span class=\"_ _4\"></span>e aggiuntoI ricav<span class=\"_ _1\"></span>i, i cos<span class=\"_ _1\"></span>ti e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati al ne<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>elle imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e sul valo<span class=\"_ _1\"></span>re ag<span class=\"_ _1\"></span>giunto ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _41\"> </span> <span class=\"_ _11f\"></span>tal<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a applic<span class=\"_ _1\"></span>ata all<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di beni o s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi r<span class=\"_ _1\"></span>isulti ind<span class=\"_ _1\"></span>etraibil<span class=\"_ _1\"></span>e, ne<span class=\"_ _1\"></span>l qual cas<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata co<span class=\"_ _1\"></span>me par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e di cos<span class=\"_ _1\"></span>to rilev<span class=\"_ _1\"></span>ata a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>si rifer<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>a a cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali pe<span class=\"_ _1\"></span>r i quali \u00e8 gi\u00e0 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a o ricev<span class=\"_ _1\"></span>uta la f<span class=\"_ _1\"></span>attura<span class=\"_ _1\"></span>, i cui valor<span class=\"_ _1\"></span>i sono e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti include<span class=\"_ _1\"></span>ndo il v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span> dell<span class=\"_ _2\"></span>\u2019impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammontare net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle impos<span class=\"_ _1\"></span>te indire<span class=\"_ _1\"></span>tte s<span class=\"_ _1\"></span>ulle vendit<span class=\"_ _1\"></span>e e sugli ac<span class=\"_ _1\"></span>quisti ch<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rate da o pagat<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019erario \u00e8 inclus<span class=\"_ _1\"></span>o a bilancio ne<span class=\"_ _1\"></span>i cre<span class=\"_ _1\"></span>diti o deb<span class=\"_ _1\"></span>iti tribut<span class=\"_ _1\"></span>ari a s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nda del s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no del s<span class=\"_ _1\"></span>aldo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__76": {
   "value": "Imposte differiteLe impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>late sulle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>ane<span class=\"_ _1\"></span>e risult<span class=\"_ _1\"></span>anti alla data di bilanci<span class=\"_ _1\"></span>o fra i val<span class=\"_ _1\"></span>ori f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pre<span class=\"_ _1\"></span>si a riferime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e i val<span class=\"_ _1\"></span>ori rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a b<span class=\"_ _1\"></span>ilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate a fro<span class=\"_ _1\"></span>nte di tutt<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili, ad ec<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>zione:\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>di quando le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve deri<span class=\"_ _1\"></span>vino dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento o di un<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in una trans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 una ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one az<span class=\"_ _1\"></span>iendal<span class=\"_ _1\"></span>e e che, al t<span class=\"_ _1\"></span>empo d<span class=\"_ _1\"></span>ella tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, no<span class=\"_ _1\"></span>n compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i n\u00e9 sull<span class=\"_ _1\"></span>\u2019utile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio c<span class=\"_ _1\"></span>alcolato a f<span class=\"_ _1\"></span>ini di bilancio n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile o sulla pe<span class=\"_ _1\"></span>rdit<span class=\"_ _1\"></span>a calco<span class=\"_ _1\"></span>lati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>con r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sabili a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ociate a par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in co<span class=\"_ _1\"></span>ntrollate, co<span class=\"_ _1\"></span>lleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls2c wseb\">joint ventu<span class=\"ls0 ws0\">-</span></span>re<span class=\"ff71 wsb0\">, nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui il rigiro dell<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee pu<span class=\"_ _1\"></span>\u00f2 es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re controllato e<span class=\"_ _1\"></span>d \u00e8 pro<span class=\"_ _1\"></span>babile che e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so non s<span class=\"_ _1\"></span>i verif<span class=\"_ _1\"></span>ichi </span>nel fut<span class=\"_ _1\"></span>uro preve<span class=\"_ _1\"></span>dibile<span class=\"_ _1\"></span>.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve sono r<span class=\"_ _1\"></span>ilevate a f<span class=\"_ _1\"></span>ronte di tut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee d<span class=\"_ _1\"></span>educib<span class=\"_ _1\"></span>ili e per l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>t\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, nella mis<span class=\"_ _1\"></span>ura in cui sia prob<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019esis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nza di a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali futuri c<span class=\"_ _1\"></span>he po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano ren<span class=\"_ _1\"></span>dere applic<span class=\"_ _1\"></span>abile l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>scali p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate a nuovo, ecc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o il cas<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>l\u2019<span class=\"_ _1\"></span>impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>va co<span class=\"_ _1\"></span>llegat<span class=\"_ _1\"></span>a alle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e dedu<span class=\"_ _1\"></span>cibili deri<span class=\"_ _1\"></span>vi dalla ril<span class=\"_ _1\"></span>eva<span class=\"_ _1\"></span>zione ini<span class=\"_ _1\"></span>ziale di un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>atti<span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in una t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n \u00e8 un\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale e che<span class=\"_ _1\"></span>, al temp<span class=\"_ _1\"></span>o della t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa, non inf<span class=\"_ _1\"></span>luisce n<span class=\"_ _1\"></span>\u00e9 sull<span class=\"_ _1\"></span>\u2019utile dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o calco<span class=\"_ _1\"></span>lato a f<span class=\"_ _1\"></span>ini di bilancio n\u00e9 sull<span class=\"_ _2\"></span>\u2019utile o sulla perdit<span class=\"_ _1\"></span>a cal<span class=\"_ _1\"></span>colati a f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>co<span class=\"_ _1\"></span>n riferime<span class=\"_ _1\"></span>nto a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sab<span class=\"_ _1\"></span>ili ass<span class=\"_ _1\"></span>ociate a p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni in c<span class=\"_ _1\"></span>ontrollate, c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ate e <span class=\"ff79 ls43 ws8b\">joint ven<span class=\"ls0 ws0\">-</span></span>ture<span class=\"ff71 ls42 wscd\">, le impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vate s<span class=\"_ _1\"></span>olo ne<span class=\"_ _1\"></span>lla misura in cui sia p<span class=\"_ _1\"></span>robabile ch<span class=\"_ _1\"></span>e le dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee </span>dedu<span class=\"_ _1\"></span>cibili si rive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anno nell<span class=\"_ _2\"></span>\u2019imme<span class=\"_ _1\"></span>diato futuro e che v<span class=\"_ _1\"></span>i siano ade<span class=\"_ _1\"></span>guati utili f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali a f<span class=\"_ _1\"></span>ronte dei quali le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate.Il valore da rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are in bilancio de<span class=\"_ _1\"></span>lle impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite at<span class=\"_ _1\"></span>tive v<span class=\"_ _1\"></span>iene ri<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>aminato a ciascuna dat<span class=\"_ _1\"></span>a di chiusura de<span class=\"_ _1\"></span>l bi<span class=\"ls0 ws0\">-</span>lancio e ridot<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lla misura in cui n<span class=\"_ _1\"></span>on risult<span class=\"_ _1\"></span>i pi\u00f9 probabil<span class=\"_ _1\"></span>e che suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nti utili f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali sar<span class=\"_ _1\"></span>anno disp<span class=\"_ _1\"></span>onibili in futuro in mod<span class=\"_ _1\"></span>o da per<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere a tut<span class=\"_ _1\"></span>to o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e di tal<span class=\"_ _1\"></span>e credito di e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato. Le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive no<span class=\"_ _1\"></span>n ricono<span class=\"_ _1\"></span>sciute sono r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>aminate con p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicit<span class=\"_ _1\"></span>\u00e0 annuale alla data di chius<span class=\"_ _1\"></span>ura del b<span class=\"_ _1\"></span>ilancio e vengon<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate nella mis<span class=\"_ _1\"></span>ura in cui \u00e8 divent<span class=\"_ _1\"></span>ato probab<span class=\"_ _1\"></span>ile che l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale s<span class=\"_ _1\"></span>ia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>ntire che t<span class=\"_ _1\"></span>ali impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ano e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>.Per st<span class=\"_ _1\"></span>abilire se s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zati re<span class=\"_ _1\"></span>dditi impo<span class=\"_ _1\"></span>nibili a fronte de<span class=\"_ _1\"></span>i quali poter ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a dedu<span class=\"_ _1\"></span>cibile, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>a se la nor<span class=\"_ _1\"></span>mativa t<span class=\"_ _1\"></span>ribut<span class=\"_ _1\"></span>aria loc<span class=\"_ _1\"></span>ale impo<span class=\"_ _1\"></span>nga o me<span class=\"_ _1\"></span>no res<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>zioni alle fonti di r<span class=\"_ _1\"></span>eddit<span class=\"_ _1\"></span>o imponi<span class=\"ls0 ws0\">-</span>bili a fronte de<span class=\"_ _1\"></span>i quali pu\u00f2 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuare de<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ni sull<span class=\"_ _1\"></span>\u2019annullamento di dett<span class=\"_ _1\"></span>a dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ducibile<span class=\"_ _1\"></span>. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive s<span class=\"_ _1\"></span>ono mi<span class=\"_ _1\"></span>surate in bas<span class=\"_ _1\"></span>e alle aliquot<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali che ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de vengan<span class=\"_ _1\"></span>o applic<span class=\"_ _1\"></span>ate all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio in cui t<span class=\"_ _1\"></span>ali atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 si reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ano o tali p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 si e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tinguon<span class=\"_ _1\"></span>o, consi<span class=\"_ _1\"></span>deran<span class=\"_ _1\"></span>do le aliqu<span class=\"_ _1\"></span>ote in vigore e que<span class=\"_ _1\"></span>lle gi\u00e0 emanate o s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ialmente e<span class=\"_ _1\"></span>manate alla data di bilancio.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve a pos<span class=\"_ _1\"></span>te rile<span class=\"_ _1\"></span>vate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a pat<span class=\"_ _1\"></span>rimonio ne<span class=\"_ _1\"></span>tto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spet<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo s<span class=\"_ _1\"></span>ono anch<span class=\"_ _1\"></span>e es<span class=\"_ _1\"></span>se ril<span class=\"_ _1\"></span>evate diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a p<span class=\"_ _1\"></span>atrimonio n<span class=\"_ _1\"></span>etto o n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto di c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>plessi<span class=\"_ _1\"></span>vo.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>sive ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>nsate<span class=\"_ _1\"></span>, qualora e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a un diritto l<span class=\"_ _1\"></span>egal<span class=\"_ _1\"></span>e a comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>are le att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 per imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corr<span class=\"_ _1\"></span>enti con l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te corre<span class=\"_ _1\"></span>nti e le imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rite fa<span class=\"_ _1\"></span>cciano rifer<span class=\"_ _1\"></span>imento alla s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a entit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale e<span class=\"_ _1\"></span>d alla ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa auto<span class=\"_ _1\"></span>rit\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ale.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__77": {
   "value": "Imposta sul valor<span class=\"_ _4\"></span>e aggiuntoI ricav<span class=\"_ _1\"></span>i, i cos<span class=\"_ _1\"></span>ti e le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>ono rile<span class=\"_ _1\"></span>vati al ne<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>elle imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e sul valo<span class=\"_ _1\"></span>re ag<span class=\"_ _1\"></span>giunto ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o in cui:\u2022 <span class=\"_ _41\"> </span> <span class=\"_ _11f\"></span>tal<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a applic<span class=\"_ _1\"></span>ata all<span class=\"_ _1\"></span>\u2019acquist<span class=\"_ _1\"></span>o di beni o s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi r<span class=\"_ _1\"></span>isulti ind<span class=\"_ _1\"></span>etraibil<span class=\"_ _1\"></span>e, ne<span class=\"_ _1\"></span>l qual cas<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata co<span class=\"_ _1\"></span>me par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to di acquis<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 o par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e di cos<span class=\"_ _1\"></span>to rilev<span class=\"_ _1\"></span>ata a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>si rifer<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>a a cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali pe<span class=\"_ _1\"></span>r i quali \u00e8 gi\u00e0 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a o ricev<span class=\"_ _1\"></span>uta la f<span class=\"_ _1\"></span>attura<span class=\"_ _1\"></span>, i cui valor<span class=\"_ _1\"></span>i sono e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti include<span class=\"_ _1\"></span>ndo il v<span class=\"_ _1\"></span>alore<span class=\"_ _1\"></span> dell<span class=\"_ _2\"></span>\u2019impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019ammontare net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle impos<span class=\"_ _1\"></span>te indire<span class=\"_ _1\"></span>tte s<span class=\"_ _1\"></span>ulle vendit<span class=\"_ _1\"></span>e e sugli ac<span class=\"_ _1\"></span>quisti ch<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rate da o pagat<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019erario \u00e8 inclus<span class=\"_ _1\"></span>o a bilancio ne<span class=\"_ _1\"></span>i cre<span class=\"_ _1\"></span>diti o deb<span class=\"_ _1\"></span>iti tribut<span class=\"_ _1\"></span>ari a s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nda del s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no del s<span class=\"_ _1\"></span>aldo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__78": {
   "value": "2.3.24 Utile per azioneL<span class=\"_ _6\"></span>\u2019utile base p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e \u00e8 calco<span class=\"_ _1\"></span>lato div<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>do il risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co del p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo, util<span class=\"_ _1\"></span>e e/o perdit<span class=\"_ _1\"></span>a attr<span class=\"_ _1\"></span>ibuibile agli A<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>onist<span class=\"_ _1\"></span>i della C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>er la me<span class=\"_ _1\"></span>dia po<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rata d<span class=\"_ _1\"></span>elle a<span class=\"_ _1\"></span>zioni in circola<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e durante l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio. A<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>ini del c<span class=\"_ _1\"></span>alcol<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile diluito p<span class=\"_ _1\"></span>er az<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, la media p<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a delle a<span class=\"_ _1\"></span>zioni in circo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne \u00e8 mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>a ass<span class=\"_ _1\"></span>umen<span class=\"_ _1\"></span>do la conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne di tutte l<span class=\"_ _1\"></span>e pote<span class=\"_ _1\"></span>nziali a<span class=\"_ _1\"></span>zioni aventi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o diluitivo. A<span class=\"_ _1\"></span>nche l<span class=\"_ _1\"></span>\u2019utile net<span class=\"_ _1\"></span>to \u00e8 ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>er conto d<span class=\"_ _1\"></span>egli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti, al net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e impos<span class=\"_ _1\"></span>te, d<span class=\"_ _1\"></span>ella conve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__79": {
   "value": "2.3.25 Ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span><span class=\"ff77 lsbe ws25c\">Pu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span></span><span class=\"ws0\"> e <span class=\"ff77\">C<span class=\"_ _4\"></span>all <span class=\"ff74\">su Interessenze di Minor<span class=\"_ _4\"></span>anza </span></span></span>Nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di opzioni <span class=\"ff79 ls3a wsa\">put</span> co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e ai so<span class=\"_ _1\"></span>ci di minoran<span class=\"_ _1\"></span>za, il Gr<span class=\"_ _1\"></span>uppo i<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>ve una pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria pari al v<span class=\"_ _1\"></span>alore at<span class=\"ls0 ws0\">-</span>tuale de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo di e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione. S<span class=\"_ _1\"></span>e i termini e l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019opzione <span class=\"ff79 ls3a wsa\">put</span> danno gi\u00e0 al Gr<span class=\"_ _1\"></span>uppo ac<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so ai ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomici c<span class=\"_ _1\"></span>olleg<span class=\"_ _1\"></span>ati alla quota di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale opzionat<span class=\"_ _1\"></span>a, il Grup<span class=\"_ _1\"></span>po cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>za t<span class=\"_ _1\"></span>ale quot<span class=\"_ _1\"></span>a come s<span class=\"_ _1\"></span>e foss<span class=\"_ _1\"></span>e gi\u00e0 st<span class=\"_ _1\"></span>ata ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>, quindi, al mom<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l ricon<span class=\"_ _1\"></span>oscim<span class=\"_ _1\"></span>ento inizial<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, t<span class=\"_ _1\"></span>ale val<span class=\"_ _1\"></span>ore vie<span class=\"_ _1\"></span>ne ricla<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>cato dal patrimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o riduce<span class=\"_ _1\"></span>ndo la quot<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle minoran<span class=\"_ _1\"></span>ze. L<span class=\"_ _1\"></span>a pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 vie<span class=\"_ _1\"></span>ne succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente r<span class=\"_ _1\"></span>imisurat<span class=\"_ _1\"></span>a ad og<span class=\"_ _1\"></span>ni data di chiusura co<span class=\"_ _1\"></span>nformem<span class=\"_ _1\"></span>ente a quanto pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9. Negli alt<span class=\"_ _1\"></span>ri ca<span class=\"_ _1\"></span>si, la polit<span class=\"_ _1\"></span>ica co<span class=\"_ _1\"></span>ntabil<span class=\"_ _1\"></span>e sce<span class=\"_ _1\"></span>lta dal G<span class=\"_ _1\"></span>ruppo p<span class=\"_ _1\"></span>reve<span class=\"_ _1\"></span>de che il Grup<span class=\"_ _1\"></span>po, al mome<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l ricono<span class=\"_ _1\"></span>scime<span class=\"_ _1\"></span>nto iniziale d<span class=\"_ _1\"></span>ella pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0, ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ichi t<span class=\"_ _1\"></span>ale v<span class=\"_ _1\"></span>alore ne<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to di Grupp<span class=\"_ _1\"></span>o, continuando a co<span class=\"_ _1\"></span>ntabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zar<span class=\"_ _1\"></span>e gli utili e pe<span class=\"_ _1\"></span>rdite att<span class=\"_ _1\"></span>ribuibili a t<span class=\"_ _1\"></span>ali minoran<span class=\"_ _1\"></span>ze e il patrimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di minoran<span class=\"_ _1\"></span>za; ogni mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 vie<span class=\"_ _1\"></span>ne rilev<span class=\"_ _1\"></span>ata a patr<span class=\"_ _1\"></span>imonio net<span class=\"_ _1\"></span>to.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__80": {
   "value": "2.3.26 IAS 29 C<span class=\"_ _0\"></span>riteri di cont<span class=\"_ _0\"></span>abilizzazione in economie iperinflazionate Con ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span>mia argentina \u00e8 co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a ipe<span class=\"_ _1\"></span>rinfla<span class=\"_ _1\"></span>zionat<span class=\"_ _1\"></span>a se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do i crite<span class=\"_ _1\"></span>ri del \u201c<span class=\"ff79 ws3c\">Financial </span>Rep<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"ff71 ls5 wsef\"> in </span><span class=\"ls4 wsde\">Hyp<span class=\"_ _1\"></span>erinfl<span class=\"_ _1\"></span>ationar<span class=\"_ _1\"></span>y Economie<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span><span class=\"ff71\">\u201d (\u201c<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>S 29<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>). T<span class=\"_ _4\"></span>ale prin<span class=\"_ _1\"></span>cipio richie<span class=\"_ _1\"></span>de che i v<span class=\"_ _1\"></span>alori di b<span class=\"_ _1\"></span>ilancio dell<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 la cui </span></span>valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale s<span class=\"_ _1\"></span>ia quella di un<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span>mia cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rata ip<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zionat<span class=\"_ _1\"></span>a, sian<span class=\"_ _1\"></span>o ride<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>e utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o un indice ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>le dei p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zi che rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a le varia<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l pote<span class=\"_ _1\"></span>re di acquis<span class=\"_ _1\"></span>to ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale. L<span class=\"_ _4\"></span>\u2019indic<span class=\"_ _1\"></span>e di infla<span class=\"_ _1\"></span>zione ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato in Arge<span class=\"_ _1\"></span>ntina \u00e8 un indice sintet<span class=\"_ _1\"></span>ico con l<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uenti c<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>stic<span class=\"_ _1\"></span>he: (<span class=\"_ _4\"></span>a) dal 1<span class=\"_ _0\"></span>\u00b0 gennaio 201<span class=\"_ _6\"></span>7 in p<span class=\"_ _1\"></span>oi vie<span class=\"_ _1\"></span>ne utiliz<span class=\"_ _2\"></span>zato un nuovo indic<span class=\"_ _1\"></span>e nazio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nale dei p<span class=\"_ _1\"></span>rez<span class=\"_ _2\"></span>zi al con<span class=\"_ _1\"></span>sumo; e (b<span class=\"_ _0\"></span>) per i p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodi f<span class=\"_ _1\"></span>ino al 31 dicembre 201<span class=\"_ _4\"></span>6 vie<span class=\"_ _1\"></span>ne utiliz<span class=\"_ _2\"></span>zato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>indice de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>\u2019ingro<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o.Perci\u00f2 tut<span class=\"_ _1\"></span>ti gli el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti del b<span class=\"_ _1\"></span>ilancio della s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati se<span class=\"_ _1\"></span>parati in el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti mone<span class=\"_ _1\"></span>tari e non mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>i. Gli el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti mone<span class=\"_ _1\"></span>tari s<span class=\"_ _1\"></span>ono rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati dal de<span class=\"_ _1\"></span>naro pos<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>duto e dalle vo<span class=\"_ _1\"></span>ci atti<span class=\"_ _1\"></span>ve o pas<span class=\"_ _1\"></span>sive i cui v<span class=\"_ _1\"></span>alori devono e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re ricev<span class=\"_ _1\"></span>uti o pag<span class=\"_ _1\"></span>ati in denaro; tutt<span class=\"_ _1\"></span>i gli altri e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti s<span class=\"_ _1\"></span>ono non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ari. Gli e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ari non s<span class=\"_ _1\"></span>ono ridet<span class=\"_ _1\"></span>erminati p<span class=\"_ _1\"></span>erch\u00e9 s<span class=\"_ _1\"></span>ono gi\u00e0 e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si in ter<span class=\"_ _1\"></span>mini di unit\u00e0 mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>ia attuale<span class=\"_ _1\"></span>. In un pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o di infla<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, un\u2019entit<span class=\"_ _1\"></span>\u00e0 che detie<span class=\"_ _1\"></span>ne un ec<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 monet<span class=\"_ _1\"></span>arie r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>etto all<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 monet<span class=\"_ _1\"></span>arie p<span class=\"_ _1\"></span>erde p<span class=\"_ _1\"></span>oter<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>\u2019acquisto e un<span class=\"_ _1\"></span>\u2019entit\u00e0 con un ecce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so di pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 mon<span class=\"_ _1\"></span>etar<span class=\"_ _1\"></span>ie risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to alle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>arie acqui<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a pote<span class=\"_ _1\"></span>re d<span class=\"_ _1\"></span>\u2019acquisto. L<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla posizione monetaria netta \u00e8 inc<span class=\"_ _0\"></span>luso nel conto econom<span class=\"_ _0\"></span>ico. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _4\"></span>ef<span class=\"_ _1\"></span>fetto dell<span class=\"_ _1\"></span>\u2019inflazione sull<span class=\"_ _0\"></span>a posizione monetaria ne<span class=\"_ _0\"></span>tta e sulle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie de<span class=\"_ _1\"></span>lla soci<span class=\"_ _1\"></span>et\u00e0 F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019anno chiuso il 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 \u00e8 st<span class=\"_ _1\"></span>ato un one<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to pari a Euro 7<span class=\"_ _4\"></span>42 migliaia, non signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul b<span class=\"_ _1\"></span>ilancio cons<span class=\"_ _1\"></span>olidato (u<span class=\"_ _0\"></span>n one<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to di Euro 1<span class=\"_ _4\"></span>54 migliaia nel conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>dato al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>).Dop<span class=\"_ _1\"></span>o la ridet<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione da I<span class=\"_ _1\"></span>AS 29 d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 no<span class=\"_ _1\"></span>n mone<span class=\"_ _1\"></span>tarie<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o ha prov<span class=\"_ _2\"></span>veduto in<span class=\"_ _1\"></span>oltre a valut<span class=\"_ _1\"></span>are s<span class=\"_ _1\"></span>e l<span class=\"_ _1\"></span>\u2019am<span class=\"ls0 ws0\">-</span>montar<span class=\"_ _1\"></span>e ridet<span class=\"_ _1\"></span>erminato de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sup<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e il suo val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. Inoltre<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019applicaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 29 ha com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato la crea<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di diffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali temp<span class=\"_ _1\"></span>oran<span class=\"_ _1\"></span>ee p<span class=\"_ _1\"></span>erch\u00e9<span class=\"_ _1\"></span>, mentre il v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on mone<span class=\"_ _1\"></span>tari<span class=\"_ _1\"></span>e \u00e8 rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icato p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019infla<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, non \u00e8 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a una rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica e<span class=\"_ _1\"></span>quival<span class=\"_ _1\"></span>ente ai f<span class=\"_ _1\"></span>ini f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali; l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>to di t<span class=\"_ _1\"></span>ale dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nza t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ora<span class=\"ls0 ws0\">-</span>nea \u00e8 una pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rita ch<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ata r<span class=\"_ _1\"></span>ilevat<span class=\"_ _1\"></span>a nel c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__81-1": {
   "value": "2.3.27 V<span class=\"_ _0\"></span>ariazioni di principi c<span class=\"_ _0\"></span>ontabili internazionaliIl Grupp<span class=\"_ _1\"></span>o non ha ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ato anticipat<span class=\"_ _1\"></span>amente al<span class=\"_ _1\"></span>cun principio, inte<span class=\"_ _1\"></span>rpret<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one o miglior<span class=\"_ _1\"></span>amento e<span class=\"_ _1\"></span>manato ma non an<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cora in v<span class=\"_ _1\"></span>igore. Emendamento all<span class=\"_ _1\"></span>\u2019IFR<span class=\"_ _0\"></span>S 3 - Refer<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e to the C<span class=\"_ _4\"></span>onceptual F<span class=\"_ _4\"></span>ramework A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato l<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e all<span class=\"_ _1\"></span>\u2019 IFR<span class=\"_ _1\"></span>S 3 <span class=\"ff79\">Busine<span class=\"_ _1\"></span>ss Combinat<span class=\"_ _1\"></span>ions - Refe<span class=\"_ _1\"></span>rence to t<span class=\"_ _1\"></span>he Conceptual Fra<span class=\"ws0\">-</span></span>mewo<span class=\"_ _1\"></span>rk<span class=\"ff71 ls0 wscb\">. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche hanno l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tituire i rifer<span class=\"_ _1\"></span>imenti al <span class=\"ff79\">Framework for th<span class=\"_ _1\"></span>e Preparation and Prese<span class=\"_ _1\"></span>ntation of </span></span>Financial Stateme<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span><span class=\"ff71\">, pubb<span class=\"_ _1\"></span>licato ne<span class=\"_ _1\"></span>l 1<span class=\"_ _0\"></span>98<span class=\"_ _1\"></span>9, con le refe<span class=\"_ _1\"></span>renze al <span class=\"ff79\">Conce<span class=\"_ _1\"></span>ptual Framework for Financial Repor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing</span><span class=\"ls3a wsb2\"> pubblica<span class=\"_ _0\"></span>to </span></span>a Marzo 201<span class=\"_ _4\"></span>8 s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za un camb<span class=\"_ _1\"></span>io signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo de<span class=\"_ _1\"></span>i requis<span class=\"_ _1\"></span>iti de<span class=\"_ _1\"></span>l principio. Il <span class=\"ff79 ls7a ws115\">B<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd</span> ha anche ag<span class=\"_ _2\"></span>giunto una ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne ai prin<span class=\"_ _1\"></span><span class=\"ws0\">-</span>cipi di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 3 p<span class=\"_ _1\"></span>er ev<span class=\"_ _1\"></span>itar<span class=\"_ _1\"></span>e il rischio di p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite o<span class=\"_ _1\"></span>d utili \u201cdel giorno d<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti da pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali che ric<span class=\"_ _1\"></span>adre<span class=\"_ _1\"></span>bbe<span class=\"_ _1\"></span>ro ne<span class=\"_ _1\"></span>llo scop<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 37 o IFRIC 2<span class=\"_ _4\"></span>1 <span class=\"ff79 ls4e wsd6\">Le<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>, se contr<span class=\"_ _1\"></span>atte s<span class=\"_ _1\"></span>epar<span class=\"_ _1\"></span>atame<span class=\"_ _1\"></span>nte. A<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so temp<span class=\"_ _1\"></span>o, il <span class=\"ff79 lsbf wsbc\">Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span></span> ha de<span class=\"_ _1\"></span>ciso di chiarire ch<span class=\"_ _1\"></span>e la <span class=\"ff79 ls7a ws115\">guidance<span class=\"_ _1\"></span></span> esi<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 3 pe<span class=\"_ _1\"></span>r le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pot<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iali non ver<span class=\"_ _1\"></span>r\u00e0 impatt<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span> dall<span class=\"_ _1\"></span>\u2019aggio<span class=\"_ _1\"></span>rname<span class=\"_ _1\"></span>nto dei<span class=\"_ _1\"></span> riferim<span class=\"_ _1\"></span>enti al <span class=\"ff79 ls22 wsb0\">Framework for th<span class=\"_ _1\"></span>e Preparation and Prese<span class=\"_ _1\"></span>ntation of Financial State<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>s</span>. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e si apron<span class=\"_ _1\"></span>o al 1\u00b0 gennaio 2022 e si applic<span class=\"_ _1\"></span>ano pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte.Emendamento allo IAS 16 - Pr<span class=\"_ _4\"></span>opert<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Plant and Equipment: Proc<span class=\"_ _4\"></span>eeds before Intended Use A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato <span class=\"ff79\">Prope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _0\"></span>, Plant and Equi<span class=\"_ _0\"></span>pment \u2014 Proce<span class=\"_ _1\"></span>eds b<span class=\"_ _1\"></span>efore Inte<span class=\"_ _1\"></span>nded U<span class=\"_ _1\"></span>se<span class=\"ff71\">, che p<span class=\"_ _1\"></span>roibisc<span class=\"_ _1\"></span>e alle </span></span>entit<span class=\"_ _1\"></span>\u00e0 di dedur<span class=\"_ _1\"></span>re dal cos<span class=\"_ _1\"></span>to di un el<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto di immobili, impianti e macchinar<span class=\"_ _1\"></span>i, ogni ric<span class=\"_ _1\"></span>avo dalla vendit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i venduti<span class=\"_ _1\"></span> nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do in cui t<span class=\"_ _1\"></span>ale at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 v<span class=\"_ _1\"></span>iene p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so il luo<span class=\"_ _1\"></span>go o le con<span class=\"_ _1\"></span>dizioni ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>arie p<span class=\"_ _1\"></span>erch\u00e9 la s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a sia in gra<span class=\"_ _1\"></span>do di op<span class=\"_ _1\"></span>erare<span class=\"_ _1\"></span> nel mo<span class=\"_ _1\"></span>do p<span class=\"_ _1\"></span>er cui \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a proge<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ata dal <span class=\"ff79 ls72 ws11b\">managem<span class=\"_ _1\"></span>ent</span>. Invec<span class=\"_ _1\"></span>e, un<span class=\"_ _1\"></span>\u2019entit\u00e0 cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a i ric<span class=\"_ _1\"></span>avi de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalla vendit<span class=\"_ _1\"></span>a di tali<span class=\"_ _1\"></span> prod<span class=\"_ _1\"></span>otti, e<span class=\"_ _1\"></span>d i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er pro<span class=\"_ _1\"></span>durre t<span class=\"_ _1\"></span>ali pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i, nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico. L<span class=\"_ _1\"></span>a modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a \u00e8 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi che s<span class=\"_ _1\"></span>i aprono al 1\u00b0 gennaio 2022 o s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente e de<span class=\"_ _1\"></span>ve es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re applic<span class=\"_ _1\"></span>ata ret<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente agli e<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>enti di Immo<span class=\"_ _1\"></span>bili, impianti e macchi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nari res<span class=\"_ _1\"></span>i disp<span class=\"_ _1\"></span>onibili pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019uso alla data di iniz<span class=\"_ _1\"></span>io o succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente d<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o in cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 applic<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la prima volt<span class=\"_ _1\"></span>a tal<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a. T<span class=\"_ _4\"></span>ali mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche non hann<span class=\"_ _1\"></span>o avuto alc<span class=\"_ _1\"></span>un impatto s<span class=\"_ _1\"></span>ul bilancio con<span class=\"_ _1\"></span>solidato di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.Emendamento allo IAS 37 - Oner<span class=\"_ _0\"></span>ous C<span class=\"_ _4\"></span>ontracts - C<span class=\"_ _4\"></span>osts of Fulfilling a C<span class=\"_ _4\"></span>ontract A mag<span class=\"_ _1\"></span>gio 2020, lo IA<span class=\"_ _1\"></span>SB ha pub<span class=\"_ _1\"></span>blicato m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche a<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 37 per sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are quali cos<span class=\"_ _1\"></span>ti devo<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rati da un<span class=\"_ _1\"></span>\u2019enti<span class=\"ls0 ws0\">-</span>t\u00e0 ne<span class=\"_ _1\"></span>l valut<span class=\"_ _1\"></span>are se un c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>o \u00e8 one<span class=\"_ _1\"></span>roso o<span class=\"_ _1\"></span>d in pe<span class=\"_ _1\"></span>rdita<span class=\"_ _1\"></span>. La mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a preve<span class=\"_ _1\"></span>de l<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione di un ap<span class=\"_ _1\"></span>procci<span class=\"_ _1\"></span>o deno<span class=\"_ _1\"></span>minato \u201c<span class=\"_ _4\"></span><span class=\"ff79 ls49 wsc7\">di<span class=\"ls0 ws0\">-</span></span>rec<span class=\"_ _1\"></span>tly re<span class=\"_ _1\"></span>lated co<span class=\"_ _1\"></span>st approa<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span><span class=\"ff71\">\u201d<span class=\"_ _4\"></span>. I c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i che so<span class=\"_ _1\"></span>no riferit<span class=\"_ _1\"></span>i dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte ad un cont<span class=\"_ _1\"></span>ratto p<span class=\"_ _1\"></span>er la for<span class=\"_ _1\"></span>nitura di be<span class=\"_ _1\"></span>ni o se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>zi includ<span class=\"_ _1\"></span>ono </span>sia i cos<span class=\"_ _1\"></span>ti incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ali che i cos<span class=\"_ _1\"></span>ti diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente at<span class=\"_ _1\"></span>tribuit<span class=\"_ _1\"></span>i alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 contr<span class=\"_ _1\"></span>attuali. Le sp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>se gen<span class=\"_ _1\"></span>erali e<span class=\"_ _1\"></span>d amminis<span class=\"_ _1\"></span>trati<span class=\"_ _1\"></span>ve non sono dire<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ament<span class=\"_ _1\"></span>e corre<span class=\"_ _1\"></span>late ad un contr<span class=\"_ _1\"></span>atto e s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>e a men<span class=\"_ _1\"></span>o che le s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>on siano e<span class=\"_ _1\"></span>splicit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte ribalt<span class=\"_ _1\"></span>abili alla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e sulla bas<span class=\"_ _1\"></span>e del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o. Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e iniziano al 1\u00b0 gennaio 2022 o suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>va<span class=\"ls0 ws0\">-</span>mente<span class=\"_ _1\"></span>. Il Grupp<span class=\"_ _1\"></span>o ha applic<span class=\"_ _1\"></span>ato t<span class=\"_ _1\"></span>ali modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e ai contrat<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r cui non ave<span class=\"_ _1\"></span>va ancor<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fatt<span class=\"_ _1\"></span>o tutt<span class=\"_ _1\"></span>e le propr<span class=\"_ _1\"></span>ie obblig<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a avere impat<span class=\"_ _1\"></span>ti sul bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po.IFR<span class=\"_ _0\"></span>S 9 F<span class=\"_ _0\"></span>inancial Instruments - Fees in the \u201c10 per c<span class=\"_ _4\"></span>ent<span class=\"_ _2\"></span>\u201d test for der<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ognition of financial liabilitiesCome par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e del p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di miglior<span class=\"_ _1\"></span>amenti annuali 201<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>2020 dei principi IFR<span class=\"_ _1\"></span>S, l<span class=\"_ _1\"></span>o IA<span class=\"_ _1\"></span>SB ha pubbli<span class=\"_ _1\"></span>cato una mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 9. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a chiaris<span class=\"_ _1\"></span>ce le <span class=\"ff79 ls5 ws4\">fees</span> che una entit\u00e0 inc<span class=\"_ _1\"></span>lude ne<span class=\"_ _1\"></span>l dete<span class=\"_ _1\"></span>rminare se le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di una nuova o m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziaria siano s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>zialmente dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renti ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto all<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria originar<span class=\"_ _1\"></span>ia. Que<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e <span class=\"ff79 ls5 ws4\">fees</span><span class=\"ls0 ws0\"> </span>includon<span class=\"_ _1\"></span>o solo qu<span class=\"_ _1\"></span>elle pag<span class=\"_ _1\"></span>ate o pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>e tra il de<span class=\"_ _1\"></span>bitore e<span class=\"_ _1\"></span>d il f<span class=\"_ _1\"></span>inanziato<span class=\"_ _1\"></span>re, inclu<span class=\"_ _1\"></span>se le <span class=\"ff79 ls5 ws4\">fees</span> pagate o pe<span class=\"_ _1\"></span>rcepit<span class=\"_ _1\"></span>e dal debit<span class=\"_ _1\"></span>ore o dal f<span class=\"_ _1\"></span>inanziatore p<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>nto di altri. Un<span class=\"_ _1\"></span>\u2019entit\u00e0 app<span class=\"_ _1\"></span>lica t<span class=\"_ _1\"></span>ale mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica alle p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie che s<span class=\"_ _1\"></span>ono mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>icate o s<span class=\"_ _1\"></span>camb<span class=\"_ _1\"></span>iate succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente alla dat<span class=\"_ _1\"></span>a del pr<span class=\"_ _1\"></span>imo es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zio in cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 ap<span class=\"_ _1\"></span>plica p<span class=\"_ _1\"></span>er la p<span class=\"_ _1\"></span>rima volt<span class=\"_ _1\"></span>a la modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a. L<span class=\"_ _1\"></span>a modif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a \u00e8 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace p<span class=\"_ _1\"></span>er gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i che iniziano al 1\u00b0 gennaio 2022 o s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, \u00e8 p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne anticipat<span class=\"_ _1\"></span>a. Il Grup<span class=\"_ _1\"></span>po ha applic<span class=\"_ _1\"></span>ato tale m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2. T<span class=\"_ _4\"></span>ali mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche non hanno av<span class=\"_ _1\"></span>uto alcun impat<span class=\"_ _1\"></span>to sul bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato di G<span class=\"_ _1\"></span>ruppo.2.3.28 P<span class=\"_ _4\"></span>rincipi emessi ma non ancor<span class=\"_ _4\"></span>a in vigore Sono di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito illust<span class=\"_ _1\"></span>rati i prin<span class=\"_ _1\"></span>cipi che, alla dat<span class=\"_ _1\"></span>a di reda<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po ris<span class=\"_ _1\"></span>ultavan<span class=\"_ _1\"></span>o gi\u00e0 emanati ma non anco<span class=\"_ _1\"></span>ra in vigor<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019ele<span class=\"_ _1\"></span>nco si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e a principi e inte<span class=\"_ _1\"></span>rpret<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni che il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i asp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>aranno ragi<span class=\"_ _1\"></span>onevo<span class=\"_ _1\"></span>lmente applic<span class=\"_ _1\"></span>abili nel f<span class=\"_ _1\"></span>uturo. Il Grupp<span class=\"_ _1\"></span>o intend<span class=\"_ _1\"></span>e adot<span class=\"_ _1\"></span>tar<span class=\"_ _1\"></span>e ques<span class=\"_ _1\"></span>ti prin<span class=\"_ _1\"></span>cipi quando entr<span class=\"_ _1\"></span>eranno in v<span class=\"_ _1\"></span>igore<span class=\"_ _1\"></span>. Emendamento allo IAS 1: C<span class=\"_ _0\"></span>lassificazione delle passivit\u00e0 in c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti e non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti A gennaio 2020, lo IA<span class=\"_ _1\"></span>SB ha pubb<span class=\"_ _1\"></span>licato d<span class=\"_ _1\"></span>elle mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ai par<span class=\"_ _1\"></span>agraf<span class=\"_ _1\"></span>i da 69 a 76 dello IA<span class=\"_ _1\"></span>S 1 p<span class=\"_ _1\"></span>er sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>care i re<span class=\"_ _1\"></span>quisiti p<span class=\"_ _1\"></span>er cla<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>sif<span class=\"_ _1\"></span>icare l<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 come co<span class=\"_ _1\"></span>rrenti o no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nti. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche chiaris<span class=\"_ _1\"></span>cono: \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>cos<span class=\"_ _1\"></span>a si inten<span class=\"_ _1\"></span>de p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to di po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>che il dirit<span class=\"_ _1\"></span>to di po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne deve e<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>e alla chiusura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>la clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne non \u00e8 impat<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a dalla probab<span class=\"_ _1\"></span>ilit\u00e0 co<span class=\"_ _1\"></span>n cui l<span class=\"_ _1\"></span>\u2019entit\u00e0 e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rciter\u00e0 il p<span class=\"_ _1\"></span>roprio dirit<span class=\"_ _1\"></span>to di p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one; \u2022 <span class=\"_ _184\"> </span> <span class=\"_ _3\"></span>solame<span class=\"_ _1\"></span>nte se un d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vato implicito in una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>tibile \u00e8 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o uno str<span class=\"_ _1\"></span>umento di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale la sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della<span class=\"_ _1\"></span> pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on ha impatt<span class=\"_ _1\"></span>o sulla sua clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne.<span class=\"_ _1\"></span> Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sarann<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e inizie<span class=\"_ _1\"></span>ranno al 1\u00b0 gennaio 2023 o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, e dovrann<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re applic<span class=\"_ _1\"></span>ate retros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte. Il Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>ta al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto valut<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019impatto ch<span class=\"_ _1\"></span>e le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche avr<span class=\"_ _1\"></span>anno sulla situa<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> corrente.Imposte differite r<span class=\"_ _0\"></span>elative ad attivit\u00e0 e passivi<span class=\"_ _1\"></span>t\u00e0 deriv<span class=\"_ _0\"></span>anti da una singola transazione (<span class=\"_ _0\"></span>Modifiche allo IAS 12) Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e res<span class=\"_ _1\"></span>tringon<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>one alla rile<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione iniz<span class=\"_ _1\"></span>iale delle imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e al f<span class=\"_ _1\"></span>ine di es<span class=\"_ _1\"></span>cluder<span class=\"_ _1\"></span>e le op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni che dann<span class=\"_ _1\"></span>o origine a dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze t<span class=\"_ _1\"></span>empo<span class=\"_ _1\"></span>rane<span class=\"_ _1\"></span>e uguali e comp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sabili, com<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di <span class=\"ff79 ls53 wseb\">lea<span class=\"_ _1\"></span>sing</span> e obblighi di s<span class=\"_ _1\"></span>mantellame<span class=\"_ _1\"></span>nto. Le modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che entre<span class=\"_ _1\"></span>ranno in v<span class=\"_ _1\"></span>igore a par<span class=\"_ _1\"></span>tire dag<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi ch<span class=\"_ _1\"></span>e iniziano dal 1\u00b0 gennaio 2023. Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ite relati<span class=\"_ _1\"></span>ve ai <span class=\"ff79 ls53 wseb\">le<span class=\"_ _1\"></span>asing</span> e agli o<span class=\"_ _1\"></span>bblighi di smant<span class=\"_ _1\"></span>ellame<span class=\"_ _1\"></span>nto dovrann<span class=\"_ _1\"></span>o quindi es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re rilev<span class=\"_ _1\"></span>ate dall<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io del p<span class=\"_ _1\"></span>rimo e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio comp<span class=\"_ _1\"></span>arativo p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato, rilevan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019eventuale ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to cumulati<span class=\"_ _1\"></span>vo come una ret<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span><span class=\"ws0\">-</span>f<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>gli utili p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tati a nu<span class=\"_ _1\"></span>ovo o tra le altr<span class=\"_ _1\"></span>e compo<span class=\"_ _1\"></span>nenti de<span class=\"_ _1\"></span>l patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to a quella dat<span class=\"_ _1\"></span>a. Per tut<span class=\"_ _1\"></span>te le alt<span class=\"_ _1\"></span>re ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni, le mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>che si app<span class=\"_ _1\"></span>licano all<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ioni che si ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ano dop<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io del p<span class=\"_ _1\"></span>rimo pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato. Il G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al mo<span class=\"_ _1\"></span><span class=\"ws0\">-</span>mento v<span class=\"_ _1\"></span>alutan<span class=\"_ _1\"></span>do l<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>atto ch<span class=\"_ _1\"></span>e le modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che avrann<span class=\"_ _1\"></span>o sulla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale \u2013 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria; dalle analisi ef<span class=\"_ _1\"></span>fettuate al mome<span class=\"_ _1\"></span>nto non ci si at<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de un ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to sugli ut<span class=\"_ _1\"></span>ili por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati a nuovo e il Grup<span class=\"_ _1\"></span>po rile<span class=\"_ _1\"></span>ver\u00e0 l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e la pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferite<span class=\"_ _1\"></span> sep<span class=\"_ _1\"></span>arat<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>. Definizione di stima contabile - M<span class=\"_ _0\"></span>odifiche allo IAS 8 Nel fe<span class=\"_ _1\"></span>bbraio 2021 lo IASB ha e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o deg<span class=\"_ _1\"></span>li eme<span class=\"_ _1\"></span>ndamenti a<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 8, in cui intro<span class=\"_ _1\"></span>duce una def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione di \u201cs<span class=\"_ _1\"></span>time c<span class=\"_ _1\"></span>ontabili<span class=\"_ _2\"></span>\u201d<span class=\"_ _4\"></span>. Le modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e chiarisco<span class=\"_ _1\"></span>no la dis<span class=\"_ _1\"></span>tinzio<span class=\"_ _1\"></span>ne tra c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ili e cambiame<span class=\"_ _1\"></span>nti nei p<span class=\"_ _1\"></span>rincipi cont<span class=\"_ _1\"></span>abili e cor<span class=\"_ _1\"></span>rez<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span> di error<span class=\"_ _1\"></span>i. Inoltre<span class=\"_ _1\"></span>, chiarisc<span class=\"_ _1\"></span>ono com<span class=\"_ _1\"></span>e le entit<span class=\"_ _1\"></span>\u00e0 utiliz<span class=\"_ _2\"></span>zano te<span class=\"_ _1\"></span>cniche di mis<span class=\"_ _1\"></span>uraz<span class=\"_ _1\"></span>ione e <span class=\"ff79 ls7a ws115\">inp<span class=\"_ _1\"></span>ut</span><span class=\"ls4e ws11c\"> pe<span class=\"_ _1\"></span>r sv<span class=\"_ _1\"></span>iluppar<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili. Le<span class=\"_ _1\"></span> </span>modif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e sono e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icaci p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi c<span class=\"_ _1\"></span>he hanno inizio dal o d<span class=\"_ _1\"></span>opo il 1\u00b0 gennaio 2023 e si app<span class=\"_ _1\"></span>licano ai c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti di prin<span class=\"ls0 ws0\">-</span>cipi cont<span class=\"_ _1\"></span>abili e a cambiame<span class=\"_ _1\"></span>nti ne<span class=\"_ _1\"></span>lle stim<span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili che si ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icano a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ini<span class=\"_ _1\"></span>zio di t<span class=\"_ _1\"></span>ale pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do o succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019applicazi<span class=\"_ _1\"></span>one anticipat<span class=\"_ _1\"></span>a \u00e8 cons<span class=\"_ _1\"></span>entit<span class=\"_ _1\"></span>a a con<span class=\"_ _1\"></span>dizio<span class=\"_ _1\"></span>ne che t<span class=\"_ _1\"></span>ale fat<span class=\"_ _1\"></span>to sia re<span class=\"_ _1\"></span>so noto. N<span class=\"_ _1\"></span>on si pr<span class=\"_ _1\"></span>eved<span class=\"_ _1\"></span>e che le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche av<span class=\"_ _1\"></span>ranno un impatt<span class=\"_ _1\"></span>o signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo s<span class=\"_ _1\"></span>ul Grup<span class=\"_ _1\"></span>po.Informativa sui pr<span class=\"_ _4\"></span>incipi contabili - Modifiche allo IAS 1 e IF<span class=\"_ _0\"></span>RS P<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>e Statement 2Nel fe<span class=\"_ _1\"></span>bbraio 2021<span class=\"_ _4\"></span>, lo IA<span class=\"_ _1\"></span>SB ha em<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>damenti allo I<span class=\"_ _1\"></span>AS 1 e all<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S <span class=\"ff79\">Practice State<span class=\"_ _1\"></span>ment 2 Making Mat<span class=\"_ _1\"></span>erialit<span class=\"_ _1\"></span>y </span>Judgement<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span><span class=\"ff71 ls22 wsef\">, in cui fornisc<span class=\"_ _1\"></span>e linee g<span class=\"_ _1\"></span>uida ed e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>mpi pe<span class=\"_ _1\"></span>r aiutar<span class=\"_ _1\"></span>e le entit<span class=\"_ _1\"></span>\u00e0 ad app<span class=\"_ _1\"></span>licare g<span class=\"_ _1\"></span>iudizi di mate<span class=\"_ _1\"></span>rialit\u00e0 all<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui </span>principi co<span class=\"_ _1\"></span>ntabili. Le m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche mir<span class=\"_ _1\"></span>ano ad aiut<span class=\"_ _1\"></span>are le entit<span class=\"_ _1\"></span>\u00e0 a fornire informa<span class=\"_ _1\"></span>zioni sui p<span class=\"_ _1\"></span>rincipi co<span class=\"_ _1\"></span>ntabili pi\u00f9 utili s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>titue<span class=\"_ _1\"></span>ndo l<span class=\"_ _1\"></span>\u2019obbligo per l<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 di fornire le pro<span class=\"_ _1\"></span>prie p<span class=\"_ _1\"></span>olitiche c<span class=\"_ _1\"></span>ontabili \u201cs<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>\u201d con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbligo di fornire informati<span class=\"_ _1\"></span>va sui p<span class=\"_ _1\"></span>ropri<span class=\"_ _1\"></span> principi co<span class=\"_ _1\"></span>ntabili \u201crile<span class=\"_ _1\"></span>vanti<span class=\"_ _1\"></span>\u201d; inoltre, s<span class=\"_ _1\"></span>ono ag<span class=\"_ _1\"></span>giunte lin<span class=\"_ _1\"></span>ee gui<span class=\"_ _1\"></span>da su come l<span class=\"_ _1\"></span>e entit<span class=\"_ _1\"></span>\u00e0 applic<span class=\"_ _1\"></span>ano il conc<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o di rilev<span class=\"_ _1\"></span>anza n<span class=\"_ _1\"></span>el pre<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>dere de<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>ioni in mer<span class=\"_ _1\"></span>ito all<span class=\"_ _1\"></span>\u2019informat<span class=\"_ _1\"></span>iva s<span class=\"_ _1\"></span>ui principi co<span class=\"_ _1\"></span>ntabili. Le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche allo I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S 1 sono ap<span class=\"_ _1\"></span>plicab<span class=\"_ _1\"></span>ili a par<span class=\"_ _1\"></span>tire dagli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi che hanno inizi<span class=\"_ _1\"></span>o dal o dopo il 1\u00b0 gennaio 2023, \u00e8 cons<span class=\"_ _1\"></span>entit<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione anti<span class=\"_ _1\"></span>cipata. Poich<span class=\"_ _1\"></span>\u00e9 le mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"ff79 lsc2 wscd\">Prac<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> </span>Stateme<span class=\"_ _1\"></span>nt 2 Making Mate<span class=\"_ _1\"></span>riality Judge<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>s<span class=\"ff71 ls8c wsd9\"> forniscono indicazioni non<span class=\"_ _0\"></span> obbligat<span class=\"_ _0\"></span>orie sull\u2019<span class=\"_ _0\"></span>applicazione dell<span class=\"_ _0\"></span>a definizione di </span>materiale all<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui princip<span class=\"_ _1\"></span>i contab<span class=\"_ _1\"></span>ili, non \u00e8 ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>aria una data di entr<span class=\"_ _1\"></span>ata in v<span class=\"_ _1\"></span>igore pe<span class=\"_ _1\"></span>r tali m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po st<span class=\"_ _1\"></span>a attualme<span class=\"_ _1\"></span>nte valut<span class=\"_ _1\"></span>ando l<span class=\"_ _2\"></span>\u2019impatt<span class=\"_ _1\"></span>o delle m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e per d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minare l<span class=\"_ _1\"></span>\u2019effet<span class=\"_ _1\"></span>to che av<span class=\"_ _1\"></span>ranno sull<span class=\"_ _2\"></span>\u2019informativ<span class=\"_ _1\"></span>a sui principi c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>tab<span class=\"_ _1\"></span>ili di Grup<span class=\"_ _1\"></span>po.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__83": {
   "value": "Il bilancio con<span class=\"_ _1\"></span>solidato a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 include la situa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e patrimonial<span class=\"_ _1\"></span>e, ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inanziaria d<span class=\"_ _1\"></span>ella Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e dell<span class=\"_ _1\"></span>e sue entit<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>rollate es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re cons<span class=\"_ _1\"></span>olidate inte<span class=\"_ _1\"></span>gralme<span class=\"_ _1\"></span>nte, ne<span class=\"_ _1\"></span>l loro ins<span class=\"_ _1\"></span>ieme i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate come G<span class=\"_ _1\"></span>ruppo S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o.Il bilancio con<span class=\"_ _1\"></span>solidato al 31 dicembre 2022 co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>de le situa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntabili de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o redat<span class=\"_ _1\"></span>te ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ando i m<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>simi pr<span class=\"_ _1\"></span>incipi cont<span class=\"_ _1\"></span>abili della c<span class=\"_ _1\"></span>ontrollante<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__84": {
   "value": "Le entit<span class=\"_ _1\"></span>\u00e0 controllate s<span class=\"_ _1\"></span>ono que<span class=\"_ _1\"></span>lle entit<span class=\"_ _1\"></span>\u00e0 in cui il Grupp<span class=\"_ _1\"></span>o detie<span class=\"_ _1\"></span>ne il contro<span class=\"_ _1\"></span>llo, ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ro quando il Grup<span class=\"_ _1\"></span>po \u00e8 e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o a rendim<span class=\"_ _1\"></span>enti variab<span class=\"_ _1\"></span>ili deri<span class=\"_ _1\"></span>vanti dal prop<span class=\"_ _1\"></span>rio rap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>on l<span class=\"_ _1\"></span>\u2019entit\u00e0, o v<span class=\"_ _1\"></span>anta d<span class=\"_ _1\"></span>ei dirit<span class=\"_ _1\"></span>ti su t<span class=\"_ _1\"></span>ali rendim<span class=\"_ _1\"></span>enti, aven<span class=\"_ _1\"></span>do ne<span class=\"_ _1\"></span>l contemp<span class=\"_ _1\"></span>o la cap<span class=\"_ _1\"></span>acit\u00e0 di inf<span class=\"_ _1\"></span>lue<span class=\"_ _1\"></span>nzar<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>ando il propri<span class=\"_ _1\"></span>o pote<span class=\"_ _1\"></span>re sull<span class=\"_ _1\"></span>\u2019entit\u00e0 s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. I bilanci d<span class=\"_ _1\"></span>elle e<span class=\"_ _1\"></span>ntit\u00e0 co<span class=\"_ _1\"></span>ntrollate so<span class=\"_ _1\"></span>no inclusi n<span class=\"_ _1\"></span>el bilanci<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>olidato dal mom<span class=\"_ _1\"></span>ento in cui la controllante iniz<span class=\"_ _1\"></span>ia ad es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are il contro<span class=\"_ _1\"></span>llo f<span class=\"_ _1\"></span>ino alla data in cui t<span class=\"_ _1\"></span>ale co<span class=\"_ _1\"></span>ntrollo ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. In c<span class=\"_ _1\"></span>aso di p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di contro<span class=\"_ _1\"></span>llo, il Grupp<span class=\"_ _1\"></span>o elimina le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e le p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019entit\u00e0 c<span class=\"_ _1\"></span>ontrollat<span class=\"_ _1\"></span>a e qualsiasi p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ione di minor<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>a nel patrimon<span class=\"_ _0\"></span>io netto inc<span class=\"_ _0\"></span>lusa qualsi<span class=\"_ _0\"></span>asi altra c<span class=\"_ _0\"></span>omponente di c<span class=\"_ _0\"></span>onto economico<span class=\"_ _0\"></span> complessivo relativa all\u2019<span class=\"_ _0\"></span>entit\u00e0 control<span class=\"_ _0\"></span>la<span class=\"ls0 ws0\">-</span>ta. Q<span class=\"_ _1\"></span>ualsias<span class=\"_ _1\"></span>i utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a der<span class=\"_ _1\"></span>ivante dalla p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di controll<span class=\"_ _1\"></span>o vie<span class=\"_ _1\"></span>ne rilev<span class=\"_ _1\"></span>ato nell<span class=\"_ _2\"></span>\u2019utile/(p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>) dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>. Qualsia<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>si par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ione mante<span class=\"_ _1\"></span>nuta ne<span class=\"_ _1\"></span>lla e<span class=\"_ _1\"></span>x entit<span class=\"_ _1\"></span>\u00e0 controllat<span class=\"_ _1\"></span>a vie<span class=\"_ _1\"></span>ne valut<span class=\"_ _1\"></span>ata al <span class=\"ff79\">fair value</span> alla data de<span class=\"_ _1\"></span>lla pe<span class=\"_ _1\"></span>rdita d<span class=\"_ _1\"></span>el cont<span class=\"_ _1\"></span>rollo. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>ti i s<span class=\"_ _1\"></span>aldi e le t<span class=\"_ _1\"></span>rans<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni infragrupp<span class=\"_ _1\"></span>o, inclusi e<span class=\"_ _1\"></span>ventuali utili e pe<span class=\"_ _1\"></span>rdite no<span class=\"_ _1\"></span>n realiz<span class=\"_ _2\"></span>zati de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti da rappo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti intrat<span class=\"_ _1\"></span>tenuti fra so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o sono c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>tame<span class=\"_ _1\"></span>nte eliminati. Le intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ze di minoranz<span class=\"_ _1\"></span>a rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano la par<span class=\"_ _1\"></span>te di prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ti o p<span class=\"_ _1\"></span>erdite e d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>e non det<span class=\"_ _1\"></span>enute dal Gr<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>po e so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ste in una vo<span class=\"_ _1\"></span>ce se<span class=\"_ _1\"></span>parat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, e ne<span class=\"_ _1\"></span>lla situaz<span class=\"_ _1\"></span>ione patr<span class=\"_ _1\"></span>imoniale e f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria tra le co<span class=\"_ _1\"></span>m<span class=\"ls0 ws0\">-</span>ponenti del patrimoni<span class=\"_ _0\"></span>o netto, separatamente dal<span class=\"_ _0\"></span> patrimoni<span class=\"_ _0\"></span>o netto di Gruppo.<span class=\"_ _0\"></span> Le acquisi<span class=\"_ _1\"></span>zioni di s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate son<span class=\"_ _1\"></span>o contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate in bas<span class=\"_ _1\"></span>e al meto<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019acquisto (<span class=\"_ _2\"></span><span class=\"ff79\">purchase met<span class=\"_ _1\"></span>hod<span class=\"_ _2\"></span></span>) che c<span class=\"_ _1\"></span>om<span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019alloca<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019aggre<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>zie<span class=\"_ _1\"></span>ndale ai <span class=\"ff79\">fair value</span> delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _1\"></span>, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali acquisit<span class=\"_ _1\"></span>e alla data di ac<span class=\"_ _1\"></span>quisizio<span class=\"_ _1\"></span>ne e l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inclusio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquisit<span class=\"_ _1\"></span>a maturato dalla data di a<span class=\"_ _1\"></span>cquisi<span class=\"_ _1\"></span>zione f<span class=\"_ _1\"></span>ino alla chiusura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio. Le v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni nell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipati<span class=\"_ _1\"></span>va de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o in una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 controllat<span class=\"_ _1\"></span>a che non compo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano la p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l controllo s<span class=\"_ _1\"></span>ono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>e come op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni sul capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>.Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ono rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tate l<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 incluse n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019area di cons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e cons<span class=\"_ _1\"></span>olidate inte<span class=\"_ _1\"></span>gral<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _0\"></span>e 2022Denominazione<span class=\"_ _31\"> </span>Sede<span class=\"_ _21a\"> </span>Divisa<span class=\"_ _41\"> </span>C<span class=\"_ _0\"></span>apitale Sociale% di controllo<span class=\"_ _61\"> </span>Note D<span class=\"_ _1\"></span>iretto<span class=\"_ _1c4\"> </span>Indir<span class=\"_ _0\"></span>ettoSalv<span class=\"_ _0\"></span>atore Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo S.p.A.<span class=\"_ _22c\"> </span>Fir<span class=\"_ _0\"></span>enze, Italia<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _1f2\"> </span></span>16.879.000<span class=\"_ _32\"> </span>CapogruppoFerr<span class=\"_ _4\"></span>agamo Retail Nederland B.V<span class=\"_ _4\"></span>.<span class=\"_ _177\"> </span>Amsterdam, P<span class=\"_ _4\"></span>aesi Bassi<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _5e\"> </span></span>500.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Fr<span class=\"_ _0\"></span>ance S.A.S.<span class=\"_ _262\"> </span>P<span class=\"_ _4\"></span>arig<span class=\"_ _1\"></span>i, F<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ancia<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _16e\"> </span></span>4.334.094<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Deut<span class=\"_ _1\"></span>schland GmbH<span class=\"_ _66\"> </span>Monaco, Ger<span class=\"_ _0\"></span>mania<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _16e\"> </span></span>3.300.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Austria <span class=\"_ _1\"></span>GmbH<span class=\"_ _6c\"> </span>Vienna, Austria<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _16e\"> </span></span><span class=\"ws0\">1.853.158<span class=\"_ _1d4\"> </span>100% </span>Ferr<span class=\"_ _4\"></span>agamo U.K<span class=\"_ _1\"></span>. Limited<span class=\"_ _60\"> </span>Londr<span class=\"_ _0\"></span>a, Regno Unito<span class=\"_ _80\"> </span>Sterlina inglese<span class=\"_ _263\"> </span>7.672.735<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (Su<span class=\"_ _1\"></span>isse) SA<span class=\"_ _73\"> </span>Mendrisio, Svizzer<span class=\"_ _0\"></span>a<span class=\"_ _208\"> </span>F<span class=\"_ _4\"></span>ranco svizzer<span class=\"_ _0\"></span>o<span class=\"_ _16b\"> </span>1.000.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Belg<span class=\"_ _1\"></span>ique SA<span class=\"_ _22c\"> </span>Bruxelles, Belgio<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _81\"> </span></span>750.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _239\"> </span>Principato di Monaco<span class=\"_ _239\"> </span><span class=\"lsb5 ws24f\">Eu<span class=\"_ _1\"></span>ro<span class=\"_ _5e\"> </span></span>304.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Espana S.L<span class=\"_ _1\"></span>.<span class=\"_ _23c\"> </span>Madrid, Spagna<span class=\"_ _21b\"> </span><span class=\"lsb5 ws24f\">Euro<span class=\"_ _263\"> </span></span>4.600.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo USA Inc<span class=\"_ _1\"></span>.<span class=\"_ _1cc\"> </span>New <span class=\"_ _4\"></span>Y<span class=\"_ _4\"></span>ork, Stati Uniti<span class=\"_ _1ae\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _1a6\"> </span>74.011.969<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Canada Inc.<span class=\"_ _264\"> </span>V<span class=\"_ _0\"></span>ancouver<span class=\"_ _6\"></span>, Canada<span class=\"_ _1d2\"> </span>Dollaro canadese<span class=\"_ _16b\"> </span>4.441.461<span class=\"_ _227\"> </span>100% <span class=\"_ _263\"> </span>(1)S-Fer International Inc.<span class=\"_ _96\"> </span>New <span class=\"_ _0\"></span>Y<span class=\"_ _6\"></span>ork, Stati Uniti<span class=\"_ _1ae\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _16b\"> </span>4.600.000<span class=\"_ _265\"> </span>100% <span class=\"_ _263\"> </span>(1)Sator Realty Inc.<span class=\"_ _d9\"> </span>New <span class=\"_ _0\"></span>Y<span class=\"_ _4\"></span>ork, Stati Uniti<span class=\"_ _247\"> </span>Dollaro americano<span class=\"_ _82\"> </span>100.000<span class=\"_ _227\"> </span>100% <span class=\"_ _16e\"> </span>(1)Citt\u00e0 del Messico<span class=\"_ _0\"></span>, Ferr<span class=\"_ _4\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _0\"></span>.Messico<span class=\"_ _16a\"> </span>Peso messic<span class=\"_ _0\"></span>ano<span class=\"_ _16b\"> </span>4.592.700<span class=\"_ _1a6\"> </span>99,73% <span class=\"_ _80\"> </span>0,27% <span class=\"_ _263\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Chile S.A<span class=\"_ _1\"></span>.<span class=\"_ _13d\"> </span>Santiago, C<span class=\"_ _0\"></span>ile<span class=\"_ _12e\"> </span>Peso cileno<span class=\"_ _1cd\"> </span>3.187.970.000<span class=\"_ _82\"> </span>99% <span class=\"_ _16f\"> </span>1% <span class=\"_ _263\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Argentina S.A<span class=\"_ _1\"></span>.<span class=\"_ _20b\"> </span>Buenos Air<span class=\"_ _0\"></span>es, Argentina<span class=\"_ _84\"> </span><span class=\"ws0\">Peso ar<span class=\"_ _0\"></span>gentino<span class=\"_ _1a6\"> </span>16.000.000<span class=\"_ _82\"> </span>95% <span class=\"_ _fe\"> </span>5% <span class=\"_ _263\"> </span>(1)</span>Ferr<span class=\"_ _4\"></span>agamo Brasil Roupas e A<span class=\"_ _0\"></span>cessorios L<span class=\"_ _0\"></span>tda.<span class=\"_ _173\"> </span>San P<span class=\"_ _0\"></span>aolo, Br<span class=\"_ _0\"></span>asile<span class=\"_ _1da\"> </span>Real br<span class=\"_ _0\"></span>asiliani<span class=\"_ _1a6\"> </span>55.615.000<span class=\"_ _5e\"> </span>99% <span class=\"_ _6d\"> </span>1% <span class=\"_ _16e\"> </span>(1)Ferr<span class=\"_ _4\"></span>agamo Hong Kong Ltd.<span class=\"_ _bb\"> </span>Hong Kong<span class=\"_ _1\"></span>, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong K<span class=\"_ _4\"></span>ong<span class=\"_ _97\"> </span>10.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _22f\"> </span>T<span class=\"_ _4\"></span>okyo, Giappone<span class=\"_ _1a8\"> </span>Y<span class=\"_ _4\"></span>en Giapponese<span class=\"_ _1a0\"> </span>305.700.000<span class=\"_ _1a6\"> </span>89,13% Ferr<span class=\"_ _4\"></span>agamo Australia Pty L<span class=\"_ _0\"></span>td.<span class=\"_ _93\"> </span>Sidney<span class=\"_ _4\"></span>, Aust<span class=\"_ _1\"></span>ralia<span class=\"_ _1a0\"> </span><span class=\"ws0\">Dollaro austr<span class=\"_ _0\"></span>aliano<span class=\"_ _1a6\"> </span>13.637.003<span class=\"_ _5d\"> </span>100% </span>Ferrimag L<span class=\"_ _0\"></span>imited<span class=\"_ _134\"> </span>Hong Kong<span class=\"_ _1\"></span>, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong K<span class=\"_ _0\"></span>ong<span class=\"_ _1c8\"> </span>109.200.000<span class=\"_ _8c\"> </span>75% <span class=\"_ _263\"> </span>(2)Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _1d9\"> </span>Shanghai, Cina<span class=\"_ _247\"> </span>Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _5e\"> </span>200.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(3)</span>Ferr<span class=\"_ _4\"></span>agamo Moda (Shanghai) Co. L<span class=\"_ _0\"></span>td.<span class=\"_ _1a7\"> </span>Shanghai, Cina<span class=\"_ _247\"> </span>Dollaro americano<span class=\"_ _16b\"> </span>1.400.000<span class=\"_ _82\"> </span>75% Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited<span class=\"_ _266\"> </span>Hong Kong, Cina<span class=\"_ _18a\"> </span>Dollaro di Hong Kong<span class=\"_ _1a6\"> </span>39.000.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3)</span>Nuovo dollar<span class=\"_ _0\"></span>o Ferr<span class=\"_ _4\"></span>agamo Retail T<span class=\"_ _4\"></span>aiwan Limited<span class=\"_ _69\"> </span>T<span class=\"_ _4\"></span>aipei, T<span class=\"_ _4\"></span>aiwantaiwanese<span class=\"_ _1c8\"> </span>136.250.000<span class=\"_ _69\"> </span>75% <span class=\"_ _16e\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3)</span>Ferr<span class=\"_ _4\"></span>agamo Retail Macau Limited<span class=\"_ _1c9\"> </span>Macao<span class=\"_ _0\"></span>, Cina<span class=\"_ _1d9\"> </span>Macau P<span class=\"_ _4\"></span>ataca<span class=\"_ _173\"> </span>25.000<span class=\"_ _16b\"> </span>75,2% Ferr<span class=\"_ _4\"></span>agamo Retail India Priv<span class=\"_ _0\"></span>ate Limited<span class=\"_ _27\"> </span>New Delhi, India<span class=\"_ _13b\"> </span>Rupia Indiana<span class=\"_ _1c8\"> </span>300.000.000<span class=\"_ _5d\"> </span>100% <span class=\"_ _267\"> </span>(4)Ferr<span class=\"_ _4\"></span>agamo Korea L<span class=\"_ _0\"></span>td.<span class=\"_ _fc\"> </span>Seoul, C<span class=\"_ _0\"></span>orea del Sud<span class=\"_ _1ed\"> </span>W<span class=\"_ _4\"></span>on sudcoreano<span class=\"_ _1cd\"> </span>3.291.200.000<span class=\"_ _1d4\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (Singapore) Pte Ltd<span class=\"_ _10d\"> </span>Singapore<span class=\"_ _268\"> </span>Dollaro di Singapor<span class=\"_ _4\"></span>e<span class=\"_ _263\"> </span>4.600.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Thailand) Limited<span class=\"_ _267\"> </span>Bangkok, T<span class=\"_ _6\"></span>ailandia<span class=\"_ _239\"> </span>Baht<span class=\"_ _1a0\"> </span>100.000.000<span class=\"_ _5d\"> </span>100% Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Malaysia) Sdn. Bhd.<span class=\"_ _128\"> </span>Kuala L<span class=\"_ _0\"></span>umpur<span class=\"_ _4\"></span>, Malesia<span class=\"_ _1c7\"> </span>Ringgit della Malesia<span class=\"_ _16b\"> </span>1.300.000<span class=\"_ _209\"> </span>100% 1. T<span class=\"_ _4\"></span>ramite Fer<span class=\"_ _0\"></span>ragamo USA Inc. 2 - T<span class=\"_ _4\"></span>ramite F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo Hong Kong L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>. 3 - T<span class=\"_ _4\"></span>ramite Ferrimag L<span class=\"_ _0\"></span>td. 4 - societ\u00e0 non operati<span class=\"_ _0\"></span>va. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 la comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo ha s<span class=\"_ _1\"></span>ubito la se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte varia<span class=\"_ _1\"></span>zione: \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>in dat<span class=\"_ _1\"></span>a 27 luglio 2022 Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to n. 5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 nuove a<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e dalla socie<span class=\"_ _1\"></span>t\u00e0 F<span class=\"_ _1\"></span>erra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gamo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r un corri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo tot<span class=\"_ _1\"></span>ale di 3.<span class=\"_ _1\"></span>573.01<span class=\"_ _4\"></span>9 migliaia JPY (Euro 25,6 milioni). In seguit<span class=\"_ _1\"></span>o a tal<span class=\"_ _1\"></span>e ope<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha increm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato la propria p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>ciale de<span class=\"_ _1\"></span>lla controllat<span class=\"_ _1\"></span>a giappo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nes<span class=\"_ _1\"></span>e, pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ando dal 71<span class=\"_ _4\"></span>,0<span class=\"_ _2\"></span>0% all<span class=\"_ _2\"></span>\u201989,<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>3% del relat<span class=\"_ _1\"></span>ivo cap<span class=\"_ _1\"></span>itale s<span class=\"_ _1\"></span>ocial<span class=\"_ _1\"></span>e. L<span class=\"_ _6\"></span>\u2019oper<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ha lo s<span class=\"_ _1\"></span>copo di r<span class=\"_ _1\"></span>affo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>are la pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _1\"></span>ragamo in G<span class=\"_ _1\"></span>iappon<span class=\"_ _1\"></span>e, dot<span class=\"_ _1\"></span>ando Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K. di mag<span class=\"_ _2\"></span>giori ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie pe<span class=\"_ _1\"></span>r sv<span class=\"_ _1\"></span>ilupp<span class=\"_ _1\"></span>are il <span class=\"ff79 ls5f ws7\">bu<span class=\"_ _1\"></span>sine<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws2d\"> lo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>. </span>Si ricorda in<span class=\"_ _1\"></span>oltre che F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. op<span class=\"_ _1\"></span>era in un pa<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e che dal 1\u00b0 luglio 20<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>, \u00e8 cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ato con un<span class=\"_ _1\"></span>\u2019econo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mia iperinf<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ionata s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo i cr<span class=\"_ _1\"></span>iteri d<span class=\"_ _1\"></span>ello IA<span class=\"_ _1\"></span>S 29 \u00ab<span class=\"_ _1\"></span>Rendi<span class=\"_ _1\"></span>conta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile in ec<span class=\"_ _1\"></span>onomie ip<span class=\"_ _1\"></span>erinf<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>onate<span class=\"_ _1\"></span>\u00bb; per tal<span class=\"_ _1\"></span>e motivo n<span class=\"_ _1\"></span>ella situa<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>atrimoniale<span class=\"_ _1\"></span>, eco<span class=\"_ _1\"></span>nomic<span class=\"_ _1\"></span>a e f<span class=\"_ _1\"></span>inanziaria di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Ar<span class=\"_ _1\"></span>gentina S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er il co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lida<span class=\"ls0 ws0\">-</span>mento \u00e8 s<span class=\"_ _1\"></span>tato ap<span class=\"_ _1\"></span>plicat<span class=\"_ _1\"></span>o a par<span class=\"_ _1\"></span>tire dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 201<span class=\"_ _4\"></span>8 t<span class=\"_ _1\"></span>ale prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile, m<span class=\"_ _1\"></span>eglio illu<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ato nella not<span class=\"_ _1\"></span>a 2 Crite<span class=\"_ _1\"></span>ri di reda<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019ef<span class=\"_ _1\"></span>fetto d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019applica<span class=\"_ _1\"></span>zione di qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>to nuovo prin<span class=\"_ _1\"></span>cipio relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte agli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 201<span class=\"_ _4\"></span>8, 201<span class=\"_ _4\"></span>9, 2020, 202<span class=\"_ _4\"></span>1 e 2022 non \u00e8 da co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erar<span class=\"_ _1\"></span>si sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>vo a livello di G<span class=\"_ _1\"></span>ruppo<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__85-1": {
   "value": "2.4.1 C<span class=\"_ _4\"></span>ont<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>ollate c<span class=\"_ _0\"></span>on inter<span class=\"_ _0\"></span>essenze di minor<span class=\"_ _4\"></span>anze significati<span class=\"_ _0\"></span>veCon rife<span class=\"_ _1\"></span>rimento all<span class=\"_ _1\"></span>e controllate co<span class=\"_ _1\"></span>n par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ni di minoran<span class=\"_ _1\"></span>za sig<span class=\"_ _1\"></span>nifi<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>ve si ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tano di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito la principal<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 svo<span class=\"_ _1\"></span>lta e l<span class=\"_ _1\"></span>e perc<span class=\"_ _1\"></span>entuali di po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>elle mino<span class=\"_ _1\"></span>ranze al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. % di minoranza Societ\u00e0<span class=\"_ _269\"> </span>Attivit\u00e031 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _1a6\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> e distributrice per il mer<span class=\"_ _4\"></span>cato cinese<span class=\"_ _c0\"> </span>25,00%<span class=\"_ _26a\"> </span>25,00%Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited<span class=\"_ _9d\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> per il merc<span class=\"_ _0\"></span>ato di Hong Kong<span class=\"_ _1f5\"> </span>25,00%<span class=\"_ _26a\"> </span>25,00%Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _cd\"> </span>Societ\u00e0 <span class=\"ff77\">retail</span> per il merc<span class=\"_ _0\"></span>ato giapponese<span class=\"_ _1f0\"> </span>10,87%<span class=\"_ _26a\"> </span>29,00%Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti forni<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o i principali dati e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico<span class=\"_ _1\"></span>-f<span class=\"_ _1\"></span>inanziari d<span class=\"_ _1\"></span>elle co<span class=\"_ _1\"></span>ntrollate con par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecipa<span class=\"_ _1\"></span>zioni di mino<span class=\"_ _1\"></span>ranz<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative. T<span class=\"_ _4\"></span>ali informa<span class=\"_ _1\"></span>zioni s<span class=\"_ _1\"></span>ono ba<span class=\"_ _1\"></span>sate sui s<span class=\"_ _1\"></span>aldi de<span class=\"_ _1\"></span>lle situa<span class=\"_ _1\"></span>zioni co<span class=\"_ _1\"></span>ntabili de<span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 2021<span class=\"_ _6\"></span>, r<span class=\"_ _1\"></span>edat<span class=\"_ _1\"></span>ti ai f<span class=\"_ _1\"></span>ini della pre<span class=\"_ _1\"></span>dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del bilan<span class=\"_ _1\"></span>cio cons<span class=\"_ _1\"></span>olidato, al lor<span class=\"_ _1\"></span>do dell<span class=\"_ _1\"></span>e eliminazi<span class=\"_ _1\"></span>oni <span class=\"ff79 ls80 ws119\">inte<span class=\"_ _1\"></span>rco<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">.</span></span>31 dicembr<span class=\"_ _4\"></span>e 2022Ferr<span class=\"_ _4\"></span>agamo Fashion Ferr<span class=\"_ _4\"></span>agamo T<span class=\"_ _4\"></span>rading (Shanghai) Retail HK Ferr<span class=\"_ _4\"></span>agamo Japan (In migliaia di Euro)C<span class=\"_ _0\"></span>o. Ltd.LimitedK.K.Attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _26b\"> </span>34.586 <span class=\"_ _153\"> </span>21.521 <span class=\"_ _141\"> </span>7.603 Attivit\u00e0 c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _121\"> </span>127.583 <span class=\"_ _153\"> </span>14.152 <span class=\"_ _26c\"> </span>60.015 P<span class=\"_ _4\"></span>assivit\u00e0 non corr<span class=\"_ _0\"></span>enti<span class=\"_ _95\"> </span>13.024 <span class=\"_ _153\"> </span>12.216 <span class=\"_ _26d\"> </span>7.622 P<span class=\"_ _4\"></span>assivit\u00e0 corr<span class=\"_ _0\"></span>enti<span class=\"_ _100\"> </span>40.207 <span class=\"_ _153\"> </span>60.643 <span class=\"_ _1b4\"> </span>51.627 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto<span class=\"_ _26e\"> </span>108.938 <span class=\"_ _177\"> </span>(37.186) <span class=\"_ _26d\"> </span>8.369 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto di T<span class=\"_ _4\"></span>erzi<span class=\"_ _4d\"> </span>27.187 <span class=\"_ _cf\"> </span>(10.469) <span class=\"_ _248\"> </span>910 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _26f\"> </span>154.077 <span class=\"_ _153\"> </span>15.432 <span class=\"_ _1b4\"> </span>99.298 Utile d'esercizio<span class=\"_ _270\"> </span>3.531 <span class=\"_ _177\"> </span>(13.436) <span class=\"_ _26d\"> </span>4.341 Risultato di pertinenza di terzi<span class=\"_ _107\"> </span>883 <span class=\"_ _be\"> </span>(3.359) <span class=\"_ _9d\"> </span>472 T<span class=\"_ _4\"></span>otale conto economic<span class=\"_ _4\"></span>o complessivo del periodo<span class=\"_ _115\"> </span>3.531 <span class=\"_ _1ad\"> </span>(13.436) <span class=\"_ _141\"> </span>4.428 C<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>o complessivo attribuito alle partecipazioni di terzi<span class=\"_ _1c9\"> </span>883 <span class=\"_ _32\"> </span>(3.359) <span class=\"_ _248\"> </span>481 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _4\"></span>ativa<span class=\"_ _271\"> </span>(5.303) <span class=\"_ _27\"> </span>(3.148) <span class=\"_ _1b4\"> </span>14.168 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _0\"></span>vestimento<span class=\"_ _fc\"> </span>(6.674) <span class=\"_ _76\"> </span>(579) <span class=\"_ _20b\"> </span>(694) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _bb\"> </span>(7.546) <span class=\"_ _246\"> </span>2.659 <span class=\"_ _272\"> </span>(4.549) Incremento/(decremento) delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _f5\"> </span><span class=\"ls0\">(19.523) <span class=\"_ _32\"> </span>(1.068) <span class=\"_ _6f\"> </span>8.925 </span>D<span class=\"_ _1\"></span>ividendi pagati alle partecipazioni di minoranza<span class=\"_ _bd\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _274\"> </span>- 31 dicembr<span class=\"_ _4\"></span>e 2021Ferr<span class=\"_ _4\"></span>agamo Fashion Ferr<span class=\"_ _4\"></span>agamo T<span class=\"_ _4\"></span>rading (Shanghai) Retail HK Ferr<span class=\"_ _4\"></span>agamo Japan (In migliaia di Euro)C<span class=\"_ _0\"></span>o. Ltd.LimitedK.K.Attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _26b\"> </span>33.679 <span class=\"_ _153\"> </span>30.985 <span class=\"_ _1b4\"> </span>12.615 Attivit\u00e0 c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _121\"> </span>137.897 <span class=\"_ _153\"> </span>15.248 <span class=\"_ _26c\"> </span>58.320 P<span class=\"_ _4\"></span>assivit\u00e0 non corr<span class=\"_ _0\"></span>enti<span class=\"_ _95\"> </span>13.253 <span class=\"_ _153\"> </span>17.645 <span class=\"_ _1b4\"> </span>20.640 P<span class=\"_ _4\"></span>assivit\u00e0 corr<span class=\"_ _0\"></span>enti<span class=\"_ _100\"> </span>50.383 <span class=\"_ _153\"> </span>51.057 <span class=\"_ _1b4\"> </span>73.359 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto<span class=\"_ _26e\"> </span>107.940 <span class=\"_ _177\"> </span>(22.469) <span class=\"_ _229\"> </span>(23.064) P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Netto di T<span class=\"_ _4\"></span>erzi<span class=\"_ _4d\"> </span>26.940 <span class=\"_ _be\"> </span>(6.720) <span class=\"_ _71\"> </span>(6.689) Rica<span class=\"_ _0\"></span>vi<span class=\"_ _26f\"> </span>195.037 <span class=\"_ _153\"> </span>19.759 <span class=\"_ _1b4\"> </span>89.437 Utile d'esercizio<span class=\"_ _275\"> </span>25.384 <span class=\"_ _177\"> </span>(13.668) <span class=\"_ _272\"> </span>(4.339) Risultato di pertinenza di terzi<span class=\"_ _21d\"> </span>6.346 <span class=\"_ _32\"> </span>(3.417) <span class=\"_ _71\"> </span>(1.258) T<span class=\"_ _4\"></span>otale conto economic<span class=\"_ _4\"></span>o complessivo del periodo<span class=\"_ _276\"> </span>25.384 <span class=\"_ _177\"> </span>(13.668) <span class=\"_ _272\"> </span>(4.104) C<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>o complessivo attribuito alle partecipazioni di terzi<span class=\"_ _8a\"> </span>6.346 <span class=\"_ _be\"> </span>(3.417) <span class=\"_ _71\"> </span>(1.190) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _4\"></span>ativa<span class=\"_ _243\"> </span>34.753 <span class=\"_ _d4\"> </span>1.320 <span class=\"_ _1b4\"> </span>14.481 Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _0\"></span>vestimento<span class=\"_ _fc\"> </span>(6.072) <span class=\"_ _76\"> </span>(826) <span class=\"_ _272\"> </span>(1.573) Flusso di c<span class=\"_ _0\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _274\"> </span>(13.904) <span class=\"_ _76\"> </span>(870) <span class=\"_ _272\"> </span>(9.978) Incremento/(decremento) delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _272\"> </span><span class=\"ls0\">14.777 <span class=\"_ _76\"> </span>(376) <span class=\"_ _6f\"> </span>2.930 </span>D<span class=\"_ _1\"></span>ividendi pagati alle partecipazioni di minoranza<span class=\"_ _bd\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _274\"> </span>- L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>2 richied<span class=\"_ _1\"></span>e di rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntare s<span class=\"_ _1\"></span>e sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o requis<span class=\"_ _1\"></span>iti di leg<span class=\"_ _2\"></span>ge, contr<span class=\"_ _1\"></span>attuali e<span class=\"_ _1\"></span>/o regolament<span class=\"_ _1\"></span>ari nonch<span class=\"_ _1\"></span>\u00e9 diritt<span class=\"_ _1\"></span>i di prote<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di minoran<span class=\"_ _1\"></span>za che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>son<span class=\"_ _1\"></span>o in alcuni cas<span class=\"_ _1\"></span>i limitare la c<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o di acce<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>e alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>arle e di e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inguer<span class=\"_ _1\"></span>e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo. Dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>analisi di ques<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>attis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie non s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rizi<span class=\"_ _1\"></span>oni signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative.41. Ac<span class=\"_ _4\"></span>cor<span class=\"_ _4\"></span>di <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span><span class=\"ff79 ls37 ws85\">Pu<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span></span><span class=\"ws0\"> e <span class=\"ff79 lsca ws151\">Ca<span class=\"_ _24\"></span>l<span class=\"_ _24\"></span>l<span class=\"_ _24\"></span></span> su Inter<span class=\"_ _0\"></span>essenze di Minor<span class=\"_ _6\"></span>anza</span>Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 cres<span class=\"_ _1\"></span>ciuto ne<span class=\"_ _1\"></span>gli ultimi anni prev<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r cres<span class=\"_ _1\"></span>cita inte<span class=\"_ _1\"></span>rna. In alcune ar<span class=\"_ _1\"></span>ee ge<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>graf<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>, in prev<span class=\"_ _1\"></span>alen<span class=\"_ _1\"></span>za ne<span class=\"_ _1\"></span>l contine<span class=\"_ _1\"></span>nte asiatic<span class=\"_ _1\"></span>o, ha realiz<span class=\"_ _2\"></span>zato la sua e<span class=\"_ _1\"></span>spans<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afi<span class=\"_ _1\"></span>ca anche t<span class=\"_ _1\"></span>ramite <span class=\"ff79 ls2e wsb2\">partnership<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\"> </span></span>con dis<span class=\"_ _1\"></span>tributo<span class=\"_ _1\"></span>ri loc<span class=\"_ _1\"></span>ali. In re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne a ques<span class=\"_ _1\"></span>te <span class=\"ff79 ls2e wsb2\">partnership<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws51\">, gli <span class=\"ff79\">Shareholde<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>\u2019 Agre<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt</span> regolan<span class=\"_ _1\"></span>o i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti tra i <span class=\"ff79 ls2e wsb2\">partner<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws0\">, </span></span></span>st<span class=\"_ _1\"></span>abilisc<span class=\"_ _1\"></span>ono le re<span class=\"_ _1\"></span>gole di <span class=\"ff79 ls47 ws9\">governance</span><span class=\"lsb ws121\"> e contengono a<span class=\"_ _0\"></span>lcune prevision<span class=\"_ _0\"></span>i di op<span class=\"_ _0\"></span>zioni<span class=\"_ _0\"></span> <span class=\"ff79 ls3a wsa\">put</span><span class=\"ls4 wsb4\"> e di opzioni <span class=\"ff79 ws3c\">call</span><span class=\"ls8 ws130\"> che gli azionisti </span></span></span>pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are in ce<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>te condi<span class=\"_ _1\"></span>zioni. Le soci<span class=\"_ _1\"></span>et\u00e0 c<span class=\"_ _1\"></span>ontrollate intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sate da t<span class=\"_ _1\"></span>ali tipo<span class=\"_ _1\"></span>logi<span class=\"_ _1\"></span>e di accordi s<span class=\"_ _1\"></span>ono Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K., F<span class=\"_ _1\"></span>errimag Limit<span class=\"_ _1\"></span>ed, F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo Moda (Shanghai) Co. Ltd., e Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ret<span class=\"_ _1\"></span>ail Macau L<span class=\"_ _1\"></span>imited<span class=\"_ _1\"></span>. Si riep<span class=\"_ _1\"></span>ilogano di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito i det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li degli a<span class=\"_ _1\"></span>ccordi su inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>enze di min<span class=\"_ _1\"></span>oranz<span class=\"_ _1\"></span>a e gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lle opzioni ch<span class=\"_ _1\"></span>e hanno ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nerat<span class=\"_ _1\"></span>o una contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne sul bilancio c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2. Per quanto riguarda Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Japan K<span class=\"_ _1\"></span>.K<span class=\"_ _1\"></span>., lo <span class=\"ff79\">Sh<span class=\"_ _1\"></span>areholde<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>\u2019 Agre<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent</span> preve<span class=\"_ _1\"></span>de la p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit\u00e0 ch<span class=\"_ _1\"></span>e i so<span class=\"_ _1\"></span>ci di minoran<span class=\"_ _1\"></span>za, che dete<span class=\"_ _1\"></span>ngono cumulati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte, dal me<span class=\"_ _1\"></span>se di luglio 202<span class=\"_ _1\"></span>2, una quot<span class=\"_ _1\"></span>a del 10,87% (in pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a 29<span class=\"_ _1\"></span>%, p<span class=\"_ _1\"></span>er mag<span class=\"_ _2\"></span>giori det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ulla variazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ne in Fe<span class=\"_ _1\"></span>rragamo Jap<span class=\"_ _1\"></span>an K<span class=\"_ _1\"></span>.K<span class=\"_ _1\"></span>. si ve<span class=\"_ _1\"></span>da ne<span class=\"_ _1\"></span>lla Rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ulla ges<span class=\"_ _1\"></span>tione il p<span class=\"_ _1\"></span>aragra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>fo \u201cFatt<span class=\"_ _1\"></span>i di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>), poss<span class=\"_ _1\"></span>ano ce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re le prop<span class=\"_ _1\"></span>rie azi<span class=\"_ _1\"></span>oni alla Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., ad un pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>ualmente de<span class=\"_ _1\"></span>terminato in pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di do<span class=\"_ _1\"></span>cument<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e o in cas<span class=\"_ _1\"></span>o di modif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca delle p<span class=\"_ _1\"></span>roprie s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gie di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento ne<span class=\"_ _1\"></span>l set<span class=\"_ _1\"></span>tore d<span class=\"_ _1\"></span>el lus<span class=\"_ _1\"></span>so. C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente a par<span class=\"_ _1\"></span>tir<span class=\"_ _1\"></span>e dal bilancio al 3<span class=\"_ _0\"></span>1 dicembre 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0 \u00e8 st<span class=\"_ _1\"></span>ata is<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ta una pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria colle<span class=\"_ _1\"></span>gata alla p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>opzione <span class=\"ff79 ls3a wsa\">put</span> da par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e dei s<span class=\"_ _1\"></span>oci di minoran<span class=\"_ _1\"></span>za sulla quot<span class=\"_ _1\"></span>a di loro pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0; al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022<span class=\"_ _1\"></span>, 202<span class=\"_ _4\"></span>1 e 2020 la pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 risult<span class=\"_ _1\"></span>ava nulla. Poich\u00e9 il G<span class=\"_ _1\"></span>ruppo Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo non ha rite<span class=\"_ _1\"></span>nuto di avere a<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici colle<span class=\"_ _1\"></span>gati a t<span class=\"_ _1\"></span>ale quot<span class=\"_ _1\"></span>a di capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, a ogni data di valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione eve<span class=\"_ _1\"></span>ntuali ade<span class=\"_ _1\"></span>guame<span class=\"_ _1\"></span>nti di valor<span class=\"_ _1\"></span>e della <span class=\"ff79 ls3a wsa\">put</span> ve<span class=\"_ _1\"></span>ngono ril<span class=\"_ _1\"></span>evati diret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>amente a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__86": {
   "value": "2.4.2 C<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>sione dei bilanci in moneta diver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>a dall\u2019<span class=\"_ _1\"></span>Eur<span class=\"_ _4\"></span>o e delle poste in valuta ester<span class=\"_ _4\"></span>aIl bilancio con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dato \u00e8 pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato in euro, che \u00e8 la valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale e di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata dalla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po. Ciascuna impr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inisc<span class=\"_ _1\"></span>e la propria v<span class=\"_ _1\"></span>aluta fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e, che \u00e8 utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata pe<span class=\"_ _1\"></span>r valut<span class=\"_ _1\"></span>are le vo<span class=\"_ _1\"></span>ci compre<span class=\"_ _1\"></span>se n<span class=\"_ _1\"></span>ei singoli bilanci.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__87": {
   "value": "Le trans<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate inizialme<span class=\"_ _1\"></span>nte al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio (riferito alla valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale) in ess<span class=\"_ _1\"></span>ere alla data de<span class=\"_ _1\"></span>lla trans<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one. Le at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie<span class=\"_ _1\"></span>, deno<span class=\"_ _1\"></span>minate in valuta e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a, son<span class=\"_ _1\"></span>o riconver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ite ne<span class=\"_ _1\"></span>lla va<span class=\"ls0 ws0\">-</span>luta fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e al tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di cambio in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e alla data di chiusur<span class=\"_ _1\"></span>a del bilanci<span class=\"_ _1\"></span>o. T<span class=\"_ _6\"></span>ut<span class=\"_ _1\"></span>te le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze di cambio s<span class=\"_ _1\"></span>ono ril<span class=\"_ _1\"></span>evate n<span class=\"_ _1\"></span>el conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico. Le pos<span class=\"_ _1\"></span>te non m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>arie v<span class=\"_ _1\"></span>alutate al co<span class=\"_ _1\"></span>sto s<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>ico in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>no conver<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ite us<span class=\"_ _1\"></span>ando i t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io in vigore a<span class=\"_ _1\"></span>lla data di<span class=\"_ _0\"></span> inizia<span class=\"_ _0\"></span>le rilevazione dell<span class=\"_ _0\"></span>a transazione. I cambi ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>ontrovalo<span class=\"_ _1\"></span>re in euro de<span class=\"_ _1\"></span>i bilanci e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i in valut<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>trollate (valuta p<span class=\"_ _1\"></span>er 1 Euro<span class=\"_ _0\"></span>) sono rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati nella s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla:<span class=\"_ _0\"></span> Cambi medi<span class=\"_ _d9\"> </span>Cambi di fine periodo31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021<span class=\"_ _16b\"> </span>31 dicembre 2022<span class=\"_ _204\"> </span>31 dicembre 2021Dollaro americ<span class=\"_ _0\"></span>ano<span class=\"_ _221\"> </span>1,0530 <span class=\"_ _26a\"> </span>1,1827 <span class=\"_ _171\"> </span>1,0666 <span class=\"_ _ed\"> </span>1,1326 F<span class=\"_ _0\"></span>ranc<span class=\"_ _4\"></span>o sviz<span class=\"_ _1\"></span>zero <span class=\"_ _a3\"> </span>1,0047 <span class=\"_ _26a\"> </span>1,0811 <span class=\"_ _72\"> </span>0,9847 <span class=\"_ _1f7\"> </span>1,0331 Y<span class=\"_ _4\"></span>en giapponese<span class=\"_ _277\"> </span>138,0274 <span class=\"_ _a4\"> </span>129,8767 <span class=\"_ _a4\"> </span>140,6600 <span class=\"_ _128\"> </span>130,3800 Sterlina inglese<span class=\"_ _278\"> </span>0,8528 <span class=\"_ _171\"> </span>0,8596 <span class=\"_ _171\"> </span>0,8869 <span class=\"_ _ed\"> </span>0,8403 Dollaro austr<span class=\"_ _0\"></span>aliano <span class=\"_ _14d\"> </span>1,5167 <span class=\"_ _171\"> </span>1,5749 <span class=\"_ _171\"> </span>1,5693 <span class=\"_ _ed\"> </span>1,5615 Won sudc<span class=\"_ _0\"></span>oreano <span class=\"_ _279\"> </span>1358,0683 <span class=\"_ _63\"> </span>1354,0595 <span class=\"_ _101\"> </span>1344,0860 <span class=\"_ _a4\"> </span>1346,3843 Dollaro di Hong K<span class=\"_ _4\"></span>ong <span class=\"_ _27a\"> </span>8,2451 <span class=\"_ _171\"> </span>9,1932 <span class=\"_ _171\"> </span>8,3163 <span class=\"_ _ed\"> </span>8,8333 P<span class=\"_ _0\"></span>eso messicano <span class=\"_ _27b\"> </span>21,1869 <span class=\"_ _79\"> </span>23,9852 <span class=\"_ _79\"> </span>20,8560 <span class=\"_ _171\"> </span>23,1438 Nuovo dollar<span class=\"_ _0\"></span>o taiwanese<span class=\"_ _27c\"> </span>31,3145 <span class=\"_ _79\"> </span>33,0231 <span class=\"_ _79\"> </span>32,8012 <span class=\"_ _171\"> </span>31,4393 Dollaro di Singapor<span class=\"_ _4\"></span>e<span class=\"_ _224\"> </span>1,4512 <span class=\"_ _171\"> </span>1,5891 <span class=\"_ _171\"> </span>1,4300 <span class=\"_ _ed\"> </span>1,5279 Baht Thailandia <span class=\"_ _27b\"> </span>36,8562 <span class=\"_ _79\"> </span>37,8368 <span class=\"_ _79\"> </span>36,8350 <span class=\"_ _72\"> </span>37,6530 Ringgit della Malaysia <span class=\"_ _27d\"> </span>4,6279 <span class=\"_ _171\"> </span>4,9015 <span class=\"_ _171\"> </span>4,6984 <span class=\"_ _ed\"> </span>4,7184 Rupia indiana <span class=\"_ _241\"> </span>82,6864 <span class=\"_ _79\"> </span>87,4392 <span class=\"_ _79\"> </span>88,1710 <span class=\"_ _171\"> </span>84,2292 P<span class=\"_ _4\"></span>ataca di Macau <span class=\"_ _1eb\"> </span>8,4900 <span class=\"_ _26a\"> </span>9,4680 <span class=\"_ _27e\"> </span>8,5766 <span class=\"_ _ed\"> </span>9,1131 Renminbi cinese<span class=\"_ _1eb\"> </span>7,0788 <span class=\"_ _171\"> </span>7,6282 <span class=\"_ _27e\"> </span>7,3582 <span class=\"_ _ed\"> </span>7,1947 P<span class=\"_ _0\"></span>eso cileno<span class=\"_ _149\"> </span>916,8340 <span class=\"_ _a4\"> </span>898,2143 <span class=\"_ _a4\"> </span>915,7677 <span class=\"_ _128\"> </span>965,5679 P<span class=\"_ _0\"></span>eso argentino <span class=\"_ _27f\"> </span>137,0036 <span class=\"_ _a4\"> </span>112,4964 <span class=\"_ _a4\"> </span>189,1890 <span class=\"_ _128\"> </span>116,4905 Real brasiliano <span class=\"_ _278\"> </span>5,4399 <span class=\"_ _27e\"> </span>6,3779 <span class=\"_ _171\"> </span>5,6386 <span class=\"_ _ed\"> </span>6,3101 Dollaro c<span class=\"_ _0\"></span>anadese <span class=\"_ _280\"> </span>1,3695 <span class=\"_ _171\"> </span>1,4826 <span class=\"_ _171\"> </span>1,4440 <span class=\"_ _ed\"> </span>1,4393 Alla data di chiu<span class=\"_ _1\"></span>sura de<span class=\"_ _1\"></span>l bilancio, le at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o sono c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>e nella valut<span class=\"_ _1\"></span>a di pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o (l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro<span class=\"_ _0\"></span>) al ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambi<span class=\"_ _1\"></span>o in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a tal<span class=\"_ _1\"></span>e data, e il loro c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o \u00e8 conver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>o us<span class=\"_ _1\"></span>ando il cambio m<span class=\"_ _1\"></span>edio di p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do. Le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>renze di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalla conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o rilev<span class=\"_ _1\"></span>ate dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte a patri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>monio net<span class=\"_ _1\"></span>to e s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>ste s<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>aratam<span class=\"_ _1\"></span>ente in una app<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a dello s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o e<span class=\"_ _1\"></span>d esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to di conto eco<span class=\"_ _1\"></span>nomico co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivo. Al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della dis<span class=\"_ _1\"></span>miss<span class=\"_ _1\"></span>ione di una s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra, le dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ze di cambio cumulate ril<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vate come com<span class=\"_ _0\"></span>ponente di con<span class=\"_ _0\"></span>to economico<span class=\"_ _0\"></span> complessivo in considerazione di q<span class=\"_ _0\"></span>uella particolare<span class=\"_ _0\"></span> societ\u00e0 este<span class=\"_ _1\"></span>ra sono rilevate in con<span class=\"_ _0\"></span>to economico. Qualsia<span class=\"_ _1\"></span>si av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vante dall<span class=\"_ _1\"></span>\u2019acquisizi<span class=\"_ _1\"></span>one di una so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>a e qualsias<span class=\"_ _1\"></span>i rett<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica al <span class=\"ff79\">fair value</span><span class=\"lsb wsa0\"> (<span class=\"_ _0\"></span>valore equo<span class=\"_ _4\"></span>) </span>dei val<span class=\"_ _1\"></span>ori cont<span class=\"_ _1\"></span>abili di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 o pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>acquis<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di quella s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati com<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 della s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra e so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i nella valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale d<span class=\"_ _1\"></span>ella so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ra e conve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>titi al t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di cambio di chiu<span class=\"_ _1\"></span>sura di f<span class=\"_ _1\"></span>ine p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__88": {
   "value": "3. Gestione dei rischi finanziari (IFRS 7)Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to in v<span class=\"_ _1\"></span>aria misura ai di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>inanziari co<span class=\"_ _1\"></span>nnes<span class=\"_ _1\"></span>si alla pro<span class=\"_ _1\"></span>pria att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare ricon<span class=\"_ _1\"></span>ducibili alla tipo<span class=\"_ _1\"></span>logia de<span class=\"_ _1\"></span>i risc<span class=\"_ _1\"></span>hi di merc<span class=\"_ _1\"></span>ato, ulterior<span class=\"_ _1\"></span>mente di<span class=\"_ _1\"></span>stinguib<span class=\"_ _1\"></span>ili in:\u2022 <span class=\"_ _a1\"> </span>ris<span class=\"_ _1\"></span>chi di t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o, relati<span class=\"_ _1\"></span>vi agli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti di v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se di me<span class=\"_ _1\"></span>rcato; \u2022 <span class=\"_ _a1\"> </span>ris<span class=\"_ _1\"></span>chi di camb<span class=\"_ _1\"></span>io, cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti all<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 in are<span class=\"_ _1\"></span>e valut<span class=\"_ _1\"></span>arie dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e da quella d<span class=\"_ _1\"></span>ella div<span class=\"_ _1\"></span>isa di d<span class=\"_ _1\"></span>enomina<span class=\"_ _1\"></span>zione; \u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>r<span class=\"_ _1\"></span>ischi di liquidit<span class=\"_ _1\"></span>\u00e0, re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i alla dispo<span class=\"_ _1\"></span>nibilit\u00e0 di ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie e alla facilit<span class=\"_ _1\"></span>\u00e0 di acce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so al me<span class=\"_ _1\"></span>rcato de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito e conne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i all<span class=\"_ _1\"></span>\u2019esigen<span class=\"_ _1\"></span>za di far<span class=\"_ _1\"></span>e fronte agli imp<span class=\"_ _1\"></span>egni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nel br<span class=\"_ _1\"></span>eve ter<span class=\"_ _1\"></span>mine;\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _5\"></span>rischi di cre<span class=\"_ _1\"></span>dito (<span class=\"_ _0\"></span>o di controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te)<span class=\"_ _0\"></span>, che rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano i risc<span class=\"_ _1\"></span>hi di inademp<span class=\"_ _1\"></span>imento di ob<span class=\"_ _1\"></span>bliga<span class=\"_ _1\"></span>zioni comm<span class=\"_ _1\"></span>erciali o f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziarie as<span class=\"_ _1\"></span>sunte dalle v<span class=\"_ _1\"></span>arie controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti e de<span class=\"_ _1\"></span>rivanti dall<span class=\"_ _1\"></span>e normali op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni comme<span class=\"_ _1\"></span>rciali o da attiv<span class=\"_ _1\"></span>it\u00e0 di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to, impiego e co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>i rischi. La ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>i rischi di tip<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o vien<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata sulla ba<span class=\"_ _1\"></span>se di line<span class=\"_ _1\"></span>e guida de<span class=\"_ _1\"></span>terminate dalla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo, nel ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>egli ob<span class=\"_ _1\"></span>iett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i def<span class=\"_ _1\"></span>initi a live<span class=\"_ _1\"></span>llo ce<span class=\"_ _1\"></span>ntrale dal Co<span class=\"_ _1\"></span>nsiglio di A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>. Ci\u00f2 cons<span class=\"_ _1\"></span>ente di co<span class=\"_ _1\"></span>ntrollare e di coordinare l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 delle s<span class=\"_ _1\"></span>ingole so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate, anche at<span class=\"_ _1\"></span>trave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 di pianif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e contro<span class=\"_ _1\"></span>llo f<span class=\"_ _1\"></span>inanziario pi\u00f9 e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cace<span class=\"_ _1\"></span>, di monito<span class=\"_ _1\"></span>rare in mo<span class=\"_ _1\"></span>do sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>matico i live<span class=\"_ _1\"></span>lli di esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ai rischi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e l<span class=\"_ _1\"></span>\u2019andamento di tes<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>ria, di fornire utili indic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ottimiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i con gli is<span class=\"_ _1\"></span>tituti di credit<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto. Se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do tali dire<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>ve, il Gr<span class=\"_ _1\"></span>uppo p<span class=\"_ _1\"></span>resi<span class=\"_ _1\"></span>dia in maniera s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ica la ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i singoli ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari, inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o con l<span class=\"_ _1\"></span>\u2019obiett<span class=\"_ _1\"></span>ivo di mitig<span class=\"_ _1\"></span>arne il relati<span class=\"_ _1\"></span>vo impatt<span class=\"_ _1\"></span>o, anche att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>zo di s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati. Gli st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono utiliz<span class=\"_ _2\"></span>zati ai s<span class=\"_ _1\"></span>oli f<span class=\"_ _1\"></span>ini di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. In applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei p<span class=\"_ _1\"></span>rincipi IFR<span class=\"_ _1\"></span>S alcuni deri<span class=\"_ _1\"></span>vati s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icati c<span class=\"_ _1\"></span>ome di ne<span class=\"_ _1\"></span>goziazion<span class=\"_ _1\"></span>e ancorch\u00e9 s<span class=\"_ _1\"></span>iano st<span class=\"_ _1\"></span>ati st<span class=\"_ _1\"></span>ipulati con e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>inalit\u00e0 di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura. Le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie s<span class=\"_ _1\"></span>ono pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte cos<span class=\"_ _1\"></span>tituite da de<span class=\"_ _1\"></span>biti co<span class=\"_ _1\"></span>mmerciali e da de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o banche e alt<span class=\"_ _1\"></span>ri deb<span class=\"_ _1\"></span>iti f<span class=\"_ _1\"></span>inanziari, olt<span class=\"_ _1\"></span>re alla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> in se<span class=\"_ _1\"></span>guito all<span class=\"_ _2\"></span>\u2019introdu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. La g<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tione di t<span class=\"_ _1\"></span>ali pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 \u00e8 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte f<span class=\"_ _1\"></span>inaliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata al f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 d<span class=\"_ _1\"></span>el Grup<span class=\"_ _1\"></span>po.Rischio di tassoLe oscilla<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato influi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o sul live<span class=\"_ _1\"></span>llo deg<span class=\"_ _1\"></span>li oneri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari net<span class=\"_ _1\"></span>ti e sul v<span class=\"_ _1\"></span>alore di m<span class=\"_ _1\"></span>ercato delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie<span class=\"_ _1\"></span>.Il rischio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so d<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se si p<span class=\"_ _1\"></span>u\u00f2 clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are in:\u2022  <span class=\"_ _1af\"></span><span class=\"ff79 ws8\">fl<span class=\"_ _1\"></span>ow risk<span class=\"ff71\">, che si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce alla variabilit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i atti<span class=\"_ _1\"></span>vi e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vi inc<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sati e p<span class=\"_ _1\"></span>agati a se<span class=\"_ _1\"></span>guito d<span class=\"_ _1\"></span>ei mov<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span></span></span>menti n<span class=\"_ _1\"></span>ei live<span class=\"_ _1\"></span>lli dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se di me<span class=\"_ _1\"></span>rcato;\u2022 <span class=\"_ _a1\"> </span><span class=\"ff79 ls3a ws25d\"> p<span class=\"_ _1\"></span>rice <span class=\"_ _41\"> </span>risk</span><span class=\"ws123\">, r<span class=\"_ _1\"></span>elativo alla s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ibilit\u00e0 d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore di merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 alle varia<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>l live<span class=\"_ _1\"></span>llo dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di </span>intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e (si riferisce a<span class=\"_ _1\"></span>d atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 a ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>so)<span class=\"_ _0\"></span>. Il Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo \u00e8 princip<span class=\"_ _1\"></span>almente e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>o al <span class=\"ff79\">f<span class=\"_ _1\"></span>low risk</span>, o ris<span class=\"_ _1\"></span>chio di f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>so, cio\u00e8 al r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>guire a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o un aumento de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o di una variaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>favorevo<span class=\"_ _1\"></span>le dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Le so<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ano ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e di ter<span class=\"_ _1\"></span>zi pr<span class=\"_ _1\"></span>incipalment<span class=\"_ _1\"></span>e sot<span class=\"_ _1\"></span>to forma di de<span class=\"_ _1\"></span>bito banc<span class=\"_ _1\"></span>ario re<span class=\"_ _1\"></span>golato a t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so variabile e impi<span class=\"_ _1\"></span>egan<span class=\"_ _1\"></span>o la liquidit\u00e0 di<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>nibile prev<span class=\"_ _1\"></span>alente<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nte in str<span class=\"_ _1\"></span>umenti di me<span class=\"_ _1\"></span>rcato m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>ario. Variazioni ne<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e di merc<span class=\"_ _1\"></span>ato incido<span class=\"_ _1\"></span>no so<span class=\"_ _1\"></span>lo sul cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nti e sul re<span class=\"_ _1\"></span>ndimento d<span class=\"_ _1\"></span>elle for<span class=\"_ _1\"></span>me di impiego e quin<span class=\"_ _1\"></span>di sul livello d<span class=\"_ _1\"></span>egli o<span class=\"_ _1\"></span>neri e d<span class=\"_ _1\"></span>ei prove<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o, e non anch<span class=\"_ _1\"></span>e sul loro <span class=\"ff79\">fair value</span><span class=\"ls0\">.</span>La po<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitor<span class=\"_ _1\"></span>ia onero<span class=\"_ _1\"></span>sa \u00e8 rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ata da f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti a t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>ariabile<span class=\"_ _1\"></span>, sia a breve ch<span class=\"_ _1\"></span>e a medi<span class=\"_ _1\"></span>o-<span class=\"_ _1\"></span>lungo termin<span class=\"_ _1\"></span>e. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>indeb<span class=\"_ _1\"></span>itame<span class=\"_ _1\"></span>nto banc<span class=\"_ _1\"></span>ario \u00e8 par<span class=\"_ _1\"></span>ametrat<span class=\"_ _1\"></span>o al tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di merc<span class=\"_ _1\"></span>ato (<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente e<span class=\"_ _1\"></span>uribor/libor/<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>ofr o il ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rbanc<span class=\"_ _1\"></span>ario sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>o della v<span class=\"_ _1\"></span>aluta in cui il f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamento \u00e8 de<span class=\"_ _1\"></span>nominato) di perio<span class=\"_ _1\"></span>do pi\u00f9 uno <span class=\"ff79 ws3c\">sprea<span class=\"_ _1\"></span>d</span> che dipe<span class=\"_ _1\"></span>nde dalla tip<span class=\"_ _1\"></span>olog<span class=\"_ _1\"></span>ia di linea di cre<span class=\"_ _1\"></span>dito utiliz<span class=\"_ _2\"></span>zat<span class=\"_ _1\"></span>a. Gli utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi var<span class=\"_ _1\"></span>iano da un giorno a<span class=\"_ _1\"></span>d un mas<span class=\"_ _1\"></span>simo inferiore a cin<span class=\"_ _1\"></span>que anni (<span class=\"_ _4\"></span><span class=\"ff79\">te<span class=\"_ _1\"></span>rm loan<span class=\"_ _0\"></span><span class=\"ff71\">); il per<span class=\"_ _1\"></span>iodo di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e il paramet<span class=\"_ _1\"></span>ro di merc<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato (<span class=\"_ _0\"></span>euribo<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>/libor), anche per </span></span>gli utiliz<span class=\"_ _2\"></span>zi oltre l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o, non supe<span class=\"_ _1\"></span>rano i s<span class=\"_ _1\"></span>ei me<span class=\"_ _1\"></span>si. I mar<span class=\"_ _1\"></span>gini applic<span class=\"_ _1\"></span>ati so<span class=\"_ _1\"></span>no paragonab<span class=\"_ _1\"></span>ili ai migliori <span class=\"ff79 ws3c\">st<span class=\"_ _1\"></span>andard</span><span class=\"ls0 ws2d\"> di m<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>. </span>Le ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa so<span class=\"_ _1\"></span>no impie<span class=\"_ _1\"></span>gate in op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di <span class=\"ff79 lsb ws102\">time deposit</span> a breve te<span class=\"_ _1\"></span>rmine con le b<span class=\"_ _1\"></span>anche di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne che ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>lmente pre<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no a riferim<span class=\"_ _1\"></span>ento il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so eur<span class=\"_ _1\"></span>ibor/libor/<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>ofr di pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do o il ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di riferim<span class=\"_ _1\"></span>ento sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rban<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cario s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico de<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento \u00e8 de<span class=\"_ _1\"></span>nominato, in st<span class=\"_ _1\"></span>rutt<span class=\"_ _1\"></span>ure di <span class=\"ff79 ls43 ws97\">cash<span class=\"_ _0\"></span>-pooli<span class=\"_ _4\"></span>ng<span class=\"ff71 ls4 wse0\"> o in pres<span class=\"_ _1\"></span>titi </span><span class=\"lsc4 wscb\">i<span class=\"_ _2\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r-<span class=\"_ _24\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _2\"></span>y<span class=\"ff71 ls0 ws0\">, </span></span></span>regolati a c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni corr<span class=\"_ _1\"></span>enti di me<span class=\"_ _1\"></span>rcato, f<span class=\"_ _1\"></span>inaliz<span class=\"_ _2\"></span>zati a conte<span class=\"_ _1\"></span>nere l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il sis<span class=\"_ _1\"></span>tema b<span class=\"_ _1\"></span>ancar<span class=\"_ _1\"></span>io, il rischio<span class=\"ff71 ls4 ws0\"> di contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te e l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>incide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a degli o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari.</span>La so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., in ot<span class=\"_ _1\"></span>tica di m<span class=\"_ _1\"></span>ode<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a diver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, \u00e8 inoltre e<span class=\"_ _1\"></span>ntrata in un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>curativo p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidab<span class=\"_ _1\"></span>ile.Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito de<span class=\"_ _1\"></span>lla comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a politi<span class=\"_ _1\"></span>ca di ot<span class=\"_ _1\"></span>timiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lle ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie, v<span class=\"_ _1\"></span>iene ri<span class=\"_ _1\"></span>cerc<span class=\"_ _1\"></span>ato un equilibrio t<span class=\"_ _1\"></span>ra so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 con e<span class=\"_ _1\"></span>cces<span class=\"_ _1\"></span>si di li<span class=\"_ _1\"></span>quidit\u00e0 ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span>d altre con f<span class=\"_ _1\"></span>abbis<span class=\"_ _1\"></span>ogni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari, ricor<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>o alle forme di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento m<span class=\"_ _1\"></span>eno on<span class=\"_ _1\"></span>eros<span class=\"_ _1\"></span>e. La se<span class=\"_ _1\"></span>nsib<span class=\"_ _1\"></span>ilit\u00e0 al ris<span class=\"_ _1\"></span>chio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so \u00e8 monit<span class=\"_ _1\"></span>orat<span class=\"_ _1\"></span>a a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o tene<span class=\"_ _1\"></span>ndo o<span class=\"_ _1\"></span>ppor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>unamente in co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>zione l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>zione c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>, attr<span class=\"_ _1\"></span>avers<span class=\"_ _1\"></span>o una ges<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>ne coo<span class=\"_ _1\"></span>rdinata de<span class=\"_ _1\"></span>l debit<span class=\"_ _1\"></span>o e della liqui<span class=\"_ _1\"></span>dit\u00e0 dis<span class=\"_ _1\"></span>ponibile e d<span class=\"_ _1\"></span>elle re<span class=\"_ _1\"></span>lative s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>en<span class=\"ls0 ws0\">-</span>ze. A<span class=\"_ _1\"></span>lla data de<span class=\"_ _1\"></span>l bilancio non s<span class=\"_ _1\"></span>ono in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari deri<span class=\"_ _1\"></span>vati di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura del r<span class=\"_ _1\"></span>ischio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, volti a tr<span class=\"_ _1\"></span>asfor<span class=\"_ _1\"></span>mare l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto da variabile a f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o, n\u00e9 il Grupp<span class=\"_ _1\"></span>o ne ha fat<span class=\"_ _1\"></span>to utiliz<span class=\"_ _2\"></span>zo nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nte. L<span class=\"_ _6\"></span>\u2019analisi di sensit<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 al ri<span class=\"_ _1\"></span>schio di t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so cui \u00e8 e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o il Grupp<span class=\"_ _1\"></span>o \u00e8 st<span class=\"_ _1\"></span>ata co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta p<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o in consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne le par<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>tite di bilancio ch<span class=\"_ _1\"></span>e originano inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si re<span class=\"_ _1\"></span>golati a t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so v<span class=\"_ _1\"></span>ariabile e ipot<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti o decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nti paralle<span class=\"_ _1\"></span>li nell<span class=\"_ _1\"></span>e cur<span class=\"_ _1\"></span>ve de<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>si di rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r singola valut<span class=\"_ _1\"></span>a prop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zionali alla ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va volatilit<span class=\"_ _1\"></span>\u00e0 annua os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vat<span class=\"_ _1\"></span>a sul me<span class=\"_ _1\"></span>rcato. Il risult<span class=\"_ _1\"></span>ato dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1, consider<span class=\"_ _1\"></span>ati le con<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ze delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e delle p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 sen<span class=\"_ _1\"></span>sibili, l<span class=\"_ _1\"></span>\u2019andamento de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e dei val<span class=\"_ _1\"></span>ori de<span class=\"_ _1\"></span>lle relati<span class=\"_ _1\"></span>ve volatilit<span class=\"_ _1\"></span>\u00e0 esp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se dal m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato, ha most<span class=\"_ _1\"></span>rato po<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite o utili a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>soc<span class=\"_ _1\"></span>h\u00e9 nulli.La po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ibile varia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e in sen<span class=\"_ _1\"></span>so favor<span class=\"_ _1\"></span>evole o s<span class=\"_ _1\"></span>favore<span class=\"_ _1\"></span>vole de<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>si di rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto di merc<span class=\"_ _1\"></span>ato continua ad ave<span class=\"_ _1\"></span>re un impatto n<span class=\"_ _1\"></span>on signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul ri<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span>ato eco<span class=\"_ _1\"></span>nomico di Gr<span class=\"_ _1\"></span>uppo.Rischio di cambioL<span class=\"_ _6\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one al ris<span class=\"_ _1\"></span>chio di varia<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019operati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in valute di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dalla valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nominaz<span class=\"_ _1\"></span>ione di conto. In p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare<span class=\"_ _1\"></span>, \u00e8 po<span class=\"_ _1\"></span>ssib<span class=\"_ _1\"></span>ile clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are il rischio di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>ella natura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one e degli impa<span class=\"_ _0\"></span>tti che determina<span class=\"_ _4\"></span>: \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>sul risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o della dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 di c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e ric<span class=\"_ _1\"></span>avi in valut<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al mom<span class=\"_ _1\"></span>ento in cui sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate def<span class=\"_ _1\"></span>inite le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo (rischio ec<span class=\"_ _1\"></span>onomico) e per ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne di cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali o f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari den<span class=\"_ _1\"></span>ominati in v<span class=\"_ _1\"></span>aluta (rischio tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>atti<span class=\"_ _1\"></span>vo<span class=\"_ _0\"></span>); \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>sul bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato, risult<span class=\"_ _1\"></span>ato ec<span class=\"_ _1\"></span>onomico e p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, p<span class=\"_ _1\"></span>er ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla conve<span class=\"_ _1\"></span>rsio<span class=\"_ _1\"></span>ne di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di azie<span class=\"_ _1\"></span>nde che r<span class=\"_ _1\"></span>edigon<span class=\"_ _1\"></span>o il bilancio con m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>a di den<span class=\"_ _1\"></span>ominazio<span class=\"_ _1\"></span>ne dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a da quella fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo (rischio traslativo<span class=\"_ _4\"></span>).Il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra a live<span class=\"_ _1\"></span>llo inter<span class=\"_ _1\"></span>nazional<span class=\"_ _1\"></span>e ed \u00e8 quindi e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ai ris<span class=\"_ _1\"></span>chi deri<span class=\"_ _1\"></span>vanti dalle f<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>tuazi<span class=\"_ _1\"></span>oni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio, che hanno rif<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>si s<span class=\"_ _1\"></span>ul risult<span class=\"_ _1\"></span>ato ec<span class=\"_ _1\"></span>onomico e s<span class=\"_ _1\"></span>ul valore d<span class=\"_ _1\"></span>el patr<span class=\"_ _1\"></span>imonio net<span class=\"_ _1\"></span>to.La valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale e di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei dati f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Per le so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 la cui divi<span class=\"_ _1\"></span>sa di rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Bilancio \u00e8 dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dalla valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto det<span class=\"_ _1\"></span>tato<span class=\"_ _1\"></span> dai princip<span class=\"_ _1\"></span>i IFRS:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>i conti ec<span class=\"_ _1\"></span>onomici ve<span class=\"_ _1\"></span>ngono conve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>titi in Euro al camb<span class=\"_ _1\"></span>io me<span class=\"_ _1\"></span>dio di per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o; a parit\u00e0 di ric<span class=\"_ _1\"></span>avi e marg<span class=\"_ _1\"></span>ini in divi<span class=\"_ _1\"></span>sa lo<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, variaz<span class=\"_ _1\"></span>ioni dei r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di cambi<span class=\"_ _1\"></span>o pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul controv<span class=\"_ _1\"></span>alore in Euro dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i, dei co<span class=\"_ _1\"></span>sti e d<span class=\"_ _1\"></span>ei risul<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tati economici<span class=\"_ _4\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>tite in Euro al c<span class=\"_ _1\"></span>ambio di f<span class=\"_ _1\"></span>ine pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>o pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no as<span class=\"_ _1\"></span>sume<span class=\"_ _1\"></span>re controval<span class=\"_ _1\"></span>ori diver<span class=\"_ _1\"></span>si in co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della f<span class=\"_ _1\"></span>lutt<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne dei c<span class=\"_ _1\"></span>ambi. T<span class=\"_ _4\"></span>ale v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to a patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to, dove \u00e8 ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0\">-</span>cat<span class=\"_ _1\"></span>a nella vo<span class=\"_ _1\"></span>ce \u2018R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a di conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>, e vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo. Oltre ag<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oluti, anch<span class=\"_ _1\"></span>e gli indici di bilancio p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no variare<span class=\"_ _1\"></span>, se le pro<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ni tra utile<span class=\"_ _1\"></span>, att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, ind<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>to e patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lle varie v<span class=\"_ _1\"></span>alute camb<span class=\"_ _1\"></span>iano per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o delle v<span class=\"_ _1\"></span>ariazi<span class=\"_ _1\"></span>oni nei r<span class=\"_ _1\"></span>appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di cambio.Non \u00e8 p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>oprir<span class=\"_ _1\"></span>si a fronte d<span class=\"_ _1\"></span>ella prop<span class=\"_ _1\"></span>ria es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al risc<span class=\"_ _1\"></span>hio di cambio t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>lativo. Obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo della p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 la minimiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei r<span class=\"_ _1\"></span>ischi di c<span class=\"_ _1\"></span>ambio e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e tran<span class=\"ls0 ws0\">-</span>sat<span class=\"_ _1\"></span>tivo, cio\u00e8 d<span class=\"_ _1\"></span>ei ris<span class=\"_ _1\"></span>chi der<span class=\"_ _1\"></span>ivanti dalla p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 che le parit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>arie s<span class=\"_ _1\"></span>i modif<span class=\"_ _1\"></span>ichin<span class=\"_ _1\"></span>o in sen<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>favorevol<span class=\"_ _1\"></span>e nel p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo intercorr<span class=\"_ _1\"></span>ente tr<span class=\"_ _1\"></span>a il mome<span class=\"_ _1\"></span>nto in cui sor<span class=\"_ _1\"></span>ge la prev<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>e di un impe<span class=\"_ _1\"></span>gno a pagar<span class=\"_ _1\"></span>e o di un diritto a in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>sar<span class=\"_ _1\"></span>e divi<span class=\"_ _1\"></span>sa dive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro pe<span class=\"_ _1\"></span>r una data f<span class=\"_ _1\"></span>utura (defini<span class=\"_ _1\"></span>zione <span class=\"ff79 ls47 ws9\">b<span class=\"_ _1\"></span>udget</span><span class=\"lsb ws85\">, fiss<span class=\"_ _1\"></span>azione del listino<span class=\"_ _0\"></span>, predisposizione ordine<span class=\"_ _4\"></span>), la<span class=\"_ _0\"></span> registrazione del </span>docume<span class=\"_ _1\"></span>nto cont<span class=\"_ _1\"></span>abile (fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne) e il momento in cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>incas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o o il pagame<span class=\"_ _1\"></span>nto ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente s<span class=\"_ _1\"></span>i manifes<span class=\"_ _1\"></span>ta, ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>neran<span class=\"_ _1\"></span>do un ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to in te<span class=\"_ _1\"></span>rmini di dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze cambi<span class=\"_ _1\"></span>o, con impatt<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o. In continuit<span class=\"_ _1\"></span>\u00e0 con la po<span class=\"_ _1\"></span>litic<span class=\"_ _1\"></span>a di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>gli ultimi anni, il Grup<span class=\"_ _1\"></span>po ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce il ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio der<span class=\"_ _1\"></span>ivante dalla pro<span class=\"_ _1\"></span>pria atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 comme<span class=\"_ _1\"></span>rciale, co<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte a quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dalla <span class=\"ff79 ws3c\">Policy <span class=\"_ _1\"></span></span>di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio e dagli obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi di ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>ente def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>i a livell<span class=\"_ _1\"></span>o central<span class=\"_ _1\"></span>e, att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>matica de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>merciali de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle vendit<span class=\"_ _1\"></span>e prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e in divi<span class=\"_ _1\"></span>se dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro, con l<span class=\"_ _1\"></span>\u2019obiett<span class=\"_ _1\"></span>ivo di mitigar<span class=\"_ _1\"></span>e il rischio di v<span class=\"_ _1\"></span>ariabilit<span class=\"_ _1\"></span>\u00e0 del margine at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so, der<span class=\"_ _1\"></span>ivante dall<span class=\"_ _1\"></span>e vendite re<span class=\"_ _1\"></span>lative all<span class=\"_ _1\"></span>e future coll<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ioni. Il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra in misur<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa s<span class=\"_ _1\"></span>ui merc<span class=\"_ _1\"></span>ati interna<span class=\"_ _1\"></span>zionali anch<span class=\"_ _1\"></span>e attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 comm<span class=\"_ _1\"></span>erciali loc<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate in pae<span class=\"_ _1\"></span>si che utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>o valute di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro, principalm<span class=\"_ _1\"></span>ente Do<span class=\"_ _1\"></span>llaro ameri<span class=\"_ _1\"></span>cano e Re<span class=\"_ _1\"></span>nmimbi cine<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 31 dicembre 2022 le p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali di ricav<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>ti della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>nominati in D<span class=\"_ _1\"></span>ollari ame<span class=\"_ _1\"></span>ricani s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate p<span class=\"_ _1\"></span>ari a circa il 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span>, in Renmimbi cine<span class=\"_ _1\"></span>si a circ<span class=\"_ _1\"></span>a il 1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span>, in Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giappo<span class=\"_ _1\"></span>nes<span class=\"_ _1\"></span>e a circa il 6%<span class=\"_ _1\"></span>, in Won sud<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ani a circa il 5% e in Peso m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ani a circa il 4%<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio chius<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>, la perc<span class=\"_ _1\"></span>entuale de<span class=\"_ _1\"></span>i ric<span class=\"_ _1\"></span>avi net<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati dalla So<span class=\"_ _1\"></span>ciet\u00e0 in D<span class=\"_ _1\"></span>ollari ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ani era s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a pari a circ<span class=\"_ _1\"></span>a il 35% dei ricavi n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i, in Renmimbi cine<span class=\"_ _1\"></span>se a circ<span class=\"_ _1\"></span>a il 1<span class=\"_ _4\"></span>4%<span class=\"_ _1\"></span>, in Won sud-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>oreani a circ<span class=\"_ _1\"></span>a il 6%<span class=\"_ _1\"></span>, in Y<span class=\"_ _4\"></span>en giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>si a circ<span class=\"_ _1\"></span>a il 5%, e in Pes<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>cani a circa il 4%<span class=\"_ _1\"></span>. I r<span class=\"_ _1\"></span>ischi di valut<span class=\"_ _1\"></span>a or<span class=\"_ _1\"></span>iginano principalme<span class=\"_ _1\"></span>nte dalle e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani, Renminbi cin<span class=\"_ _1\"></span>esi, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>si, Won sud-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ani e Peso m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ani.In un proce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so di rice<span class=\"_ _1\"></span>rca di s<span class=\"_ _1\"></span>empre mag<span class=\"_ _2\"></span>giore ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di un pi\u00f9 puntuale pre<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dio dei ri<span class=\"_ _1\"></span>schi, e anche a s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito dell<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lle par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nelle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 dis<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>utive op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anti nei me<span class=\"_ _1\"></span>rcati s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gici d<span class=\"_ _1\"></span>el <span class=\"ff79\">Far East</span><span class=\"ls0 ws0\">, </span>la ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio \u00e8 acce<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>a pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o. I tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>imenti o<span class=\"_ _1\"></span>neros<span class=\"_ _1\"></span>i di merce a<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet\u00e0 c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>trollate vengo<span class=\"_ _1\"></span>no rego<span class=\"_ _1\"></span>lati dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano e vend<span class=\"_ _1\"></span>ono. In re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne al propr<span class=\"_ _1\"></span>io mod<span class=\"_ _1\"></span>el<span class=\"ls0 ws0\">-</span>lo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span>, il Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>iene una par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti in Euro (<span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi alla pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one e alla ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura <span class=\"ff79 ls2c ws9d\">Corporate<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws94\">) m<span class=\"_ _1\"></span>entre i ric<span class=\"_ _1\"></span>avi e i co<span class=\"_ _1\"></span>sti r<span class=\"_ _1\"></span>egis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>i dalle so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si prev<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nte </span></span>nelle v<span class=\"_ _1\"></span>alute lo<span class=\"_ _1\"></span>cali de<span class=\"_ _1\"></span>i risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i merc<span class=\"_ _1\"></span>ati di riferim<span class=\"_ _1\"></span>ento. In par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare, il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o \u00e8 esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>el rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to di cambio d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>l Dollaro am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ano, in rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ia alle vendit<span class=\"_ _1\"></span>e in Dollari e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ttuate s<span class=\"_ _1\"></span>ul merc<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>to nordame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, sia ancor<span class=\"_ _1\"></span>a su un circos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o numero di me<span class=\"_ _1\"></span>rcati, p<span class=\"_ _1\"></span>reval<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente as<span class=\"_ _1\"></span>iatici. In que<span class=\"_ _1\"></span>sto co<span class=\"_ _1\"></span>ntes<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o \u00e8 es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to alla var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio dell<span class=\"_ _1\"></span>e valute in cui s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>nominate le ve<span class=\"_ _1\"></span>ndite, ch<span class=\"_ _1\"></span>e si tra<span class=\"_ _1\"></span>duce ne<span class=\"_ _1\"></span>l rischio ch<span class=\"_ _1\"></span>e il controval<span class=\"_ _1\"></span>ore in Euro dei ric<span class=\"_ _1\"></span>avi d<span class=\"_ _1\"></span>eterminato al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019inca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o non sia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>ente a cop<span class=\"_ _1\"></span>rire i cos<span class=\"_ _1\"></span>ti di produ<span class=\"_ _1\"></span>zione o c<span class=\"_ _1\"></span>omunque a co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guire il marg<span class=\"_ _1\"></span>ine obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. T<span class=\"_ _4\"></span>ale ris<span class=\"_ _1\"></span>chio \u00e8 acce<span class=\"_ _1\"></span>ntuato per il r<span class=\"_ _1\"></span>ilevante inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>allo tem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>ale che interc<span class=\"_ _1\"></span>orre tr<span class=\"_ _1\"></span>a il mome<span class=\"_ _1\"></span>nto in cui vengono f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ati i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di una colle<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne ed il m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto in cui i ricav<span class=\"_ _1\"></span>i vengono c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>i in Euro, che si es<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>ino a diciot<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>si.La Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>uppo (in quanto so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 di produ<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) stip<span class=\"_ _1\"></span>ula contrat<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita a te<span class=\"_ _1\"></span>rmine di valut<span class=\"_ _1\"></span>a op<span class=\"_ _1\"></span>pure opzioni, at<span class=\"_ _1\"></span>ti a def<span class=\"_ _1\"></span>inire anticipat<span class=\"_ _1\"></span>amente il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, o un range pre<span class=\"_ _1\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o di tas<span class=\"_ _1\"></span>si di co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, a date future co<span class=\"_ _1\"></span>n un oriz<span class=\"_ _2\"></span>zonte temp<span class=\"_ _1\"></span>orale ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>imo atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di 2<span class=\"_ _0\"></span>4 mesi<span class=\"_ _1\"></span>. Si nota ch<span class=\"_ _1\"></span>e neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ame, il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to il ris<span class=\"_ _1\"></span>chio di cambio qua<span class=\"_ _1\"></span>si es<span class=\"_ _1\"></span>clusi<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte con ve<span class=\"_ _1\"></span>ndite di valut<span class=\"_ _1\"></span>a a te<span class=\"_ _1\"></span>rmine tr<span class=\"_ _1\"></span>amite contrat<span class=\"_ _1\"></span>ti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">. </span></span>A tale f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e, in fun<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato, vengo<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ipulate, prima d<span class=\"_ _1\"></span>ella def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei li<span class=\"ls0 ws0\">-</span>stini di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a, e comunque n<span class=\"_ _1\"></span>on oltre l<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>ella camp<span class=\"_ _1\"></span>agna vendit<span class=\"_ _1\"></span>e, cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture p<span class=\"_ _1\"></span>er un amm<span class=\"_ _1\"></span>ontare ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra il 50<span class=\"_ _1\"></span>% e il 9<span class=\"_ _1\"></span>0% d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sioni di ven<span class=\"_ _1\"></span>dite in valut<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>rcentual<span class=\"_ _1\"></span>e calco<span class=\"_ _1\"></span>lata sull<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa e no<span class=\"_ _1\"></span>n sulla singola v<span class=\"_ _1\"></span>aluta e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>. Nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo alla f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el lis<span class=\"_ _1\"></span>tino, l<span class=\"_ _1\"></span>\u2019ammontare de<span class=\"_ _1\"></span>lle cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne integ<span class=\"_ _1\"></span>rato in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli ordini ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente a<span class=\"_ _1\"></span>cquisit<span class=\"_ _1\"></span>i e mes<span class=\"_ _1\"></span>si in pro<span class=\"_ _1\"></span>duz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. In tal mo<span class=\"_ _1\"></span>do la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ricon<span class=\"_ _1\"></span>duce il ris<span class=\"_ _1\"></span>chio comme<span class=\"_ _1\"></span>rciale al so<span class=\"_ _1\"></span>lo ris<span class=\"_ _1\"></span>chio deri<span class=\"_ _1\"></span>vante dai volumi di ve<span class=\"_ _1\"></span>ndita e n<span class=\"_ _1\"></span>on anche a que<span class=\"_ _1\"></span>llo der<span class=\"_ _1\"></span>ivante dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio.All<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>opra d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>a, si ag<span class=\"_ _2\"></span>giunge quella re<span class=\"_ _1\"></span>siduale di al<span class=\"_ _1\"></span>cune controllate a<span class=\"_ _1\"></span>siatiche e latino<span class=\"_ _1\"></span>-am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ane che e<span class=\"_ _1\"></span>f<span class=\"ls0 ws0\">-</span>fettuan<span class=\"_ _1\"></span>o acquis<span class=\"_ _1\"></span>ti di me<span class=\"_ _1\"></span>rce in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani o in Euro e vendo<span class=\"_ _1\"></span>no nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano. I valo<span class=\"_ _1\"></span>ri dei contrat<span class=\"_ _1\"></span>ti coinvolt<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte inferio<span class=\"_ _1\"></span>ri risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to a quelli de<span class=\"_ _1\"></span>lla Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o. Inoltre il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>ontrolla e cop<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla variaz<span class=\"_ _1\"></span>ione di val<span class=\"_ _1\"></span>ore, a s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni dei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di camb<span class=\"_ _1\"></span>io, di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa da que<span class=\"_ _1\"></span>lla di conto de<span class=\"_ _1\"></span>lla singola So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0, che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no dete<span class=\"_ _1\"></span>rminare ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico (tipicame<span class=\"_ _1\"></span>nte rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di de<span class=\"_ _1\"></span>bito<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito f<span class=\"_ _1\"></span>inanziario <span class=\"ff79 lsc4 wscb\">i<span class=\"_ _2\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r-<span class=\"_ _24\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">), </span>attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari, la cui cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo i pr<span class=\"_ _1\"></span>incipi IFRS s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ue le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value hedge</span><span class=\"ls0 ws0\">: </span>l<span class=\"_ _1\"></span>\u2019utile o la per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve valuta<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore corr<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rumento di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, come pure l<span class=\"_ _2\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a. Le relaz<span class=\"_ _1\"></span>ioni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a delle f<span class=\"_ _1\"></span>uture tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni in valut<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra de<span class=\"_ _1\"></span>lla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>qualific<span class=\"_ _1\"></span>abili ai f<span class=\"_ _1\"></span>ini IFRS co<span class=\"_ _1\"></span>me <span class=\"ff79 ls0 ws0\">ca<span class=\"_ _1\"></span>sh </span>f<span class=\"_ _1\"></span>low hedge<span class=\"ff71 ls4 ws0\">) sono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019</span><span class=\"ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o le movim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni della ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>low h<span class=\"_ _1\"></span>edge</span> p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>:Rischio di Cambio(In migliaia di Euro) <span class=\"_ _21\"> </span>2022<span class=\"_ _1b6\"> </span>2021Saldo iniziale<span class=\"_ _281\"> </span>(8.426) <span class=\"_ _282\"> </span>6.740 + incrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia positiva<span class=\"_ _117\"> </span>14.430 <span class=\"_ _ed\"> </span>1.718 - decrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia negativa<span class=\"_ _9c\"> </span>(22.173) <span class=\"_ _1cf\"> </span>(17.216) -  <span class=\"_ _3\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _0\"></span>a Riserva di <span class=\"ff79\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff74\"> ed imputazione  </span></span>di prov<span class=\"_ _0\"></span>ento a CE<span class=\"_ _24d\"> </span>(3.554) <span class=\"_ _283\"> </span>(6.847) + incrementi per tr<span class=\"_ _0\"></span>asferimento di efficacia dalla Riserva di C<span class=\"_ _4\"></span>ash Flow hedge e imputazione di c<span class=\"_ _4\"></span>osto a CE<span class=\"_ _76\"> </span><span class=\"ls0\">29.218 <span class=\"_ _1f7\"> </span>7.179 </span>Saldo finale<span class=\"_ _198\"> </span>9.495 <span class=\"_ _76\"> </span>(8.426) La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va, che ac<span class=\"_ _1\"></span>coglie l<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni di valo<span class=\"_ _1\"></span>re deg<span class=\"_ _1\"></span>li strum<span class=\"_ _1\"></span>enti a co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura dell<span class=\"_ _1\"></span>e trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni atte<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>, si \u00e8 nel comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>92<span class=\"_ _4\"></span>1 migliaia ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022<span class=\"_ _1\"></span>, mentre s<span class=\"_ _1\"></span>i era de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _4\"></span>166 migliaia nel cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1. Le variazioni di val<span class=\"_ _1\"></span>ore rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019andamento dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>lle principali v<span class=\"_ _1\"></span>alute og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, in par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare de<span class=\"_ _1\"></span>i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio tra l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro e<span class=\"_ _1\"></span>d il dollaro ame<span class=\"_ _1\"></span>rican<span class=\"_ _1\"></span>o che ha vis<span class=\"_ _1\"></span>to un marcato d<span class=\"_ _1\"></span>epre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zament<span class=\"_ _1\"></span>o della mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>a unica ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>i primi nove me<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019anno. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _1\"></span>e tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o dalla Ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a alla voce \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i delle ve<span class=\"_ _1\"></span>ndite<span class=\"_ _1\"></span>\u201d in o<span class=\"_ _1\"></span>cca<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e della manife<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tanti \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 25.6<span class=\"_ _1\"></span>64 migliaia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022 e<span class=\"_ _1\"></span>ra s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 33<span class=\"_ _4\"></span>2 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l 2022 non s<span class=\"_ _1\"></span>i sono ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate interru<span class=\"_ _1\"></span>zioni di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura p<span class=\"_ _1\"></span>er annulla<span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>so; le rela<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>esig<span class=\"_ _1\"></span>nate di cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura si s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>velate e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>caci al c<span class=\"_ _1\"></span>ento pe<span class=\"_ _1\"></span>r cent<span class=\"_ _1\"></span>o per tutt<span class=\"_ _1\"></span>a la durat<span class=\"_ _1\"></span>a del s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante og<span class=\"_ _2\"></span>getto de<span class=\"_ _1\"></span>lla rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa.L<span class=\"_ _6\"></span>\u2019eventuale inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia de<span class=\"_ _1\"></span>lla cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura pu<span class=\"_ _1\"></span>\u00f2 realiz<span class=\"_ _2\"></span>zar<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di:\u2022 <span class=\"_ _a1\"> </span>dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze ne<span class=\"_ _1\"></span>lle te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tiche de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rati dai sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e dagli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti neg<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e de<span class=\"_ _1\"></span>gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle di se<span class=\"_ _1\"></span>guito l<span class=\"_ _1\"></span>\u2019oriz<span class=\"_ _1\"></span>zo<span class=\"_ _1\"></span>nte temp<span class=\"_ _1\"></span>orale m<span class=\"_ _1\"></span>edio e la s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r fatt<span class=\"_ _1\"></span>ore di ris<span class=\"_ _1\"></span>chio dell<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ture sul ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re nel G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o alla data di chiusur<span class=\"_ _1\"></span>a degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1. Il numero delle v<span class=\"_ _1\"></span>alute es<span class=\"_ _1\"></span>tere r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntate ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle met<span class=\"_ _1\"></span>te in ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nza c<span class=\"_ _1\"></span>ome la ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l risc<span class=\"_ _1\"></span>hio di cambio s<span class=\"_ _1\"></span>ia quasi tot<span class=\"_ _1\"></span>almente acce<span class=\"_ _1\"></span>ntrata p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so la C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo.Analisi dei flussi sottostanti: Manifestazione finanziaria31 D<span class=\"_ _1\"></span>icembre 2022T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>22.000 <span class=\"_ _16f\"> </span>65.000 <span class=\"_ _fe\"> </span>86.000 <span class=\"_ _fe\"> </span>79.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">252.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,142 <span class=\"_ _a5\"> </span>1,130 <span class=\"_ _ac\"> </span>1,074 <span class=\"_ _a5\"> </span>1,026 <span class=\"_ _d4\"> </span>- Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _a5\"> </span>1.500 <span class=\"_ _ac\"> </span>1.000 <span class=\"_ _a5\"> </span>2.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">4.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _ac\"> </span>1,370 <span class=\"_ _a5\"> </span>1,353 <span class=\"_ _ac\"> </span>1,359 <span class=\"_ _284\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>80.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _97\"> </span>100.000 <span class=\"_ _15d\"> </span>140.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">460.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,360 <span class=\"_ _a5\"> </span>7,294 <span class=\"_ _ac\"> </span>7,265 <span class=\"_ _a5\"> </span>7,047 <span class=\"_ _d4\"> </span>- Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _118\"> </span>250 <span class=\"_ _a5\"> </span>1.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">1.250 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>0,887 <span class=\"_ _ac\"> </span>0,901 <span class=\"_ _d4\"> </span>- Importo nozionale in HKD<span class=\"_ _78\"> </span>4.000 <span class=\"_ _fe\"> </span>21.000 <span class=\"_ _a5\"> </span>5.000 <span class=\"_ _a5\"> </span>8.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _75\"> </span><span class=\"ff76\">38.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>8,854 <span class=\"_ _a5\"> </span>8,800 <span class=\"_ _ac\"> </span>8,175 <span class=\"_ _a5\"> </span>8,107 <span class=\"_ _d4\"> </span>- Importo nozionale in JPY<span class=\"_ _238\"> </span>500.000 <span class=\"_ _7f\"> </span>1.200.000 <span class=\"_ _7f\"> </span>1.050.000 <span class=\"_ _15d\"> </span>800.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _1a8\"> </span><span class=\"ff76\">3.550.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>129,656 <span class=\"_ _97\"> </span>133,220 <span class=\"_ _97\"> </span>137,817 <span class=\"_ _97\"> </span>137,278 <span class=\"_ _d4\"> </span>- Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.000.000 <span class=\"_ _263\"> </span>13.000.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">46.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.371,400 <span class=\"_ _80\"> </span>1.367,402 <span class=\"_ _7f\"> </span>1.354,036 <span class=\"_ _80\"> </span>1.383,503 <span class=\"_ _7f\"> </span>1.382,500 Importo nozionale in MXN<span class=\"_ _1e6\"> </span>40.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>40.000 <span class=\"_ _97\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">430.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1ad\"> </span>23,570 <span class=\"_ _fe\"> </span>23,790 <span class=\"_ _16f\"> </span>23,455 <span class=\"_ _16f\"> </span>22,112 <span class=\"_ _284\"> </span>- Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- 31 D<span class=\"_ _1\"></span>icembre 2021T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>21.000 <span class=\"_ _16f\"> </span>50.000 <span class=\"_ _fe\"> </span>66.000 <span class=\"_ _fe\"> </span>60.500 <span class=\"_ _16f\"> </span>48.000 <span class=\"_ _83\"> </span><span class=\"ff76\">245.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,207 <span class=\"_ _a5\"> </span>1,192 <span class=\"_ _ac\"> </span>1,182 <span class=\"_ _a5\"> </span>1,181 <span class=\"_ _ac\"> </span>1,169 Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>75.000 <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _97\"> </span>120.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _83\"> </span><span class=\"ff76\">455.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,982 <span class=\"_ _a5\"> </span>8,010 <span class=\"_ _ac\"> </span>7,885 <span class=\"_ _a5\"> </span>7,886 <span class=\"_ _ac\"> </span>7,501 Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-Importo nozionale in HKD<span class=\"_ _238\"> </span>16.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _fe\"> </span>15.500 <span class=\"_ _fe\"> </span>24.000 <span class=\"_ _a5\"> </span>4.000 <span class=\"_ _15d\"> </span><span class=\"ff76\">74.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>9,366 <span class=\"_ _a5\"> </span>9,368 <span class=\"_ _ac\"> </span>9,275 <span class=\"_ _a5\"> </span>9,160 <span class=\"_ _ac\"> </span>8,937 Importo nozionale in JPY<span class=\"_ _238\"> </span>200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _7f\"> </span>1.300.000 <span class=\"_ _15d\"> </span>750.000 <span class=\"_ _97\"> </span>600.000 <span class=\"_ _16e\"> </span><span class=\"ff76\">4.200.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>128,126 <span class=\"_ _97\"> </span>129,817 <span class=\"_ _97\"> </span>129,660 <span class=\"_ _97\"> </span>128,731 <span class=\"_ _97\"> </span>131,720 Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.500.000 <span class=\"_ _263\"> </span>10.500.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">42.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.368,800 <span class=\"_ _80\"> </span>1.358,918 <span class=\"_ _7f\"> </span>1.359,918 <span class=\"_ _80\"> </span>1.387,931 <span class=\"_ _7f\"> </span>1.370,634 Importo nozionale in MXN<span class=\"_ _1e5\"> </span>- <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _15d\"> </span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _83\"> </span><span class=\"ff76\">410.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1f8\"> </span>- <span class=\"_ _16f\"> </span>25,938 <span class=\"_ _fe\"> </span>25,243 <span class=\"_ _16f\"> </span>25,485 <span class=\"_ _fe\"> </span>25,120 Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _4\"></span>onomico31 dicembr<span class=\"_ _4\"></span>e 2022da 9 mesi (In migliaia<span class=\"fs4\">)<span class=\"_ _6a\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesi</span>ad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">183.000 <span class=\"_ _16f\"> </span></span>89.000 <span class=\"_ _fe\"> </span>91.000 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">3.050.000 <span class=\"_ _7f\"> </span></span>1.200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _15d\"> </span>500.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _d5\"> </span><span class=\"ff76\">1.250 <span class=\"_ _d4\"> </span></span>- <span class=\"_ _118\"> </span>750 <span class=\"_ _cf\"> </span>500 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">250.000 <span class=\"_ _16f\"> </span></span>40.000 <span class=\"_ _15d\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _1f1\"> </span><span class=\"ff76\">3.500 <span class=\"_ _118\"> </span></span>500 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">350.000 <span class=\"_ _97\"> </span></span>170.000 <span class=\"_ _97\"> </span>150.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">30.000 <span class=\"_ _fe\"> </span></span>17.000 <span class=\"_ _16f\"> </span>13.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">36.000.000 <span class=\"_ _263\"> </span></span>14.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - 31 dicembr<span class=\"_ _4\"></span>e 2021da 9 mesi (In migliaia)<span class=\"_ _86\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesiad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">188.500 <span class=\"_ _16f\"> </span></span>64.500 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _fe\"> </span>48.000 <span class=\"_ _a5\"> </span>6.000 <span class=\"_ _d4\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">4.000.000 <span class=\"_ _7f\"> </span></span>1.950.000 <span class=\"_ _7f\"> </span>1.000.000 <span class=\"_ _15d\"> </span>850.000 <span class=\"_ _97\"> </span>200.000 <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">320.000 <span class=\"_ _97\"> </span></span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">330.000 <span class=\"_ _97\"> </span></span>130.000 <span class=\"_ _97\"> </span>130.000 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">51.500 <span class=\"_ _fe\"> </span></span>19.500 <span class=\"_ _16f\"> </span>17.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">31.500.000 <span class=\"_ _263\"> </span></span>11.500.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, in termini di volumi di nozio<span class=\"_ _1\"></span>nale den<span class=\"_ _1\"></span>ominati in valut<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti, \u00e8 volt<span class=\"_ _1\"></span>a a mitig<span class=\"_ _1\"></span>are il rischio ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato da os<span class=\"_ _1\"></span>cillazioni n<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>i di cambi<span class=\"_ _1\"></span>o tra l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro e le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti valute: D<span class=\"_ _1\"></span>ollaro ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, Renminbi cine<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>se, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se, Won su<span class=\"_ _1\"></span>d-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ano e Pes<span class=\"_ _1\"></span>o mes<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ano. Da un punto di vis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orale<span class=\"_ _1\"></span>, le cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture c<span class=\"_ _1\"></span>on durat<span class=\"_ _1\"></span>a supe<span class=\"_ _1\"></span>riore all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o sono nulle a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 cos\u00ec co<span class=\"_ _1\"></span>me al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ano le date di manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria de<span class=\"_ _1\"></span>i sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti per divi<span class=\"_ _1\"></span>sa e le date co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impatto a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o, che si dete<span class=\"_ _1\"></span>rmina a se<span class=\"_ _1\"></span>guito de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sti e ch<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>tituis<span class=\"_ _1\"></span>cono o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura dal ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io, alla data di chiusura degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.L<span class=\"_ _6\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _0\"></span>tuazione patr<span class=\"_ _0\"></span>imonia<span class=\"_ _0\"></span>le-f<span class=\"_ _1\"></span>inanzia<span class=\"_ _0\"></span>ria \u00e8 ra<span class=\"_ _0\"></span>ppresentato come segue:V<span class=\"_ _0\"></span>endite attese altamente probabiliRiserva di <span class=\"ff78\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff76\"> </span></span>C<span class=\"_ _0\"></span>arrying amount/ variazione di <span class=\"ff78\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff76\"> </span></span>utilizzate per misurar<span class=\"_ _0\"></span>e Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre (In migliaia di Euro)<span class=\"_ _288\"> </span>Importo nozionalel\u2019inefficaciaattivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201dpassivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201d31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _289\"> </span><span class=\"ff74\">287.034 <span class=\"_ _273\"> </span>9.495 <span class=\"_ _273\"> </span>6.595 <span class=\"_ _66\"> </span>(2.685) </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _289\"> </span><span class=\"ff74\">286.031 <span class=\"_ _20d\"> </span>(8.426)<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>299 <span class=\"_ _ed\"> </span>(10.521) </span>Sensitivity AnalysisL<span class=\"_ _6\"></span>\u2019analisi di sensit<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a al f<span class=\"_ _1\"></span>ine di valut<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ata c<span class=\"_ _1\"></span>ondot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a ipo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando v<span class=\"_ _1\"></span>ariaz<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>rcentuali in aume<span class=\"_ _1\"></span>nto e in diminuzion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>e varie di<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>e, prop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zionali alla loro volatilit<span class=\"_ _1\"></span>\u00e0 annua, applic<span class=\"_ _1\"></span>ata a tut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evanti e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>lle valute o<span class=\"_ _1\"></span>riginarie<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, l<span class=\"_ _1\"></span>\u2019analisi ha intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato tut<span class=\"_ _1\"></span>te le valut<span class=\"_ _1\"></span>e e le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti pos<span class=\"_ _1\"></span>te:\u2022 <span class=\"_ _a1\"> </span>s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ui ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio;\u2022 <span class=\"_ _a1\"> </span>cre<span class=\"_ _1\"></span>diti comm<span class=\"_ _1\"></span>erciali e altri cre<span class=\"_ _1\"></span>diti;\u2022 <span class=\"_ _a1\"> </span>de<span class=\"_ _1\"></span>biti co<span class=\"_ _1\"></span>mmerciali e altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _a1\"> </span>dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie a breve e lungo te<span class=\"_ _1\"></span>rmine;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> a b<span class=\"_ _1\"></span>reve e lungo te<span class=\"_ _1\"></span>rmine. Inoltre<span class=\"_ _1\"></span>, la tab<span class=\"_ _1\"></span>ella rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a gli impatt<span class=\"_ _1\"></span>i pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi e l<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve valute e si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce all<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio se<span class=\"_ _1\"></span>condo quanto r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 7 e non con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>ra p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dalla conver<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dei bilanci d<span class=\"_ _1\"></span>elle soci<span class=\"_ _1\"></span>et\u00e0 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tere co<span class=\"_ _1\"></span>n valut<span class=\"_ _1\"></span>a funzi<span class=\"_ _1\"></span>onale dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rati i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>lle valute la cui variaz<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>a un impatto a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico e a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a in valor<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>oluto, sup<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ore a Euro un milione<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>4.029 <span class=\"_ _bc\"> </span>2.119 EUR/JPY<span class=\"_ _1bd\"> </span>10,8%Strumenti non derivati<span class=\"_ _be\"> </span>(51) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>4.566 <span class=\"_ _ab\"> </span>12.855 EUR/USD<span class=\"_ _28a\"> </span>8,1%Strumenti non derivati<span class=\"_ _ac\"> </span>(1.040) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>705 <span class=\"_ _bc\"> </span>1.999 EUR/KRW<span class=\"_ _201\"> </span>8,6%Strumenti non derivati<span class=\"_ _ee\"> </span>(2) <span class=\"_ _f5\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>883 <span class=\"_ _bc\"> </span>2.808 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>6,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(426) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.300 <span class=\"_ _bc\"> </span>1.336 EUR/MXN<span class=\"_ _28b\"> </span>12,5%Strumenti non derivati<span class=\"_ _32\"> </span>(63) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.068 <span class=\"_ _229\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>5,9%Strumenti non derivati<span class=\"_ _128\"> </span><span class=\"ls34 ws139\">(7) <span class=\"_ _229\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _28c\"> </span>10,8%Strumenti non derivati<span class=\"_ _20f\"> </span>1.209 <span class=\"_ _229\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _37\"> </span>13.171 <span class=\"_ _12e\"> </span>21.117 31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ ImpattiRiduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(5.008) <span class=\"_ _12e\"> </span>(2.633) EUR/JPY<span class=\"_ _d5\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _21a\"> </span>62 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(5.371) <span class=\"_ _1fb\"> </span>(15.121) EUR/USD<span class=\"_ _1fc\"> </span>(8,1%)Strumenti non derivati<span class=\"_ _20f\"> </span>1.202 <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(838) <span class=\"_ _12e\"> </span>(2.374) EUR/KRW<span class=\"_ _28c\"> </span>(8,6%)Strumenti non derivati<span class=\"_ _28d\"> </span>2 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.001) <span class=\"_ _12e\"> </span>(3.184) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(6,3%)Strumenti non derivati<span class=\"_ _27\"> </span>478 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.674) <span class=\"_ _12e\"> </span>(1.719) EUR/MXN<span class=\"_ _288\"> </span>(12,5%)Strumenti non derivati<span class=\"_ _21a\"> </span>80 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.328) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(5,9%)Strumenti non derivati<span class=\"_ _28d\"> </span>7 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _274\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _ac\"> </span>(1.209) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(15.598) <span class=\"_ _c5\"> </span>(25.031) 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>3.373 <span class=\"_ _bc\"> </span>2.014 EUR/JPY<span class=\"_ _cd\"> </span>7,0%Strumenti non derivati<span class=\"_ _cf\"> </span>(144) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.669 <span class=\"_ _bc\"> </span>8.826 EUR/USD<span class=\"_ _28a\"> </span>5,6%Strumenti non derivati<span class=\"_ _cf\"> </span>(108) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>605 <span class=\"_ _bc\"> </span>1.653 EUR/KRW<span class=\"_ _201\"> </span>7,6%Strumenti non derivati<span class=\"_ _be\"> </span>(27) Strumenti derivati <span class=\"_ _a4\"> </span>712 <span class=\"_ _bc\"> </span>1.880 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>4,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(124) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.001 <span class=\"_ _bc\"> </span>1.393 EUR/MXN<span class=\"_ _28b\"> </span>11,2%Strumenti non derivati<span class=\"_ _cf\"> </span>(194) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.364 <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>4,4%Strumenti non derivati<span class=\"_ _28d\"> </span>4 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _fc\"> </span>6,5%Strumenti non derivati<span class=\"_ _27\"> </span>751 <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _25c\"> </span>9.882 <span class=\"_ _61\"> </span>15.766 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(3.883) <span class=\"_ _12e\"> </span>(2.318) EUR/JPY<span class=\"_ _73\"> </span>(<span class=\"_ _1\"></span>7,0%)Strumenti non derivati<span class=\"_ _27\"> </span>166 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.986) <span class=\"_ _12e\"> </span>(9.874) EUR/USD<span class=\"_ _1fc\"> </span>(5,6%)Strumenti non derivati<span class=\"_ _27\"> </span>116 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(704) <span class=\"_ _12e\"> </span>(1.924) EUR/KRW<span class=\"_ _28c\"> </span>(7,6%)Strumenti non derivati<span class=\"_ _21a\"> </span>31 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(776) <span class=\"_ _12e\"> </span>(2.048) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(4,3%)Strumenti non derivati<span class=\"_ _27\"> </span>134 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.253) <span class=\"_ _12e\"> </span>(1.744) EUR/MXN<span class=\"_ _288\"> </span>(11,2%)Strumenti non derivati<span class=\"_ _27\"> </span>243 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.488) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(4,4%)Strumenti non derivati<span class=\"_ _ee\"> </span><span class=\"ls36 ws84\">(3)<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _bb\"> </span>(6,5%)Strumenti non derivati<span class=\"_ _cf\"> </span>(751) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(11.154) <span class=\"_ _c5\"> </span>(17.908) Come pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entat<span class=\"_ _1\"></span>o nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sopr<span class=\"_ _1\"></span>a ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a, una varia<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>iva d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio in<span class=\"_ _1\"></span>div<span class=\"_ _1\"></span>iduati (EUR<span class=\"_ _1\"></span>/JPY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/USD, EUR<span class=\"_ _1\"></span>/KRW, E<span class=\"_ _0\"></span>UR<span class=\"_ _1\"></span>/CNY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/MXN EUR<span class=\"_ _2\"></span>/SG<span class=\"_ _1\"></span>D e USD/KRW<span class=\"_ _1\"></span>) avre<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e prod<span class=\"_ _1\"></span>otto un ut<span class=\"_ _1\"></span>ile di Euro 1<span class=\"_ _4\"></span>3.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>71 migliaia al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e un utile di Euro 9.<span class=\"_ _1\"></span>882 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 2021<span class=\"_ _6\"></span>; analog<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, un movime<span class=\"_ _1\"></span>nto ne<span class=\"_ _1\"></span>gativo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio av<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to una pe<span class=\"_ _1\"></span>rdita di Euro 1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>.59<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e una perdit<span class=\"_ _1\"></span>a di Euro 1<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>4 mi<span class=\"ls0 ws0\">-</span>gliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. L<span class=\"_ _6\"></span>\u2019incre<span class=\"_ _1\"></span>mento ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to dagli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati de<span class=\"_ _1\"></span>signati di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura in cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a alle ipot<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate varia<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>ositi<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ato pari a Euro 21<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>7 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e a Euro 1<span class=\"_ _4\"></span>5.7<span class=\"_ _0\"></span>66 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>; la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to in cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>za alle ip<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>egati<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio sar<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>ari a Euro 25.031 migliai<span class=\"_ _0\"></span>a al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e a Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. L<span class=\"_ _6\"></span>\u2019analisi di sens<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, sui risult<span class=\"_ _1\"></span>ati de<span class=\"_ _1\"></span>lla quale incide in manie<span class=\"_ _1\"></span>ra rile<span class=\"_ _1\"></span>vante il valo<span class=\"_ _1\"></span>re della vo<span class=\"_ _1\"></span>latilit\u00e0 di me<span class=\"_ _1\"></span>rcato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a un impat<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>to signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, a seguit<span class=\"_ _1\"></span>o della p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re degli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati des<span class=\"_ _1\"></span>ignati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>, che vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a a Ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w hedge</span> e la cui r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o si avr<span class=\"_ _1\"></span>\u00e0 negli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi, al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetti<span class=\"_ _1\"></span>vo manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>arsi d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _1\"></span>mento o la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne deg<span class=\"_ _1\"></span>li impatti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico e a s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato patrimonial<span class=\"_ _1\"></span>e, in ognuno d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erati, d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>va es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ialmente dall<span class=\"_ _1\"></span>\u2019ef<span class=\"ls0 ws0\">-</span>fett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>an<span class=\"_ _1\"></span>damento d<span class=\"_ _1\"></span>elle singo<span class=\"_ _1\"></span>le valute alle date di r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto e dalla variaz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>lla cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e alle f<span class=\"_ _1\"></span>luttua<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio.Rischio di liquidit\u00e0Il rischio di li<span class=\"_ _1\"></span>quidit\u00e0 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il ris<span class=\"_ _1\"></span>chio che il Gr<span class=\"_ _1\"></span>uppo no<span class=\"_ _1\"></span>n sia in gra<span class=\"_ _1\"></span>do di risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tare l<span class=\"_ _1\"></span>e propri<span class=\"_ _1\"></span>e obblig<span class=\"_ _1\"></span>azioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie a caus<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla diff<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>olt<span class=\"_ _1\"></span>\u00e0 di rep<span class=\"_ _1\"></span>erire fon<span class=\"_ _1\"></span>di a condi<span class=\"_ _1\"></span>zioni di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>orrent<span class=\"_ _1\"></span>i di merc<span class=\"_ _1\"></span>ato (<span class=\"_ _0\"></span><span class=\"ff79 ls3a ws3c\">funding liq<span class=\"_ _1\"></span>uidit<span class=\"_ _1\"></span>y risk<span class=\"ff71 ls4 ws9d\">) o di liquidare </span></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sul me<span class=\"_ _1\"></span>rcato p<span class=\"_ _1\"></span>er rep<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ire le ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span><span class=\"ff79\">a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et liquidit<span class=\"_ _1\"></span>y risk<span class=\"ff71 ls0\">).</span></span>La prima c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a \u00e8 un impatt<span class=\"_ _1\"></span>o neg<span class=\"_ _1\"></span>ativo sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui la So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sia cos<span class=\"_ _1\"></span>tret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nere cos<span class=\"_ _1\"></span>ti addi<span class=\"_ _1\"></span>zionali p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>re ai propr<span class=\"_ _1\"></span>i impe<span class=\"_ _1\"></span>gni.I fatto<span class=\"_ _1\"></span>ri che pr<span class=\"_ _1\"></span>incipalment<span class=\"_ _1\"></span>e influe<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>ano la liquidit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>ono r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati dalle ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate o as<span class=\"_ _1\"></span>sorb<span class=\"_ _1\"></span>ite dalle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>ve e di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto, dalle eventuali dis<span class=\"_ _1\"></span>tribu<span class=\"_ _1\"></span>zioni di div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi, dalle c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche di sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za e di di<span class=\"_ _1\"></span>sponib<span class=\"_ _1\"></span>ilit\u00e0 di rinnovo d<span class=\"_ _1\"></span>el de<span class=\"_ _1\"></span>bito o dalla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e liquidabilit<span class=\"_ _1\"></span>\u00e0 deg<span class=\"_ _1\"></span>li invest<span class=\"_ _1\"></span>imenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>lle ec<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ced<span class=\"_ _1\"></span>enze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>. I fabbis<span class=\"_ _1\"></span>ogni o l<span class=\"_ _1\"></span>e ecc<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nze di liquidit<span class=\"_ _1\"></span>\u00e0 s<span class=\"_ _1\"></span>ono monito<span class=\"_ _1\"></span>rati su ba<span class=\"_ _1\"></span>se gio<span class=\"_ _1\"></span>rnalier<span class=\"_ _1\"></span>a dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o al f<span class=\"_ _1\"></span>ine di garantire un ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace re<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto delle r<span class=\"_ _1\"></span>isor<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie o un ad<span class=\"_ _1\"></span>eguato inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento de<span class=\"_ _1\"></span>lla liquidit<span class=\"_ _1\"></span>\u00e0. La ne<span class=\"_ _1\"></span>goziazion<span class=\"_ _1\"></span>e e la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito vie<span class=\"_ _1\"></span>ne co<span class=\"_ _1\"></span>ordinata dalla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>on lo sc<span class=\"_ _1\"></span>opo di prov<span class=\"_ _2\"></span>ved<span class=\"_ _1\"></span>ere alle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di breve e m<span class=\"_ _1\"></span>edio p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>lle singol<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo crit<span class=\"_ _1\"></span>eri di ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a ed e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omicit<span class=\"_ _1\"></span>\u00e0. Al 31<span class=\"_ _0\"></span> dicembr<span class=\"_ _1\"></span>e 2022, so<span class=\"_ _1\"></span>no in es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere con p<span class=\"_ _1\"></span>i\u00f9 contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i bancar<span class=\"_ _1\"></span>ie linee di cr<span class=\"_ _1\"></span>edito <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d</span>, per c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i Euro 365.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia, interame<span class=\"_ _1\"></span>nte utiliz<span class=\"_ _2\"></span>zabili in una o pi\u00f9 s<span class=\"_ _1\"></span>oluzio<span class=\"_ _1\"></span>ni (<span class=\"ff79 ws3c\">revolving<span class=\"_ _1\"></span></span>). Alla st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa dat<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o inoltre in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere lin<span class=\"_ _1\"></span>ee a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e a revoc<span class=\"_ _1\"></span>a sulla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po e su al<span class=\"_ _1\"></span>cune dell<span class=\"_ _1\"></span>e sue contro<span class=\"_ _1\"></span>llate pe<span class=\"_ _1\"></span>r totali Euro 4<span class=\"_ _1\"></span>47<span class=\"_ _6\"></span>.0<span class=\"_ _1\"></span>58 migliaia. Al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 il Grupp<span class=\"_ _1\"></span>o disp<span class=\"_ _1\"></span>one di line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito non utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span> (<span class=\"_ _0\"></span>nella forma <span class=\"ff79 ws3c\">revo<span class=\"_ _1\"></span>lving</span> o <span class=\"ff79\">term lo<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">) </span></span>per Euro 365.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia e a revo<span class=\"_ _1\"></span>ca p<span class=\"_ _1\"></span>er Euro 4<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>852 migliaia, a fronte di un indeb<span class=\"_ _1\"></span>itam<span class=\"_ _1\"></span>ento lord<span class=\"_ _1\"></span>o di Euro 29.20<span class=\"_ _1\"></span>6 mi<span class=\"ls0 ws0\">-</span>gliaia e una posi<span class=\"_ _1\"></span>zione f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a <span class=\"ff79 lsd ws75\">adjusted</span> creditor<span class=\"_ _1\"></span>ia di Euro 3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.249 migliaia (<span class=\"_ _4\"></span>deb<span class=\"_ _1\"></span>itoria pe<span class=\"_ _1\"></span>r Euro 204.<span class=\"_ _1\"></span>07<span class=\"_ _4\"></span>4 migliaia consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ando anch<span class=\"_ _1\"></span>e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing</span> con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del p<span class=\"_ _1\"></span>rincipio IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6). Le l<span class=\"_ _0\"></span>inee <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span> hanno al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 una dur<span class=\"_ _1\"></span>ata re<span class=\"_ _1\"></span>sidua<span class=\"_ _1\"></span> mas<span class=\"_ _1\"></span>sima di quarantot<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>si e una<span class=\"_ _1\"></span> durata r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dua me<span class=\"_ _1\"></span>dia pon<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ata di ve<span class=\"_ _1\"></span>ntiquat<span class=\"ls0 ws0\">-</span>tro me<span class=\"_ _1\"></span>si. Le line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o e la relati<span class=\"_ _1\"></span>va att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria sono di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite fra i pr<span class=\"_ _1\"></span>incipali is<span class=\"_ _1\"></span>tituti ban<span class=\"_ _1\"></span>cari na<span class=\"_ _1\"></span>zionali e interna<span class=\"_ _1\"></span>zionali. A<span class=\"_ _1\"></span>lla data de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>sente B<span class=\"_ _1\"></span>ilancio l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo mas<span class=\"_ _1\"></span>sim<span class=\"_ _1\"></span>o \u00e8 inferiore a un anno. In ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted </span>attualme<span class=\"_ _1\"></span>nte in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o, sia nella for<span class=\"_ _1\"></span>ma <span class=\"ff79 ws3c\">revolv<span class=\"_ _1\"></span>ing</span> che <span class=\"ff79\">term loan</span>, non r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>ono il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">cov<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ant</span><span class=\"lsc5 wsc0\"> fi<span class=\"ls0 ws0\">-</span></span>nanziari. Fa e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e il contrat<span class=\"_ _1\"></span>to di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to in data 24 luglio 2020 con Intesa S<span class=\"_ _1\"></span>anpaol<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., che pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a un <span class=\"ff79 ls48 wsd1\">cove<span class=\"_ _1\"></span>nant<span class=\"_ _1\"></span></span> f<span class=\"_ _1\"></span>inanziario amp<span class=\"_ _1\"></span>iamente ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2. Per mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si ve<span class=\"_ _1\"></span>da la nota 20 Pres<span class=\"_ _1\"></span>titi e f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti - Limit<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni all<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>lle ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e.\u00c8 semp<span class=\"_ _1\"></span>re st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o stip<span class=\"_ _1\"></span>ulare e mantene<span class=\"_ _1\"></span>re con co<span class=\"_ _1\"></span>ntinuit\u00e0 e co<span class=\"_ _1\"></span>n contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i banc<span class=\"_ _1\"></span>arie dive<span class=\"_ _1\"></span>rsif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cate un ammontare di lin<span class=\"_ _1\"></span>ee di cre<span class=\"_ _1\"></span>dito <span class=\"ff79 ws19\">commit<span class=\"_ _1\"></span>ted</span> r<span class=\"_ _1\"></span>itenuto c<span class=\"_ _1\"></span>ongruo ri<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>etto ai f<span class=\"_ _1\"></span>abbis<span class=\"_ _1\"></span>ogni de<span class=\"_ _1\"></span>lle singol<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 e i<span class=\"_ _1\"></span>done<span class=\"_ _1\"></span>o ad as<span class=\"_ _1\"></span>sicurar<span class=\"_ _1\"></span>e in ogni mom<span class=\"_ _1\"></span>ento la liquidit<span class=\"_ _1\"></span>\u00e0 ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>aria al so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>facime<span class=\"_ _1\"></span>nto e al ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di ogni imp<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no f<span class=\"_ _1\"></span>inanziario del G<span class=\"_ _1\"></span>ruppo, a co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abilite, olt<span class=\"_ _1\"></span>re ad as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are la disp<span class=\"_ _1\"></span>onibilit\u00e0 di un a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uato livell<span class=\"_ _1\"></span>o di elas<span class=\"_ _1\"></span>ticit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r eventuali p<span class=\"_ _1\"></span>rogrammi di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2, la polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a quella di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una par<span class=\"_ _1\"></span>te co<span class=\"_ _1\"></span>nsis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nte delle p<span class=\"_ _1\"></span>roprie e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato in de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pos<span class=\"_ _1\"></span>iti banc<span class=\"_ _1\"></span>ari a breve (<span class=\"ff79 ls45 wsa9\">ti<span class=\"_ _0\"></span>me deposit)<span class=\"_ _4\"></span><span class=\"ff71 ls42 ws12e\">, olt<span class=\"_ _1\"></span>re che p<span class=\"_ _1\"></span>er acc<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>iti <span class=\"ff79 ls47 ws9\">inte<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any<span class=\"_ _0\"></span><span class=\"ff71 ls42 ws12e\">, regolati a co<span class=\"_ _1\"></span>ndizi<span class=\"_ _1\"></span>oni corre<span class=\"_ _1\"></span>nti </span></span></span></span>di merc<span class=\"_ _1\"></span>ato, cos\u00ec da co<span class=\"_ _1\"></span>ntene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>creme<span class=\"_ _1\"></span>nto della p<span class=\"_ _1\"></span>ropria e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitoria ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il sis<span class=\"_ _1\"></span>tema b<span class=\"_ _1\"></span>ancari<span class=\"_ _1\"></span>o e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span> relati<span class=\"_ _1\"></span>vi.Se<span class=\"_ _1\"></span>mpre con l<span class=\"_ _2\"></span>\u2019intento di cont<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>bitoria n<span class=\"_ _1\"></span>ei confro<span class=\"_ _1\"></span>nti del si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2022, il Grupp<span class=\"_ _1\"></span>o ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato rimbo<span class=\"_ _1\"></span>rsi anti<span class=\"_ _1\"></span>cipati pe<span class=\"_ _1\"></span>r tot<span class=\"_ _1\"></span>ali Euro 85 milioni sui principali f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti a m<span class=\"_ _1\"></span>edio lungo te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>. Le ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa so<span class=\"_ _1\"></span>no impie<span class=\"_ _1\"></span>gate con l<span class=\"_ _1\"></span>e banche di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne in op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di <span class=\"ff79 ls45 ws8b\">time deposit</span> a breve o me<span class=\"_ _1\"></span>dio te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine, s<span class=\"_ _1\"></span>olitam<span class=\"_ _1\"></span>ente comp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e tra un g<span class=\"_ _1\"></span>iorno e do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si, che p<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono a rife<span class=\"_ _1\"></span>rimento il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>uribor/libor/SOFR di per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o o il tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rbanc<span class=\"_ _1\"></span>ario sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>o della valut<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto \u00e8 deno<span class=\"_ _1\"></span>minato. Le ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla liquidit<span class=\"_ _1\"></span>\u00e0 vengono re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate con g<span class=\"_ _1\"></span>li obiet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i prio<span class=\"_ _1\"></span>ritar<span class=\"_ _1\"></span>i di rend<span class=\"_ _1\"></span>ere le ri<span class=\"_ _1\"></span>sor<span class=\"ls0 ws0\">-</span>se disp<span class=\"_ _1\"></span>onibili con b<span class=\"_ _1\"></span>reve pre<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iso (nel ca<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze s<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>iori a tre m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i \u00e8 prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attualme<span class=\"_ _1\"></span>nte la pront<span class=\"_ _1\"></span>a liquidabilit<span class=\"_ _1\"></span>\u00e0 sen<span class=\"_ _1\"></span>za p<span class=\"_ _1\"></span>enali) e di neut<span class=\"_ _1\"></span>raliz<span class=\"_ _2\"></span>zare il ris<span class=\"_ _1\"></span>chio di pe<span class=\"_ _1\"></span>rdita di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale ev<span class=\"_ _1\"></span>itan<span class=\"_ _1\"></span>do op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di tip<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>eculati<span class=\"_ _1\"></span>vo. \u00c8 st<span class=\"_ _1\"></span>ato inoltre e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuato un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurativo in p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidab<span class=\"_ _1\"></span>ile, ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato dalla soci<span class=\"_ _1\"></span>et\u00e0 S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. per Euro 10.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia in ott<span class=\"_ _1\"></span>ica di mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rata di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di ave<span class=\"_ _1\"></span>re una ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a e liquidit\u00e0 p<span class=\"_ _1\"></span>i\u00f9 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a li<span class=\"_ _1\"></span>vello di G<span class=\"_ _1\"></span>ruppo, la S<span class=\"_ _1\"></span>al<span class=\"ls0 ws0\">-</span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 inolt<span class=\"_ _1\"></span>re entrat<span class=\"_ _1\"></span>a in un contrat<span class=\"_ _1\"></span>to di <span class=\"ff79 ls8 ws6e\">ca<span class=\"_ _1\"></span>shp<span class=\"_ _1\"></span>ooling<span class=\"_ _1\"></span></span> con alcune s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>ntrollate.Que<span class=\"_ _1\"></span>ste s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>e, che t<span class=\"_ _1\"></span>engono co<span class=\"_ _1\"></span>nto anche de<span class=\"_ _1\"></span>lla preve<span class=\"_ _1\"></span>dibile dinamic<span class=\"_ _1\"></span>a futura de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, insie<span class=\"_ _1\"></span>me ad una te<span class=\"_ _1\"></span>m<span class=\"ls0 ws0\">-</span>pe<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>va at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di rin<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle linee di cr<span class=\"_ _1\"></span>edito, anch<span class=\"_ _1\"></span>e prima de<span class=\"_ _1\"></span>lla loro naturale s<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za, co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>ntono di ri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>durre in maniera s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio in e<span class=\"_ _1\"></span>sam<span class=\"_ _1\"></span>e e di ade<span class=\"_ _1\"></span>guare il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto alle miglior<span class=\"_ _1\"></span>i condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato. Il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente mante<span class=\"_ _1\"></span>nuto l<span class=\"_ _1\"></span>\u2019acces<span class=\"_ _1\"></span>so a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>ampia gamma di fonti di f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to a cos<span class=\"_ _1\"></span>ti comp<span class=\"_ _1\"></span>etit<span class=\"_ _1\"></span>ivi, n<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>tante il qua<span class=\"_ _1\"></span>dro di riferime<span class=\"_ _1\"></span>nto es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rno, nel quale p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mangono rigidit<span class=\"_ _1\"></span>\u00e0 ne<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l credito<span class=\"_ _1\"></span>. Nono<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante l<span class=\"_ _1\"></span>\u2019elevat<span class=\"_ _1\"></span>a cap<span class=\"_ _1\"></span>acit\u00e0 di ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>rrente op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, avere semp<span class=\"_ _1\"></span>re mantenuto la dis<span class=\"_ _1\"></span>ponib<span class=\"_ _1\"></span>ilit\u00e0 di un cong<span class=\"_ _1\"></span>ruo ammont<span class=\"_ _1\"></span>are di line<span class=\"_ _1\"></span>e <span class=\"ff79 ws19\">committe<span class=\"_ _1\"></span>d</span> ha pe<span class=\"_ _1\"></span>rme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di fronte<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>giare co<span class=\"_ _1\"></span>n sicure<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a le fas<span class=\"_ _1\"></span>i di mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>e turbol<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>i merc<span class=\"_ _1\"></span>ati e di eventual<span class=\"_ _1\"></span>e volatilit\u00e0 n<span class=\"_ _1\"></span>ella disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di capit<span class=\"_ _1\"></span>ale di pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tito sul merc<span class=\"_ _1\"></span>ato. Con c<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a men<span class=\"_ _1\"></span>sile v<span class=\"_ _1\"></span>iene mo<span class=\"_ _1\"></span>nitorat<span class=\"_ _1\"></span>a la po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iva di o<span class=\"_ _1\"></span>gni singola s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e quella de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo comp<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o, e confrontat<span class=\"_ _1\"></span>a con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultima prev<span class=\"_ _1\"></span>isio<span class=\"_ _1\"></span>ne di <span class=\"ff79 lsa ws6\">Budget<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">/</span><span class=\"ff79 ws19\">Forec<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span></span>. Il <span class=\"ff79 lsa ws6\">management</span><span class=\"ls0 ws0\"> </span>ritien<span class=\"_ _1\"></span>e che i fondi e l<span class=\"_ _1\"></span>e linee di cre<span class=\"_ _1\"></span>dito at<span class=\"_ _1\"></span>tualmente di<span class=\"_ _1\"></span>sponib<span class=\"_ _1\"></span>ili, con l<span class=\"_ _1\"></span>\u2019aggiunt<span class=\"_ _1\"></span>a dei fon<span class=\"_ _1\"></span>di che si pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e sarann<span class=\"_ _1\"></span>o gene<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rati dall<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 co<span class=\"_ _1\"></span>rrente op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, cons<span class=\"_ _1\"></span>entirann<span class=\"_ _1\"></span>o al Grupp<span class=\"_ _1\"></span>o di fare fronte c<span class=\"_ _1\"></span>on tran<span class=\"_ _1\"></span>quillit\u00e0 al rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>gli utiliz<span class=\"_ _2\"></span>zi dei f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti alla lo<span class=\"_ _1\"></span>ro naturale sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e a so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fare i fab<span class=\"_ _1\"></span>biso<span class=\"_ _1\"></span>gni der<span class=\"_ _1\"></span>ivanti dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 di inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento e di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale circolante op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativo.31 dicembr<span class=\"_ _4\"></span>e 2022(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>165.065 <span class=\"_ _ac\"> </span>8.951 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _97\"> </span>174.016 Debiti verso banche <span class=\"_ _b0\"> </span>29.343 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _fe\"> </span>29.343 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _d7\"> </span>2 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _ee\"> </span>2 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.888 <span class=\"_ _16f\"> </span>86.820 <span class=\"_ _15d\"> </span>356.035 <span class=\"_ _97\"> </span>158.934 <span class=\"_ _15d\"> </span>633.677 Depositi cauzionali<span class=\"_ _290\"> </span>171 <span class=\"_ _d4\"> </span>- <span class=\"_ _27\"> </span>70 <span class=\"_ _cf\"> </span>184 <span class=\"_ _118\"> </span>425 Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _1bd\"> </span>1.179 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>1.179 Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>5.335 <span class=\"_ _a5\"> </span>2.057 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _a5\"> </span>7.392 T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>232.983 <span class=\"_ _6d\"> </span>97.828 <span class=\"_ _13b\"> </span>356.105 <span class=\"_ _173\"> </span>159.118 <span class=\"_ _13b\"> </span>846.034 31 dicembr<span class=\"_ _4\"></span>e 2021(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>178.983<span class=\"_ _bf\"> </span>4.809<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>183.792Debiti verso banche <span class=\"_ _b0\"> </span>64.743<span class=\"_ _b2\"> </span>11.290<span class=\"_ _b2\"> </span>64.458<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>140.491P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.803<span class=\"_ _b2\"> </span>87.483<span class=\"_ _c5\"> </span>347.011<span class=\"_ _c5\"> </span>183.656<span class=\"_ _c5\"> </span>649.953Depositi cauzionali<span class=\"_ _292\"> </span>74<span class=\"_ _293\"> </span>22<span class=\"_ _146\"> </span>184<span class=\"_ _146\"> </span>110<span class=\"_ _146\"> </span>390Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _d3\"> </span>676<span class=\"_ _d4\"> </span>6<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _146\"> </span>682Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>6.359<span class=\"_ _b2\"> </span>10.897<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _b2\"> </span>17.256T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>282.638<span class=\"_ _75\"> </span>114.507<span class=\"_ _25\"> </span>411.653<span class=\"_ _75\"> </span>183.766<span class=\"_ _25\"> </span>992.564L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle po<span class=\"_ _1\"></span>ste di b<span class=\"_ _1\"></span>ilancio rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ative di pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e mos<span class=\"_ _1\"></span>tra s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite, co<span class=\"_ _1\"></span>n quelle di natura c<span class=\"_ _1\"></span>ommercial<span class=\"_ _1\"></span>e conce<span class=\"_ _1\"></span>ntrate ent<span class=\"_ _1\"></span>ro i tre me<span class=\"_ _1\"></span>si. Per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 i valo<span class=\"_ _1\"></span>ri dei d<span class=\"_ _1\"></span>ebiti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o banche hann<span class=\"_ _1\"></span>o una durata r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>idua mas<span class=\"_ _1\"></span>sima infer<span class=\"_ _1\"></span>iore a 3 m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te in bilancio hann<span class=\"_ _1\"></span>o vit<span class=\"_ _1\"></span>a res<span class=\"_ _1\"></span>idua di pi\u00f9 breve t<span class=\"_ _1\"></span>ermine e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>do in pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nza r<span class=\"_ _1\"></span>elative a di<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>spo<span class=\"_ _1\"></span>nibilit\u00e0 liquid<span class=\"_ _1\"></span>e e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.Rischio di cr<span class=\"_ _0\"></span>editoIl rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dal mancato a<span class=\"_ _1\"></span>dempim<span class=\"_ _1\"></span>ento delle o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zioni as<span class=\"_ _1\"></span>sunte dalle c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i, sia comme<span class=\"_ _1\"></span>rciali che f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta una di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>zione al r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito in ba<span class=\"_ _1\"></span>se alla natura de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 che hanno g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rato il cre<span class=\"_ _1\"></span>dito st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al ris<span class=\"_ _1\"></span>chio di credito c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciale del G<span class=\"_ _1\"></span>ruppo \u00e8 r<span class=\"_ _1\"></span>iferibile all<span class=\"_ _1\"></span>e vendite d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinate all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>ingros<span class=\"_ _1\"></span>so, ai cre<span class=\"_ _1\"></span>diti de<span class=\"_ _1\"></span>rivanti dai r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i prove<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nienti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni immobiliari, ch<span class=\"_ _1\"></span>e insiem<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o circa il 28,<span class=\"_ _1\"></span>3 p<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>nto del f<span class=\"_ _1\"></span>atturat<span class=\"_ _1\"></span>o global<span class=\"_ _1\"></span>e: il rimanente g<span class=\"_ _1\"></span>iro d<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>fari \u00e8 rife<span class=\"_ _1\"></span>ribile alle ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ws3c\">retail</span> co<span class=\"_ _1\"></span>n pagame<span class=\"_ _1\"></span>nto in cont<span class=\"_ _1\"></span>anti o me<span class=\"_ _1\"></span>diante car<span class=\"_ _1\"></span>te di cre<span class=\"_ _1\"></span>dito o di debit<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nzialme<span class=\"_ _1\"></span>nte riferib<span class=\"_ _1\"></span>ili alle vendite <span class=\"ff79 ls38 ws8b\">whole<span class=\"_ _1\"></span>sale</span>, hanno gene<span class=\"_ _1\"></span>ralme<span class=\"_ _1\"></span>nte sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za infe<span class=\"_ _1\"></span>riore a 9<span class=\"_ _1\"></span>0 gio<span class=\"_ _1\"></span>rni. Il Grupp<span class=\"_ _1\"></span>o gen<span class=\"_ _1\"></span>eralme<span class=\"_ _1\"></span>nte pri<span class=\"_ _1\"></span>vile<span class=\"_ _1\"></span>gia rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>mmerciali con cli<span class=\"_ _1\"></span>enti con i quali intrattie<span class=\"_ _1\"></span>ne re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni cons<span class=\"_ _1\"></span>olidate ne<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o. \u00c8 polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>porre i clie<span class=\"_ _1\"></span>nti che ric<span class=\"_ _1\"></span>hiedo<span class=\"_ _1\"></span>no con<span class=\"_ _1\"></span>dizioni di pagame<span class=\"_ _1\"></span>nto dilazio<span class=\"_ _1\"></span>nate a proce<span class=\"_ _1\"></span>dure di ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>ulla relativ<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se di cre<span class=\"_ _1\"></span>dito, sia con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto ad informaz<span class=\"_ _1\"></span>ioni otte<span class=\"_ _1\"></span>nibili da agen<span class=\"_ _1\"></span>zie sp<span class=\"_ _1\"></span>ecializ<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>ia dall<span class=\"_ _1\"></span>\u2019osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e analisi dei dati an<span class=\"_ _1\"></span>dament<span class=\"_ _1\"></span>ali dei clie<span class=\"_ _1\"></span>nti di non nuov<span class=\"_ _1\"></span>a acqui<span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ne. In<span class=\"_ _1\"></span>oltre<span class=\"_ _1\"></span>, il saldo d<span class=\"_ _1\"></span>ei cre<span class=\"_ _1\"></span>diti vi<span class=\"_ _1\"></span>ene co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente monit<span class=\"_ _1\"></span>orato ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio, in mo<span class=\"_ _1\"></span>do da as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are temp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 di inter<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nto e da ridurre il ri<span class=\"_ _1\"></span>schio di p<span class=\"_ _1\"></span>erdite<span class=\"_ _1\"></span>. Il fra<span class=\"_ _1\"></span>zioname<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di cr<span class=\"_ _1\"></span>edito t<span class=\"_ _1\"></span>ra una molte<span class=\"_ _1\"></span>plicit<span class=\"_ _1\"></span>\u00e0 di clienti op<span class=\"_ _1\"></span>era a<span class=\"_ _1\"></span>d ulter<span class=\"_ _1\"></span>iore mitiga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>gett<span class=\"_ _1\"></span>o.I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali sono ril<span class=\"_ _1\"></span>evati in bilan<span class=\"_ _1\"></span>cio al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>timat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio di inad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o le informaz<span class=\"_ _1\"></span>ioni disp<span class=\"_ _1\"></span>onibili sulla so<span class=\"_ _1\"></span>lvib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _1\"></span>l cliente<span class=\"_ _1\"></span>, i dati sto<span class=\"_ _1\"></span>rici e le condizioni economi<span class=\"_ _0\"></span>che previsional<span class=\"_ _0\"></span>i. Oltre all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>otte<span class=\"_ _1\"></span>nimento, ove po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ibile, di g<span class=\"_ _1\"></span>aranzi<span class=\"_ _1\"></span>e da par<span class=\"_ _1\"></span>te dei clie<span class=\"_ _1\"></span>nti <span class=\"ff79 ls38 ws8b\">wholesale<span class=\"_ _1\"></span>r</span> o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>adozion<span class=\"_ _1\"></span>e di modalit<span class=\"_ _1\"></span>\u00e0 di pagam<span class=\"_ _1\"></span>ento pi\u00f9 caute<span class=\"_ _1\"></span>lative p<span class=\"_ _1\"></span>er il cre<span class=\"_ _1\"></span>ditore<span class=\"_ _1\"></span>, quali le let<span class=\"_ _1\"></span>tere di cr<span class=\"_ _1\"></span>edito d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>ntario, un altro s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito comm<span class=\"_ _1\"></span>erciale \u00e8 la s<span class=\"_ _1\"></span>tipula di po<span class=\"_ _1\"></span>liz<span class=\"_ _1\"></span>ze a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurative<span class=\"_ _1\"></span>, con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obiet<span class=\"_ _1\"></span>tivo di pre<span class=\"_ _1\"></span>venire il ris<span class=\"_ _1\"></span>chio di manc<span class=\"_ _1\"></span>ato pagame<span class=\"_ _1\"></span>nto attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so una puntuale s<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio clie<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a congiunt<span class=\"_ _1\"></span>amente co<span class=\"_ _1\"></span>n le comp<span class=\"_ _1\"></span>agnie di ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, che si imp<span class=\"_ _1\"></span>egnan<span class=\"_ _1\"></span>o a garantire l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo in c<span class=\"_ _1\"></span>aso di in<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za.In gene<span class=\"_ _1\"></span>rale la S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ritie<span class=\"_ _1\"></span>ne che l<span class=\"_ _1\"></span>e politi<span class=\"_ _1\"></span>che di <span class=\"ff79\">credit risk manage<span class=\"_ _1\"></span>ment</span> ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ate abbiano p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>ontene<span class=\"_ _1\"></span>re entro limiti accet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abili lo sc<span class=\"_ _1\"></span>aduto e l<span class=\"_ _1\"></span>e inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>ze pe<span class=\"_ _1\"></span>r le quali \u00e8 st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ario rico<span class=\"_ _1\"></span>rrere a mis<span class=\"_ _1\"></span>ure leg<span class=\"_ _1\"></span>ali di recup<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Il rischio di cr<span class=\"_ _1\"></span>edito c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>ento, inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto e ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di cambi<span class=\"_ _1\"></span>o \u00e8 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dalla inc<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>emitt<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari a a<span class=\"_ _1\"></span>dempie<span class=\"_ _1\"></span>re alle pro<span class=\"_ _1\"></span>prie obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni contr<span class=\"_ _1\"></span>attuali, co<span class=\"_ _1\"></span>s\u00ec det<span class=\"_ _1\"></span>to ris<span class=\"_ _1\"></span>chio di contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce ques<span class=\"_ _1\"></span>to tipo di risch<span class=\"_ _0\"></span>io selezionando contr<span class=\"_ _0\"></span>oparti con elevato <span class=\"ff79 ls5f ws7\">stan<span class=\"_ _1\"></span>ding</span><span class=\"ls4 wsc1\"> credit<span class=\"_ _1\"></span>izio, co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>rate s<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ibili dal merc<span class=\"_ _1\"></span>ato e con le quali </span>tratt<span class=\"_ _1\"></span>iene o<span class=\"_ _1\"></span>rdinari e continuati<span class=\"_ _1\"></span>vi rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciali e di ser<span class=\"_ _2\"></span>vizio b<span class=\"_ _1\"></span>ancari, e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ando la valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span>nominaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne della li<span class=\"_ _1\"></span>quidit\u00e0 in e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o. Con tut<span class=\"_ _1\"></span>te le co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 in de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>goziati e stipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i quadro se<span class=\"_ _1\"></span>condo g<span class=\"_ _1\"></span>li <span class=\"ff79 ws3c\">standard</span><span class=\"ls5 wsc\"> inter<span class=\"_ _1\"></span>nazi<span class=\"_ _1\"></span>onali (ISDA <span class=\"ff79 ls2e ws8\">Master<span class=\"_ _0\"></span> Agreemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws0\">), al fin<span class=\"_ _1\"></span>e di regolare l<span class=\"_ _1\"></span>e varie fat<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie. </span></span></span>Il rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>iguardante le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po che co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi equiv<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>i, atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato e al<span class=\"_ _1\"></span>cuni str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un ris<span class=\"_ _1\"></span>chio pari al v<span class=\"_ _1\"></span>alore contab<span class=\"_ _1\"></span>ile di ques<span class=\"_ _1\"></span>te at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 in c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di insol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>lla controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te.31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _73\"> </span>31 dicembre 2021Quota Quota Quota Quota (In migliaia di Euro)cor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>renteCr<span class=\"_ _0\"></span>editi e finanziamentiCr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _294\"> </span>94.490 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>112.670 <span class=\"_ _267\"> </span>- Cr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _f2\"> </span>15.576 <span class=\"_ _26d\"> </span>- <span class=\"_ _171\"> </span>12.359 <span class=\"_ _267\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _28c\"> </span>391.354 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>511.796 <span class=\"_ _267\"> </span>- Depositi cauzionali<span class=\"_ _df\"> </span>- <span class=\"_ _65\"> </span>15.570 <span class=\"_ _295\"> </span>- <span class=\"_ _153\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _dc\"> </span>9.999 <span class=\"_ _26d\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- Derivati<span class=\"_ _22\"> </span>7.507 <span class=\"_ _26d\"> </span>- <span class=\"_ _141\"> </span>922 <span class=\"_ _273\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>518.926 <span class=\"_ _146\"> </span>15.570 <span class=\"_ _e2\"> </span>637.747 <span class=\"_ _27\"> </span>15.659 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra co<span class=\"_ _1\"></span>me l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di cre<span class=\"_ _1\"></span>dito, sia comme<span class=\"_ _1\"></span>rciale che di co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, \u00e8 rappre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ata dal v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entati<span class=\"_ _1\"></span>ve di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>, quasi e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, limit<span class=\"_ _1\"></span>ata alla quot<span class=\"_ _1\"></span>a cor<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>. La quot<span class=\"_ _1\"></span>a non co<span class=\"_ _1\"></span>rrente \u00e8 inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"ls0 ws0\">-</span>tat<span class=\"_ _1\"></span>a dalla voce \u2018<span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti c<span class=\"_ _1\"></span>auzionali<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>, che r<span class=\"_ _1\"></span>icompre<span class=\"_ _1\"></span>nde in ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ima par<span class=\"_ _1\"></span>te i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti in cont<span class=\"_ _1\"></span>anti ver<span class=\"_ _1\"></span>sati da var<span class=\"_ _1\"></span>ie so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 a fronte de<span class=\"_ _1\"></span>i contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di imm<span class=\"_ _1\"></span>obili, qui es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al valore n<span class=\"_ _1\"></span>ominale<span class=\"_ _1\"></span>. (In migliaia di Euro)<span class=\"_ _296\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _20d\"> </span>%<span class=\"_ _16b\"> </span>31 dicembre 2021<span class=\"_ _20b\"> </span>%Italia<span class=\"_ _10\"> </span>15.043 <span class=\"_ _27\"> </span>15,9% <span class=\"_ _171\"> </span>22.336 <span class=\"_ _79\"> </span>19,8% Eur<span class=\"_ _0\"></span>opa<span class=\"_ _5c\"> </span>10.287 <span class=\"_ _27\"> </span>10,9% <span class=\"_ _171\"> </span>12.804 <span class=\"_ _79\"> </span>11,4% Nord-Americ<span class=\"_ _0\"></span>a<span class=\"_ _23e\"> </span>19.143 <span class=\"_ _27\"> </span>20,3% <span class=\"_ _171\"> </span>15.544 <span class=\"_ _79\"> </span>13,8% Giappone<span class=\"_ _12d\"> </span>6.778 <span class=\"_ _21a\"> </span>7,2% <span class=\"_ _1f7\"> </span>7.622 <span class=\"_ _27e\"> </span>6,8% Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _e7\"> </span>35.074 <span class=\"_ _32\"> </span>37,1% <span class=\"_ _27e\"> </span>47.718 <span class=\"_ _79\"> </span>42,3% C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _c3\"> </span>8.165 <span class=\"_ _ee\"> </span>8,6% <span class=\"_ _1f7\"> </span>6.646 <span class=\"_ _27e\"> </span>5,9% T<span class=\"_ _4\"></span>otale<span class=\"_ _15e\"> </span>94.490 <span class=\"_ _101\"> </span>100,0% <span class=\"_ _e2\"> </span>112.670 <span class=\"_ _f3\"> </span>100,0% La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra la con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito co<span class=\"_ _1\"></span>mmerciale p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nei due esercizi considerati.Cr<span class=\"_ _0\"></span>editi non Cr<span class=\"_ _0\"></span>editi scaduti ma non sv<span class=\"_ _0\"></span>alutatiscaduti e non (In migliaia di Euro)svalutatiT<span class=\"_ _4\"></span>otale<span class=\"_ _297\"></span>&lt;30 gg<span class=\"_ _77\"> </span>30-60 gg<span class=\"_ _1c5\"> </span>60-90 gg<span class=\"_ _d0\"> </span>90-120 gg<span class=\"_ _7f\"> </span>&gt;120 gg31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _78\"> </span>82.535 <span class=\"_ _b4\"> </span>7.223 <span class=\"_ _b5\"> </span>2.211 <span class=\"_ _b5\"> </span>1.082 <span class=\"_ _ac\"> </span>423 <span class=\"_ _b4\"> </span>1.016 <span class=\"_ _209\"> </span><span class=\"ff76\">94.490 </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _6b\"> </span>105.456 <span class=\"_ _b5\"> </span>4.204 <span class=\"_ _b4\"> </span>1.091 <span class=\"_ _ac\"> </span>560 <span class=\"_ _eb\"> </span>74 <span class=\"_ _b5\"> </span>1.285 <span class=\"_ _1d2\"> </span><span class=\"ff76\">112.670 </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _27\"> </span>87,3% <span class=\"_ _16f\"> </span>7,7% <span class=\"_ _fe\"> </span>2,3% <span class=\"_ _fe\"> </span>1,1% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _27\"> </span>93,6% <span class=\"_ _16f\"> </span>3,7% <span class=\"_ _fe\"> </span>1,0% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _fe\"> </span>0,1% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>i credit<span class=\"_ _1\"></span>i sc<span class=\"_ _1\"></span>aduti e no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dei tre<span class=\"_ _1\"></span>nta giorni p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chius<span class=\"_ _1\"></span>i al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>.La con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e vendite ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o i princip<span class=\"_ _1\"></span>ali clienti \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante; pe<span class=\"_ _1\"></span>r la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione delle ve<span class=\"_ _1\"></span>ndite p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>i rinvia a quanto e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>appos<span class=\"_ _1\"></span>ito parag<span class=\"_ _1\"></span>rafo:C<span class=\"_ _0\"></span>oncentr<span class=\"_ _0\"></span>azione del rischio di merc<span class=\"_ _0\"></span>ato<span class=\"_ _104\"> </span>2022 <span class=\"_ _1a7\"> </span>2021 P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on il maggior cliente<span class=\"_ _85\"> </span>1,9% <span class=\"_ _1b4\"> </span>1,7% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 3 maggiori clienti<span class=\"_ _139\"> </span>4,7% <span class=\"_ _1b4\"> </span>4,9% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 10 maggiori clienti<span class=\"_ _298\"> </span>10,7% <span class=\"_ _299\"> </span>12,0% Gestione del capit<span class=\"_ _0\"></span>aleL<span class=\"_ _6\"></span>\u2019obietti<span class=\"_ _1\"></span>vo primario d<span class=\"_ _1\"></span>ella ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 garant<span class=\"_ _1\"></span>ire che sia mantenut<span class=\"_ _1\"></span>o un solid<span class=\"_ _1\"></span>o <span class=\"ff79 ls5d ws9f\">rat<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _2\"></span></span><span class=\"ls2c ws9d\">cre<span class=\"_ _1\"></span>ditizio </span>e ade<span class=\"_ _1\"></span>guati live<span class=\"_ _1\"></span>lli degli in<span class=\"_ _1\"></span>dicator<span class=\"_ _1\"></span>i di capit<span class=\"_ _1\"></span>ale in mo<span class=\"_ _1\"></span>do da sup<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e ma<span class=\"_ _1\"></span>ssimi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are il valore p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li azioni<span class=\"_ _1\"></span>sti. Il Grupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce la st<span class=\"_ _1\"></span>rutt<span class=\"_ _1\"></span>ura del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale e la mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica in f<span class=\"_ _1\"></span>unzion<span class=\"_ _1\"></span>e di variaz<span class=\"_ _1\"></span>ioni ne<span class=\"_ _1\"></span>lle condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche. Pe<span class=\"_ _1\"></span>r mantene<span class=\"_ _1\"></span>re o ade<span class=\"_ _1\"></span>guare la s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o pu\u00f2 ad<span class=\"_ _1\"></span>eguare i di<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>endi p<span class=\"_ _1\"></span>agati agli a<span class=\"_ _1\"></span>zionis<span class=\"_ _1\"></span>ti, rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>are il capit<span class=\"_ _1\"></span>ale o e<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere nuove a<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span>. Nes<span class=\"_ _1\"></span>suna v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne \u00e8 st<span class=\"_ _1\"></span>ata ap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ag<span class=\"_ _1\"></span>li obiet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i, alle po<span class=\"_ _1\"></span>litiche o alle p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>dure durante gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Allo s<span class=\"_ _1\"></span>copo di c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>guire que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>to obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo, la ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo mir<span class=\"_ _1\"></span>a, tra le alt<span class=\"_ _1\"></span>re cos<span class=\"_ _1\"></span>e, ad a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurare che siano ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tati i <span class=\"ff79 ls65 ws106\">c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>nant<span class=\"_ _2\"></span>s</span>, le<span class=\"_ _1\"></span>gati ai de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari ver<span class=\"_ _1\"></span>so banc<span class=\"_ _1\"></span>he, che d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inisc<span class=\"_ _1\"></span>ono i re<span class=\"_ _1\"></span>quisiti di s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura patr<span class=\"_ _1\"></span>imoniale. Il Grupp<span class=\"_ _1\"></span>o include ne<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>bito net<span class=\"_ _1\"></span>to, f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti one<span class=\"_ _1\"></span>rosi, p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, altri de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari, debit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ciali ed altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i, al net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e dispo<span class=\"_ _1\"></span>nibilit\u00e0 liqui<span class=\"_ _1\"></span>de e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.Nella vo<span class=\"_ _1\"></span>ce altri de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari son<span class=\"_ _1\"></span>o inclusi la v<span class=\"_ _1\"></span>alori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e deg<span class=\"_ _1\"></span>li accordi di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>o di quote di minoran<span class=\"_ _1\"></span>za (vedas<span class=\"_ _1\"></span>i nota 4<span class=\"_ _0\"></span>1 Accordi di <span class=\"ff79 ls66 ws127\">Put<span class=\"_ _1\"></span></span> e <span class=\"ff79 ws3c\">Call</span> su Intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nze di Minor<span class=\"_ _1\"></span>anza), sebb<span class=\"_ _1\"></span>ene di va<span class=\"_ _1\"></span>lore pari a ze<span class=\"_ _1\"></span>ro al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1.<span class=\"_ _0\"></span> Nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla non ve<span class=\"_ _1\"></span>ngono inclus<span class=\"_ _1\"></span>i i valori e<span class=\"_ _1\"></span>d i re<span class=\"_ _1\"></span>lativi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti dai d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati utiliz<span class=\"_ _2\"></span>zati p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l rischio di cambio.(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 2021Finanziamenti onerosi<span class=\"_ _148\"> </span>29.264 <span class=\"_ _79\"> </span>139.120 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _29a\"> </span></span>575.323 <span class=\"_ _79\"> </span>597.242 Altri debiti finanziari<span class=\"_ _29b\"> </span>- <span class=\"_ _295\"> </span>- Debiti commer<span class=\"_ _0\"></span>ciali ed altri debiti (al netto degli Strumenti derivati di copertur<span class=\"_ _4\"></span>a)<span class=\"_ _dd\"> </span>245.665 <span class=\"_ _79\"> </span>227.515 Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _145\"> </span>391.354 <span class=\"_ _79\"> </span>511.796 Debito netto<span class=\"_ _29c\"> </span>458.898 <span class=\"_ _1cf\"> </span>452.081 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto di Gruppo (al netto della Riserva di <span class=\"ff77\">cash flow hedge</span>)<span class=\"_ _277\"> </span>744.594 <span class=\"_ _128\"> </span>770.717 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto di terzi<span class=\"_ _29d\"> </span>23.599 <span class=\"_ _171\"> </span>21.566 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto (al netto della Riserva di <span class=\"ff78\">cash flow hedge</span>)<span class=\"_ _29e\"> </span>768.193 <span class=\"_ _1cf\"> </span>792.283 Capitale e debito netto<span class=\"_ _3b\"> </span>1.227.091 <span class=\"_ _1ad\"> </span>1.244.364 Debito netto/P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto<span class=\"_ _29f\"> </span>59,7% <span class=\"_ _229\"> </span>57,1%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__90": {
   "value": "Rischio di cambioL<span class=\"_ _6\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one al ris<span class=\"_ _1\"></span>chio di varia<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019operati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in valute di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dalla valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nominaz<span class=\"_ _1\"></span>ione di conto. In p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare<span class=\"_ _1\"></span>, \u00e8 po<span class=\"_ _1\"></span>ssib<span class=\"_ _1\"></span>ile clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>are il rischio di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>ulla base d<span class=\"_ _1\"></span>ella natura de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one e degli impa<span class=\"_ _0\"></span>tti che determina<span class=\"_ _4\"></span>: \u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>sul risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>co, per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o della dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 di c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i e ric<span class=\"_ _1\"></span>avi in valut<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to al mom<span class=\"_ _1\"></span>ento in cui sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate def<span class=\"_ _1\"></span>inite le c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo (rischio ec<span class=\"_ _1\"></span>onomico) e per ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne di cre<span class=\"_ _1\"></span>diti e deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali o f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari den<span class=\"_ _1\"></span>ominati in v<span class=\"_ _1\"></span>aluta (rischio tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>atti<span class=\"_ _1\"></span>vo<span class=\"_ _0\"></span>); \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>sul bilancio co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidato, risult<span class=\"_ _1\"></span>ato ec<span class=\"_ _1\"></span>onomico e p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, p<span class=\"_ _1\"></span>er ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla conve<span class=\"_ _1\"></span>rsio<span class=\"_ _1\"></span>ne di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di azie<span class=\"_ _1\"></span>nde che r<span class=\"_ _1\"></span>edigon<span class=\"_ _1\"></span>o il bilancio con m<span class=\"_ _1\"></span>onet<span class=\"_ _1\"></span>a di den<span class=\"_ _1\"></span>ominazio<span class=\"_ _1\"></span>ne dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a da quella fun<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo (rischio traslativo<span class=\"_ _4\"></span>).Il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra a live<span class=\"_ _1\"></span>llo inter<span class=\"_ _1\"></span>nazional<span class=\"_ _1\"></span>e ed \u00e8 quindi e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to ai ris<span class=\"_ _1\"></span>chi deri<span class=\"_ _1\"></span>vanti dalle f<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>tuazi<span class=\"_ _1\"></span>oni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio, che hanno rif<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>si s<span class=\"_ _1\"></span>ul risult<span class=\"_ _1\"></span>ato ec<span class=\"_ _1\"></span>onomico e s<span class=\"_ _1\"></span>ul valore d<span class=\"_ _1\"></span>el patr<span class=\"_ _1\"></span>imonio net<span class=\"_ _1\"></span>to.La valut<span class=\"_ _1\"></span>a fun<span class=\"_ _1\"></span>zionale e di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei dati f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Per le so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 la cui divi<span class=\"_ _1\"></span>sa di rap<span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Bilancio \u00e8 dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dalla valut<span class=\"_ _1\"></span>a funz<span class=\"_ _1\"></span>ionale de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto det<span class=\"_ _1\"></span>tato<span class=\"_ _1\"></span> dai princip<span class=\"_ _1\"></span>i IFRS:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>i conti ec<span class=\"_ _1\"></span>onomici ve<span class=\"_ _1\"></span>ngono conve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>titi in Euro al camb<span class=\"_ _1\"></span>io me<span class=\"_ _1\"></span>dio di per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o; a parit\u00e0 di ric<span class=\"_ _1\"></span>avi e marg<span class=\"_ _1\"></span>ini in divi<span class=\"_ _1\"></span>sa lo<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, variaz<span class=\"_ _1\"></span>ioni dei r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti di cambi<span class=\"_ _1\"></span>o pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no comp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i sul controv<span class=\"_ _1\"></span>alore in Euro dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i, dei co<span class=\"_ _1\"></span>sti e d<span class=\"_ _1\"></span>ei risul<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tati economici<span class=\"_ _4\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _3\"></span>attiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 ve<span class=\"_ _1\"></span>ngono co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>tite in Euro al c<span class=\"_ _1\"></span>ambio di f<span class=\"_ _1\"></span>ine pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>o pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no as<span class=\"_ _1\"></span>sume<span class=\"_ _1\"></span>re controval<span class=\"_ _1\"></span>ori diver<span class=\"_ _1\"></span>si in co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della f<span class=\"_ _1\"></span>lutt<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne dei c<span class=\"_ _1\"></span>ambi. T<span class=\"_ _4\"></span>ale v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to a patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to, dove \u00e8 ricla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span><span class=\"ls0\">-</span>cat<span class=\"_ _1\"></span>a nella vo<span class=\"_ _1\"></span>ce \u2018R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a di conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>, e vien<span class=\"_ _1\"></span>e rilev<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico comp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo. Oltre ag<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>oluti, anch<span class=\"_ _1\"></span>e gli indici di bilancio p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no variare<span class=\"_ _1\"></span>, se le pro<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ni tra utile<span class=\"_ _1\"></span>, att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0, ind<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>to e patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>lle varie v<span class=\"_ _1\"></span>alute camb<span class=\"_ _1\"></span>iano per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o delle v<span class=\"_ _1\"></span>ariazi<span class=\"_ _1\"></span>oni nei r<span class=\"_ _1\"></span>appor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i di cambio.Non \u00e8 p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>oprir<span class=\"_ _1\"></span>si a fronte d<span class=\"_ _1\"></span>ella prop<span class=\"_ _1\"></span>ria es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al risc<span class=\"_ _1\"></span>hio di cambio t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>lativo. Obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo della p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 la minimiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei r<span class=\"_ _1\"></span>ischi di c<span class=\"_ _1\"></span>ambio e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o e tran<span class=\"ls0 ws0\">-</span>sat<span class=\"_ _1\"></span>tivo, cio\u00e8 d<span class=\"_ _1\"></span>ei ris<span class=\"_ _1\"></span>chi der<span class=\"_ _1\"></span>ivanti dalla p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 che le parit<span class=\"_ _1\"></span>\u00e0 valut<span class=\"_ _1\"></span>arie s<span class=\"_ _1\"></span>i modif<span class=\"_ _1\"></span>ichin<span class=\"_ _1\"></span>o in sen<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>favorevol<span class=\"_ _1\"></span>e nel p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo intercorr<span class=\"_ _1\"></span>ente tr<span class=\"_ _1\"></span>a il mome<span class=\"_ _1\"></span>nto in cui sor<span class=\"_ _1\"></span>ge la prev<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>e di un impe<span class=\"_ _1\"></span>gno a pagar<span class=\"_ _1\"></span>e o di un diritto a in<span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>sar<span class=\"_ _1\"></span>e divi<span class=\"_ _1\"></span>sa dive<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sa dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro pe<span class=\"_ _1\"></span>r una data f<span class=\"_ _1\"></span>utura (defini<span class=\"_ _1\"></span>zione <span class=\"ff79 ls47 ws9\">b<span class=\"_ _1\"></span>udget</span><span class=\"lsb ws85\">, fiss<span class=\"_ _1\"></span>azione del listino<span class=\"_ _0\"></span>, predisposizione ordine<span class=\"_ _4\"></span>), la<span class=\"_ _0\"></span> registrazione del </span>docume<span class=\"_ _1\"></span>nto cont<span class=\"_ _1\"></span>abile (fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne) e il momento in cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>incas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o o il pagame<span class=\"_ _1\"></span>nto ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente s<span class=\"_ _1\"></span>i manifes<span class=\"_ _1\"></span>ta, ge<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>neran<span class=\"_ _1\"></span>do un ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to in te<span class=\"_ _1\"></span>rmini di dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze cambi<span class=\"_ _1\"></span>o, con impatt<span class=\"_ _1\"></span>o a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o. In continuit<span class=\"_ _1\"></span>\u00e0 con la po<span class=\"_ _1\"></span>litic<span class=\"_ _1\"></span>a di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio adot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>gli ultimi anni, il Grup<span class=\"_ _1\"></span>po ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>sce il ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio der<span class=\"_ _1\"></span>ivante dalla pro<span class=\"_ _1\"></span>pria atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 comme<span class=\"_ _1\"></span>rciale, co<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte a quanto disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to dalla <span class=\"ff79 ws3c\">Policy <span class=\"_ _1\"></span></span>di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio e dagli obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi di ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>dicam<span class=\"_ _1\"></span>ente def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>i a livell<span class=\"_ _1\"></span>o central<span class=\"_ _1\"></span>e, att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so la c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>matica de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si com<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>merciali de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle vendit<span class=\"_ _1\"></span>e prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e in divi<span class=\"_ _1\"></span>se dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro, con l<span class=\"_ _1\"></span>\u2019obiett<span class=\"_ _1\"></span>ivo di mitigar<span class=\"_ _1\"></span>e il rischio di v<span class=\"_ _1\"></span>ariabilit<span class=\"_ _1\"></span>\u00e0 del margine at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>so, der<span class=\"_ _1\"></span>ivante dall<span class=\"_ _1\"></span>e vendite re<span class=\"_ _1\"></span>lative all<span class=\"_ _1\"></span>e future coll<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ioni. Il Grupp<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>ra in misur<span class=\"_ _1\"></span>a signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa s<span class=\"_ _1\"></span>ui merc<span class=\"_ _1\"></span>ati interna<span class=\"_ _1\"></span>zionali anch<span class=\"_ _1\"></span>e attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 comm<span class=\"_ _1\"></span>erciali loc<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zate in pae<span class=\"_ _1\"></span>si che utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>o valute di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro, principalm<span class=\"_ _1\"></span>ente Do<span class=\"_ _1\"></span>llaro ameri<span class=\"_ _1\"></span>cano e Re<span class=\"_ _1\"></span>nmimbi cine<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>. Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 31 dicembre 2022 le p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuali di ricav<span class=\"_ _1\"></span>i net<span class=\"_ _1\"></span>ti della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 de<span class=\"_ _1\"></span>nominati in D<span class=\"_ _1\"></span>ollari ame<span class=\"_ _1\"></span>ricani s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate p<span class=\"_ _1\"></span>ari a circa il 4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span>, in Renmimbi cine<span class=\"_ _1\"></span>si a circ<span class=\"_ _1\"></span>a il 1<span class=\"_ _0\"></span>0%<span class=\"_ _1\"></span>, in Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giappo<span class=\"_ _1\"></span>nes<span class=\"_ _1\"></span>e a circa il 6%<span class=\"_ _1\"></span>, in Won sud<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ani a circa il 5% e in Peso m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ani a circa il 4%<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio chius<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>, la perc<span class=\"_ _1\"></span>entuale de<span class=\"_ _1\"></span>i ric<span class=\"_ _1\"></span>avi net<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati dalla So<span class=\"_ _1\"></span>ciet\u00e0 in D<span class=\"_ _1\"></span>ollari ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ani era s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a pari a circ<span class=\"_ _1\"></span>a il 35% dei ricavi n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i, in Renmimbi cine<span class=\"_ _1\"></span>se a circ<span class=\"_ _1\"></span>a il 1<span class=\"_ _4\"></span>4%<span class=\"_ _1\"></span>, in Won sud-<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>oreani a circ<span class=\"_ _1\"></span>a il 6%<span class=\"_ _1\"></span>, in Y<span class=\"_ _4\"></span>en giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>si a circ<span class=\"_ _1\"></span>a il 5%, e in Pes<span class=\"_ _1\"></span>o me<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>cani a circa il 4%<span class=\"_ _1\"></span>. I r<span class=\"_ _1\"></span>ischi di valut<span class=\"_ _1\"></span>a or<span class=\"_ _1\"></span>iginano principalme<span class=\"_ _1\"></span>nte dalle e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani, Renminbi cin<span class=\"_ _1\"></span>esi, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>si, Won sud-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ani e Peso m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ani.In un proce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so di rice<span class=\"_ _1\"></span>rca di s<span class=\"_ _1\"></span>empre mag<span class=\"_ _2\"></span>giore ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>icie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di un pi\u00f9 puntuale pre<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dio dei ri<span class=\"_ _1\"></span>schi, e anche a s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito dell<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lle par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipaz<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nelle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 dis<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>utive op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>anti nei me<span class=\"_ _1\"></span>rcati s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gici d<span class=\"_ _1\"></span>el <span class=\"ff79\">Far East</span><span class=\"ls0 ws0\">, </span>la ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>ambio \u00e8 acce<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>a pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o. I tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>imenti o<span class=\"_ _1\"></span>neros<span class=\"_ _1\"></span>i di merce a<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet\u00e0 c<span class=\"_ _1\"></span>on<span class=\"ls0 ws0\">-</span>trollate vengo<span class=\"_ _1\"></span>no rego<span class=\"_ _1\"></span>lati dirett<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano e vend<span class=\"_ _1\"></span>ono. In re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne al propr<span class=\"_ _1\"></span>io mod<span class=\"_ _1\"></span>el<span class=\"ls0 ws0\">-</span>lo di <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span></span>, il Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>iene una par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti in Euro (<span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi alla pro<span class=\"_ _1\"></span>duzi<span class=\"_ _1\"></span>one e alla ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura <span class=\"ff79 ls2c ws9d\">Corporate<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws94\">) m<span class=\"_ _1\"></span>entre i ric<span class=\"_ _1\"></span>avi e i co<span class=\"_ _1\"></span>sti r<span class=\"_ _1\"></span>egis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>i dalle so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si prev<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nte </span></span>nelle v<span class=\"_ _1\"></span>alute lo<span class=\"_ _1\"></span>cali de<span class=\"_ _1\"></span>i risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i merc<span class=\"_ _1\"></span>ati di riferim<span class=\"_ _1\"></span>ento. In par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare, il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o \u00e8 esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to alle var<span class=\"_ _1\"></span>iazioni d<span class=\"_ _1\"></span>el rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to di cambio d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>l Dollaro am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ano, in rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ia alle vendit<span class=\"_ _1\"></span>e in Dollari e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ttuate s<span class=\"_ _1\"></span>ul merc<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>to nordame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, sia ancor<span class=\"_ _1\"></span>a su un circos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o numero di me<span class=\"_ _1\"></span>rcati, p<span class=\"_ _1\"></span>reval<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente as<span class=\"_ _1\"></span>iatici. In que<span class=\"_ _1\"></span>sto co<span class=\"_ _1\"></span>ntes<span class=\"_ _1\"></span>to, il Grupp<span class=\"_ _1\"></span>o \u00e8 es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to alla var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio dell<span class=\"_ _1\"></span>e valute in cui s<span class=\"_ _1\"></span>ono de<span class=\"_ _1\"></span>nominate le ve<span class=\"_ _1\"></span>ndite, ch<span class=\"_ _1\"></span>e si tra<span class=\"_ _1\"></span>duce ne<span class=\"_ _1\"></span>l rischio ch<span class=\"_ _1\"></span>e il controval<span class=\"_ _1\"></span>ore in Euro dei ric<span class=\"_ _1\"></span>avi d<span class=\"_ _1\"></span>eterminato al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019inca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o non sia suf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>ente a cop<span class=\"_ _1\"></span>rire i cos<span class=\"_ _1\"></span>ti di produ<span class=\"_ _1\"></span>zione o c<span class=\"_ _1\"></span>omunque a co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guire il marg<span class=\"_ _1\"></span>ine obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo. T<span class=\"_ _4\"></span>ale ris<span class=\"_ _1\"></span>chio \u00e8 acce<span class=\"_ _1\"></span>ntuato per il r<span class=\"_ _1\"></span>ilevante inte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>allo tem<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>ale che interc<span class=\"_ _1\"></span>orre tr<span class=\"_ _1\"></span>a il mome<span class=\"_ _1\"></span>nto in cui vengono f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ati i pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di una colle<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne ed il m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto in cui i ricav<span class=\"_ _1\"></span>i vengono c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>i in Euro, che si es<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>ino a diciot<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>si.La Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>uppo (in quanto so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 di produ<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) stip<span class=\"_ _1\"></span>ula contrat<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita a te<span class=\"_ _1\"></span>rmine di valut<span class=\"_ _1\"></span>a op<span class=\"_ _1\"></span>pure opzioni, at<span class=\"_ _1\"></span>ti a def<span class=\"_ _1\"></span>inire anticipat<span class=\"_ _1\"></span>amente il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, o un range pre<span class=\"_ _1\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o di tas<span class=\"_ _1\"></span>si di co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, a date future co<span class=\"_ _1\"></span>n un oriz<span class=\"_ _2\"></span>zonte temp<span class=\"_ _1\"></span>orale ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>imo atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di 2<span class=\"_ _0\"></span>4 mesi<span class=\"_ _1\"></span>. Si nota ch<span class=\"_ _1\"></span>e neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ame, il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to il ris<span class=\"_ _1\"></span>chio di cambio qua<span class=\"_ _1\"></span>si es<span class=\"_ _1\"></span>clusi<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte con ve<span class=\"_ _1\"></span>ndite di valut<span class=\"_ _1\"></span>a a te<span class=\"_ _1\"></span>rmine tr<span class=\"_ _1\"></span>amite contrat<span class=\"_ _1\"></span>ti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">. </span></span>A tale f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e, in fun<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato, vengo<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ipulate, prima d<span class=\"_ _1\"></span>ella def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei li<span class=\"ls0 ws0\">-</span>stini di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a, e comunque n<span class=\"_ _1\"></span>on oltre l<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>ella camp<span class=\"_ _1\"></span>agna vendit<span class=\"_ _1\"></span>e, cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture p<span class=\"_ _1\"></span>er un amm<span class=\"_ _1\"></span>ontare ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra il 50<span class=\"_ _1\"></span>% e il 9<span class=\"_ _1\"></span>0% d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sioni di ven<span class=\"_ _1\"></span>dite in valut<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>rcentual<span class=\"_ _1\"></span>e calco<span class=\"_ _1\"></span>lata sull<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa e no<span class=\"_ _1\"></span>n sulla singola v<span class=\"_ _1\"></span>aluta e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>. Nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo alla f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el lis<span class=\"_ _1\"></span>tino, l<span class=\"_ _1\"></span>\u2019ammontare de<span class=\"_ _1\"></span>lle cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne integ<span class=\"_ _1\"></span>rato in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli ordini ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente a<span class=\"_ _1\"></span>cquisit<span class=\"_ _1\"></span>i e mes<span class=\"_ _1\"></span>si in pro<span class=\"_ _1\"></span>duz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. In tal mo<span class=\"_ _1\"></span>do la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ricon<span class=\"_ _1\"></span>duce il ris<span class=\"_ _1\"></span>chio comme<span class=\"_ _1\"></span>rciale al so<span class=\"_ _1\"></span>lo ris<span class=\"_ _1\"></span>chio deri<span class=\"_ _1\"></span>vante dai volumi di ve<span class=\"_ _1\"></span>ndita e n<span class=\"_ _1\"></span>on anche a que<span class=\"_ _1\"></span>llo der<span class=\"_ _1\"></span>ivante dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio.All<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>opra d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>a, si ag<span class=\"_ _2\"></span>giunge quella re<span class=\"_ _1\"></span>siduale di al<span class=\"_ _1\"></span>cune controllate a<span class=\"_ _1\"></span>siatiche e latino<span class=\"_ _1\"></span>-am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ane che e<span class=\"_ _1\"></span>f<span class=\"ls0 ws0\">-</span>fettuan<span class=\"_ _1\"></span>o acquis<span class=\"_ _1\"></span>ti di me<span class=\"_ _1\"></span>rce in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani o in Euro e vendo<span class=\"_ _1\"></span>no nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano. I valo<span class=\"_ _1\"></span>ri dei contrat<span class=\"_ _1\"></span>ti coinvolt<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte inferio<span class=\"_ _1\"></span>ri risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to a quelli de<span class=\"_ _1\"></span>lla Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o. Inoltre il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>ontrolla e cop<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla variaz<span class=\"_ _1\"></span>ione di val<span class=\"_ _1\"></span>ore, a s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni dei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di camb<span class=\"_ _1\"></span>io, di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa da que<span class=\"_ _1\"></span>lla di conto de<span class=\"_ _1\"></span>lla singola So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0, che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no dete<span class=\"_ _1\"></span>rminare ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico (tipicame<span class=\"_ _1\"></span>nte rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di de<span class=\"_ _1\"></span>bito<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito f<span class=\"_ _1\"></span>inanziario <span class=\"ff79 lsc4 wscb\">i<span class=\"_ _2\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r-<span class=\"_ _24\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">), </span>attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari, la cui cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo i pr<span class=\"_ _1\"></span>incipi IFRS s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ue le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value hedge</span><span class=\"ls0 ws0\">: </span>l<span class=\"_ _1\"></span>\u2019utile o la per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve valuta<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore corr<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rumento di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, come pure l<span class=\"_ _2\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a. Le relaz<span class=\"_ _1\"></span>ioni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a delle f<span class=\"_ _1\"></span>uture tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni in valut<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra de<span class=\"_ _1\"></span>lla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>qualific<span class=\"_ _1\"></span>abili ai f<span class=\"_ _1\"></span>ini IFRS co<span class=\"_ _1\"></span>me <span class=\"ff79 ls0 ws0\">ca<span class=\"_ _1\"></span>sh </span>f<span class=\"_ _1\"></span>low hedge<span class=\"ff71 ls4 ws0\">) sono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019</span><span class=\"ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o le movim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni della ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>low h<span class=\"_ _1\"></span>edge</span> p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>:Rischio di Cambio(In migliaia di Euro) <span class=\"_ _21\"> </span>2022<span class=\"_ _1b6\"> </span>2021Saldo iniziale<span class=\"_ _281\"> </span>(8.426) <span class=\"_ _282\"> </span>6.740 + incrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia positiva<span class=\"_ _117\"> </span>14.430 <span class=\"_ _ed\"> </span>1.718 - decrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia negativa<span class=\"_ _9c\"> </span>(22.173) <span class=\"_ _1cf\"> </span>(17.216) -  <span class=\"_ _3\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _0\"></span>a Riserva di <span class=\"ff79\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff74\"> ed imputazione  </span></span>di prov<span class=\"_ _0\"></span>ento a CE<span class=\"_ _24d\"> </span>(3.554) <span class=\"_ _283\"> </span>(6.847) + incrementi per tr<span class=\"_ _0\"></span>asferimento di efficacia dalla Riserva di C<span class=\"_ _4\"></span>ash Flow hedge e imputazione di c<span class=\"_ _4\"></span>osto a CE<span class=\"_ _76\"> </span><span class=\"ls0\">29.218 <span class=\"_ _1f7\"> </span>7.179 </span>Saldo finale<span class=\"_ _198\"> </span>9.495 <span class=\"_ _76\"> </span>(8.426) La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va, che ac<span class=\"_ _1\"></span>coglie l<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni di valo<span class=\"_ _1\"></span>re deg<span class=\"_ _1\"></span>li strum<span class=\"_ _1\"></span>enti a co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura dell<span class=\"_ _1\"></span>e trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni atte<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>, si \u00e8 nel comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>92<span class=\"_ _4\"></span>1 migliaia ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022<span class=\"_ _1\"></span>, mentre s<span class=\"_ _1\"></span>i era de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _4\"></span>166 migliaia nel cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1. Le variazioni di val<span class=\"_ _1\"></span>ore rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019andamento dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>lle principali v<span class=\"_ _1\"></span>alute og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, in par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare de<span class=\"_ _1\"></span>i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio tra l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro e<span class=\"_ _1\"></span>d il dollaro ame<span class=\"_ _1\"></span>rican<span class=\"_ _1\"></span>o che ha vis<span class=\"_ _1\"></span>to un marcato d<span class=\"_ _1\"></span>epre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zament<span class=\"_ _1\"></span>o della mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>a unica ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>i primi nove me<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019anno. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _1\"></span>e tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o dalla Ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a alla voce \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i delle ve<span class=\"_ _1\"></span>ndite<span class=\"_ _1\"></span>\u201d in o<span class=\"_ _1\"></span>cca<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e della manife<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tanti \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 25.6<span class=\"_ _1\"></span>64 migliaia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022 e<span class=\"_ _1\"></span>ra s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 33<span class=\"_ _4\"></span>2 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l 2022 non s<span class=\"_ _1\"></span>i sono ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate interru<span class=\"_ _1\"></span>zioni di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura p<span class=\"_ _1\"></span>er annulla<span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>so; le rela<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>esig<span class=\"_ _1\"></span>nate di cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura si s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>velate e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>caci al c<span class=\"_ _1\"></span>ento pe<span class=\"_ _1\"></span>r cent<span class=\"_ _1\"></span>o per tutt<span class=\"_ _1\"></span>a la durat<span class=\"_ _1\"></span>a del s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante og<span class=\"_ _2\"></span>getto de<span class=\"_ _1\"></span>lla rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa.L<span class=\"_ _6\"></span>\u2019eventuale inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia de<span class=\"_ _1\"></span>lla cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura pu<span class=\"_ _1\"></span>\u00f2 realiz<span class=\"_ _2\"></span>zar<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di:\u2022 <span class=\"_ _a1\"> </span>dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze ne<span class=\"_ _1\"></span>lle te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tiche de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rati dai sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e dagli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti neg<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e de<span class=\"_ _1\"></span>gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle di se<span class=\"_ _1\"></span>guito l<span class=\"_ _1\"></span>\u2019oriz<span class=\"_ _1\"></span>zo<span class=\"_ _1\"></span>nte temp<span class=\"_ _1\"></span>orale m<span class=\"_ _1\"></span>edio e la s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r fatt<span class=\"_ _1\"></span>ore di ris<span class=\"_ _1\"></span>chio dell<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ture sul ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re nel G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o alla data di chiusur<span class=\"_ _1\"></span>a degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1. Il numero delle v<span class=\"_ _1\"></span>alute es<span class=\"_ _1\"></span>tere r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntate ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle met<span class=\"_ _1\"></span>te in ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nza c<span class=\"_ _1\"></span>ome la ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l risc<span class=\"_ _1\"></span>hio di cambio s<span class=\"_ _1\"></span>ia quasi tot<span class=\"_ _1\"></span>almente acce<span class=\"_ _1\"></span>ntrata p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so la C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo.Analisi dei flussi sottostanti: Manifestazione finanziaria31 D<span class=\"_ _1\"></span>icembre 2022T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>22.000 <span class=\"_ _16f\"> </span>65.000 <span class=\"_ _fe\"> </span>86.000 <span class=\"_ _fe\"> </span>79.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">252.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,142 <span class=\"_ _a5\"> </span>1,130 <span class=\"_ _ac\"> </span>1,074 <span class=\"_ _a5\"> </span>1,026 <span class=\"_ _d4\"> </span>- Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _a5\"> </span>1.500 <span class=\"_ _ac\"> </span>1.000 <span class=\"_ _a5\"> </span>2.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">4.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _ac\"> </span>1,370 <span class=\"_ _a5\"> </span>1,353 <span class=\"_ _ac\"> </span>1,359 <span class=\"_ _284\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>80.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _97\"> </span>100.000 <span class=\"_ _15d\"> </span>140.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">460.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,360 <span class=\"_ _a5\"> </span>7,294 <span class=\"_ _ac\"> </span>7,265 <span class=\"_ _a5\"> </span>7,047 <span class=\"_ _d4\"> </span>- Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _118\"> </span>250 <span class=\"_ _a5\"> </span>1.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">1.250 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>0,887 <span class=\"_ _ac\"> </span>0,901 <span class=\"_ _d4\"> </span>- Importo nozionale in HKD<span class=\"_ _78\"> </span>4.000 <span class=\"_ _fe\"> </span>21.000 <span class=\"_ _a5\"> </span>5.000 <span class=\"_ _a5\"> </span>8.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _75\"> </span><span class=\"ff76\">38.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>8,854 <span class=\"_ _a5\"> </span>8,800 <span class=\"_ _ac\"> </span>8,175 <span class=\"_ _a5\"> </span>8,107 <span class=\"_ _d4\"> </span>- Importo nozionale in JPY<span class=\"_ _238\"> </span>500.000 <span class=\"_ _7f\"> </span>1.200.000 <span class=\"_ _7f\"> </span>1.050.000 <span class=\"_ _15d\"> </span>800.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _1a8\"> </span><span class=\"ff76\">3.550.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>129,656 <span class=\"_ _97\"> </span>133,220 <span class=\"_ _97\"> </span>137,817 <span class=\"_ _97\"> </span>137,278 <span class=\"_ _d4\"> </span>- Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.000.000 <span class=\"_ _263\"> </span>13.000.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">46.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.371,400 <span class=\"_ _80\"> </span>1.367,402 <span class=\"_ _7f\"> </span>1.354,036 <span class=\"_ _80\"> </span>1.383,503 <span class=\"_ _7f\"> </span>1.382,500 Importo nozionale in MXN<span class=\"_ _1e6\"> </span>40.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>40.000 <span class=\"_ _97\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">430.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1ad\"> </span>23,570 <span class=\"_ _fe\"> </span>23,790 <span class=\"_ _16f\"> </span>23,455 <span class=\"_ _16f\"> </span>22,112 <span class=\"_ _284\"> </span>- Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- 31 D<span class=\"_ _1\"></span>icembre 2021T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>21.000 <span class=\"_ _16f\"> </span>50.000 <span class=\"_ _fe\"> </span>66.000 <span class=\"_ _fe\"> </span>60.500 <span class=\"_ _16f\"> </span>48.000 <span class=\"_ _83\"> </span><span class=\"ff76\">245.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,207 <span class=\"_ _a5\"> </span>1,192 <span class=\"_ _ac\"> </span>1,182 <span class=\"_ _a5\"> </span>1,181 <span class=\"_ _ac\"> </span>1,169 Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>75.000 <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _97\"> </span>120.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _83\"> </span><span class=\"ff76\">455.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,982 <span class=\"_ _a5\"> </span>8,010 <span class=\"_ _ac\"> </span>7,885 <span class=\"_ _a5\"> </span>7,886 <span class=\"_ _ac\"> </span>7,501 Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-Importo nozionale in HKD<span class=\"_ _238\"> </span>16.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _fe\"> </span>15.500 <span class=\"_ _fe\"> </span>24.000 <span class=\"_ _a5\"> </span>4.000 <span class=\"_ _15d\"> </span><span class=\"ff76\">74.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>9,366 <span class=\"_ _a5\"> </span>9,368 <span class=\"_ _ac\"> </span>9,275 <span class=\"_ _a5\"> </span>9,160 <span class=\"_ _ac\"> </span>8,937 Importo nozionale in JPY<span class=\"_ _238\"> </span>200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _7f\"> </span>1.300.000 <span class=\"_ _15d\"> </span>750.000 <span class=\"_ _97\"> </span>600.000 <span class=\"_ _16e\"> </span><span class=\"ff76\">4.200.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>128,126 <span class=\"_ _97\"> </span>129,817 <span class=\"_ _97\"> </span>129,660 <span class=\"_ _97\"> </span>128,731 <span class=\"_ _97\"> </span>131,720 Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.500.000 <span class=\"_ _263\"> </span>10.500.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">42.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.368,800 <span class=\"_ _80\"> </span>1.358,918 <span class=\"_ _7f\"> </span>1.359,918 <span class=\"_ _80\"> </span>1.387,931 <span class=\"_ _7f\"> </span>1.370,634 Importo nozionale in MXN<span class=\"_ _1e5\"> </span>- <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _15d\"> </span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _83\"> </span><span class=\"ff76\">410.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1f8\"> </span>- <span class=\"_ _16f\"> </span>25,938 <span class=\"_ _fe\"> </span>25,243 <span class=\"_ _16f\"> </span>25,485 <span class=\"_ _fe\"> </span>25,120 Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _4\"></span>onomico31 dicembr<span class=\"_ _4\"></span>e 2022da 9 mesi (In migliaia<span class=\"fs4\">)<span class=\"_ _6a\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesi</span>ad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">183.000 <span class=\"_ _16f\"> </span></span>89.000 <span class=\"_ _fe\"> </span>91.000 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">3.050.000 <span class=\"_ _7f\"> </span></span>1.200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _15d\"> </span>500.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _d5\"> </span><span class=\"ff76\">1.250 <span class=\"_ _d4\"> </span></span>- <span class=\"_ _118\"> </span>750 <span class=\"_ _cf\"> </span>500 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">250.000 <span class=\"_ _16f\"> </span></span>40.000 <span class=\"_ _15d\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _1f1\"> </span><span class=\"ff76\">3.500 <span class=\"_ _118\"> </span></span>500 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">350.000 <span class=\"_ _97\"> </span></span>170.000 <span class=\"_ _97\"> </span>150.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">30.000 <span class=\"_ _fe\"> </span></span>17.000 <span class=\"_ _16f\"> </span>13.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">36.000.000 <span class=\"_ _263\"> </span></span>14.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - 31 dicembr<span class=\"_ _4\"></span>e 2021da 9 mesi (In migliaia)<span class=\"_ _86\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesiad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">188.500 <span class=\"_ _16f\"> </span></span>64.500 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _fe\"> </span>48.000 <span class=\"_ _a5\"> </span>6.000 <span class=\"_ _d4\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">4.000.000 <span class=\"_ _7f\"> </span></span>1.950.000 <span class=\"_ _7f\"> </span>1.000.000 <span class=\"_ _15d\"> </span>850.000 <span class=\"_ _97\"> </span>200.000 <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">320.000 <span class=\"_ _97\"> </span></span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">330.000 <span class=\"_ _97\"> </span></span>130.000 <span class=\"_ _97\"> </span>130.000 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">51.500 <span class=\"_ _fe\"> </span></span>19.500 <span class=\"_ _16f\"> </span>17.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">31.500.000 <span class=\"_ _263\"> </span></span>11.500.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, in termini di volumi di nozio<span class=\"_ _1\"></span>nale den<span class=\"_ _1\"></span>ominati in valut<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti, \u00e8 volt<span class=\"_ _1\"></span>a a mitig<span class=\"_ _1\"></span>are il rischio ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato da os<span class=\"_ _1\"></span>cillazioni n<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>i di cambi<span class=\"_ _1\"></span>o tra l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro e le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti valute: D<span class=\"_ _1\"></span>ollaro ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, Renminbi cine<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>se, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se, Won su<span class=\"_ _1\"></span>d-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ano e Pes<span class=\"_ _1\"></span>o mes<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ano. Da un punto di vis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orale<span class=\"_ _1\"></span>, le cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture c<span class=\"_ _1\"></span>on durat<span class=\"_ _1\"></span>a supe<span class=\"_ _1\"></span>riore all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o sono nulle a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 cos\u00ec co<span class=\"_ _1\"></span>me al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ano le date di manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria de<span class=\"_ _1\"></span>i sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti per divi<span class=\"_ _1\"></span>sa e le date co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impatto a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o, che si dete<span class=\"_ _1\"></span>rmina a se<span class=\"_ _1\"></span>guito de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sti e ch<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>tituis<span class=\"_ _1\"></span>cono o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura dal ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io, alla data di chiusura degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.L<span class=\"_ _6\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _0\"></span>tuazione patr<span class=\"_ _0\"></span>imonia<span class=\"_ _0\"></span>le-f<span class=\"_ _1\"></span>inanzia<span class=\"_ _0\"></span>ria \u00e8 ra<span class=\"_ _0\"></span>ppresentato come segue:V<span class=\"_ _0\"></span>endite attese altamente probabiliRiserva di <span class=\"ff78\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff76\"> </span></span>C<span class=\"_ _0\"></span>arrying amount/ variazione di <span class=\"ff78\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff76\"> </span></span>utilizzate per misurar<span class=\"_ _0\"></span>e Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre (In migliaia di Euro)<span class=\"_ _288\"> </span>Importo nozionalel\u2019inefficaciaattivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201dpassivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201d31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _289\"> </span><span class=\"ff74\">287.034 <span class=\"_ _273\"> </span>9.495 <span class=\"_ _273\"> </span>6.595 <span class=\"_ _66\"> </span>(2.685) </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _289\"> </span><span class=\"ff74\">286.031 <span class=\"_ _20d\"> </span>(8.426)<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>299 <span class=\"_ _ed\"> </span>(10.521) </span>Sensitivity AnalysisL<span class=\"_ _6\"></span>\u2019analisi di sensit<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a al f<span class=\"_ _1\"></span>ine di valut<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ata c<span class=\"_ _1\"></span>ondot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a ipo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando v<span class=\"_ _1\"></span>ariaz<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>rcentuali in aume<span class=\"_ _1\"></span>nto e in diminuzion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>e varie di<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>e, prop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zionali alla loro volatilit<span class=\"_ _1\"></span>\u00e0 annua, applic<span class=\"_ _1\"></span>ata a tut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evanti e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>lle valute o<span class=\"_ _1\"></span>riginarie<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, l<span class=\"_ _1\"></span>\u2019analisi ha intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato tut<span class=\"_ _1\"></span>te le valut<span class=\"_ _1\"></span>e e le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti pos<span class=\"_ _1\"></span>te:\u2022 <span class=\"_ _a1\"> </span>s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ui ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio;\u2022 <span class=\"_ _a1\"> </span>cre<span class=\"_ _1\"></span>diti comm<span class=\"_ _1\"></span>erciali e altri cre<span class=\"_ _1\"></span>diti;\u2022 <span class=\"_ _a1\"> </span>de<span class=\"_ _1\"></span>biti co<span class=\"_ _1\"></span>mmerciali e altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _a1\"> </span>dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie a breve e lungo te<span class=\"_ _1\"></span>rmine;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> a b<span class=\"_ _1\"></span>reve e lungo te<span class=\"_ _1\"></span>rmine. Inoltre<span class=\"_ _1\"></span>, la tab<span class=\"_ _1\"></span>ella rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a gli impatt<span class=\"_ _1\"></span>i pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi e l<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve valute e si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce all<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio se<span class=\"_ _1\"></span>condo quanto r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 7 e non con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>ra p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dalla conver<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dei bilanci d<span class=\"_ _1\"></span>elle soci<span class=\"_ _1\"></span>et\u00e0 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tere co<span class=\"_ _1\"></span>n valut<span class=\"_ _1\"></span>a funzi<span class=\"_ _1\"></span>onale dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rati i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>lle valute la cui variaz<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>a un impatto a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico e a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a in valor<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>oluto, sup<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ore a Euro un milione<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>4.029 <span class=\"_ _bc\"> </span>2.119 EUR/JPY<span class=\"_ _1bd\"> </span>10,8%Strumenti non derivati<span class=\"_ _be\"> </span>(51) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>4.566 <span class=\"_ _ab\"> </span>12.855 EUR/USD<span class=\"_ _28a\"> </span>8,1%Strumenti non derivati<span class=\"_ _ac\"> </span>(1.040) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>705 <span class=\"_ _bc\"> </span>1.999 EUR/KRW<span class=\"_ _201\"> </span>8,6%Strumenti non derivati<span class=\"_ _ee\"> </span>(2) <span class=\"_ _f5\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>883 <span class=\"_ _bc\"> </span>2.808 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>6,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(426) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.300 <span class=\"_ _bc\"> </span>1.336 EUR/MXN<span class=\"_ _28b\"> </span>12,5%Strumenti non derivati<span class=\"_ _32\"> </span>(63) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.068 <span class=\"_ _229\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>5,9%Strumenti non derivati<span class=\"_ _128\"> </span><span class=\"ls34 ws139\">(7) <span class=\"_ _229\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _28c\"> </span>10,8%Strumenti non derivati<span class=\"_ _20f\"> </span>1.209 <span class=\"_ _229\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _37\"> </span>13.171 <span class=\"_ _12e\"> </span>21.117 31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ ImpattiRiduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(5.008) <span class=\"_ _12e\"> </span>(2.633) EUR/JPY<span class=\"_ _d5\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _21a\"> </span>62 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(5.371) <span class=\"_ _1fb\"> </span>(15.121) EUR/USD<span class=\"_ _1fc\"> </span>(8,1%)Strumenti non derivati<span class=\"_ _20f\"> </span>1.202 <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(838) <span class=\"_ _12e\"> </span>(2.374) EUR/KRW<span class=\"_ _28c\"> </span>(8,6%)Strumenti non derivati<span class=\"_ _28d\"> </span>2 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.001) <span class=\"_ _12e\"> </span>(3.184) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(6,3%)Strumenti non derivati<span class=\"_ _27\"> </span>478 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.674) <span class=\"_ _12e\"> </span>(1.719) EUR/MXN<span class=\"_ _288\"> </span>(12,5%)Strumenti non derivati<span class=\"_ _21a\"> </span>80 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.328) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(5,9%)Strumenti non derivati<span class=\"_ _28d\"> </span>7 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _274\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _ac\"> </span>(1.209) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(15.598) <span class=\"_ _c5\"> </span>(25.031) 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>3.373 <span class=\"_ _bc\"> </span>2.014 EUR/JPY<span class=\"_ _cd\"> </span>7,0%Strumenti non derivati<span class=\"_ _cf\"> </span>(144) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.669 <span class=\"_ _bc\"> </span>8.826 EUR/USD<span class=\"_ _28a\"> </span>5,6%Strumenti non derivati<span class=\"_ _cf\"> </span>(108) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>605 <span class=\"_ _bc\"> </span>1.653 EUR/KRW<span class=\"_ _201\"> </span>7,6%Strumenti non derivati<span class=\"_ _be\"> </span>(27) Strumenti derivati <span class=\"_ _a4\"> </span>712 <span class=\"_ _bc\"> </span>1.880 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>4,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(124) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.001 <span class=\"_ _bc\"> </span>1.393 EUR/MXN<span class=\"_ _28b\"> </span>11,2%Strumenti non derivati<span class=\"_ _cf\"> </span>(194) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.364 <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>4,4%Strumenti non derivati<span class=\"_ _28d\"> </span>4 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _fc\"> </span>6,5%Strumenti non derivati<span class=\"_ _27\"> </span>751 <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _25c\"> </span>9.882 <span class=\"_ _61\"> </span>15.766 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(3.883) <span class=\"_ _12e\"> </span>(2.318) EUR/JPY<span class=\"_ _73\"> </span>(<span class=\"_ _1\"></span>7,0%)Strumenti non derivati<span class=\"_ _27\"> </span>166 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.986) <span class=\"_ _12e\"> </span>(9.874) EUR/USD<span class=\"_ _1fc\"> </span>(5,6%)Strumenti non derivati<span class=\"_ _27\"> </span>116 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(704) <span class=\"_ _12e\"> </span>(1.924) EUR/KRW<span class=\"_ _28c\"> </span>(7,6%)Strumenti non derivati<span class=\"_ _21a\"> </span>31 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(776) <span class=\"_ _12e\"> </span>(2.048) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(4,3%)Strumenti non derivati<span class=\"_ _27\"> </span>134 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.253) <span class=\"_ _12e\"> </span>(1.744) EUR/MXN<span class=\"_ _288\"> </span>(11,2%)Strumenti non derivati<span class=\"_ _27\"> </span>243 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.488) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(4,4%)Strumenti non derivati<span class=\"_ _ee\"> </span><span class=\"ls36 ws84\">(3)<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _bb\"> </span>(6,5%)Strumenti non derivati<span class=\"_ _cf\"> </span>(751) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(11.154) <span class=\"_ _c5\"> </span>(17.908) Come pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entat<span class=\"_ _1\"></span>o nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sopr<span class=\"_ _1\"></span>a ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a, una varia<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>iva d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio in<span class=\"_ _1\"></span>div<span class=\"_ _1\"></span>iduati (EUR<span class=\"_ _1\"></span>/JPY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/USD, EUR<span class=\"_ _1\"></span>/KRW, E<span class=\"_ _0\"></span>UR<span class=\"_ _1\"></span>/CNY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/MXN EUR<span class=\"_ _2\"></span>/SG<span class=\"_ _1\"></span>D e USD/KRW<span class=\"_ _1\"></span>) avre<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e prod<span class=\"_ _1\"></span>otto un ut<span class=\"_ _1\"></span>ile di Euro 1<span class=\"_ _4\"></span>3.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>71 migliaia al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e un utile di Euro 9.<span class=\"_ _1\"></span>882 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 2021<span class=\"_ _6\"></span>; analog<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, un movime<span class=\"_ _1\"></span>nto ne<span class=\"_ _1\"></span>gativo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio av<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to una pe<span class=\"_ _1\"></span>rdita di Euro 1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>.59<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e una perdit<span class=\"_ _1\"></span>a di Euro 1<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>4 mi<span class=\"ls0 ws0\">-</span>gliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. L<span class=\"_ _6\"></span>\u2019incre<span class=\"_ _1\"></span>mento ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to dagli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati de<span class=\"_ _1\"></span>signati di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura in cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a alle ipot<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate varia<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>ositi<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ato pari a Euro 21<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>7 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e a Euro 1<span class=\"_ _4\"></span>5.7<span class=\"_ _0\"></span>66 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>; la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to in cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>za alle ip<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>egati<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio sar<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>ari a Euro 25.031 migliai<span class=\"_ _0\"></span>a al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e a Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. L<span class=\"_ _6\"></span>\u2019analisi di sens<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, sui risult<span class=\"_ _1\"></span>ati de<span class=\"_ _1\"></span>lla quale incide in manie<span class=\"_ _1\"></span>ra rile<span class=\"_ _1\"></span>vante il valo<span class=\"_ _1\"></span>re della vo<span class=\"_ _1\"></span>latilit\u00e0 di me<span class=\"_ _1\"></span>rcato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a un impat<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>to signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, a seguit<span class=\"_ _1\"></span>o della p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re degli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati des<span class=\"_ _1\"></span>ignati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>, che vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a a Ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w hedge</span> e la cui r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o si avr<span class=\"_ _1\"></span>\u00e0 negli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi, al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetti<span class=\"_ _1\"></span>vo manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>arsi d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _1\"></span>mento o la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne deg<span class=\"_ _1\"></span>li impatti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico e a s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato patrimonial<span class=\"_ _1\"></span>e, in ognuno d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erati, d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>va es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ialmente dall<span class=\"_ _1\"></span>\u2019ef<span class=\"ls0 ws0\">-</span>fett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>an<span class=\"_ _1\"></span>damento d<span class=\"_ _1\"></span>elle singo<span class=\"_ _1\"></span>le valute alle date di r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto e dalla variaz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>lla cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e alle f<span class=\"_ _1\"></span>luttua<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__89-1": {
   "value": "La Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>uppo (in quanto so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 di produ<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) stip<span class=\"_ _1\"></span>ula contrat<span class=\"_ _1\"></span>ti di ven<span class=\"_ _1\"></span>dita a te<span class=\"_ _1\"></span>rmine di valut<span class=\"_ _1\"></span>a op<span class=\"_ _1\"></span>pure opzioni, at<span class=\"_ _1\"></span>ti a def<span class=\"_ _1\"></span>inire anticipat<span class=\"_ _1\"></span>amente il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>onver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, o un range pre<span class=\"_ _1\"></span>def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>o di tas<span class=\"_ _1\"></span>si di co<span class=\"_ _1\"></span>nver<span class=\"_ _1\"></span>sione<span class=\"_ _1\"></span>, a date future co<span class=\"_ _1\"></span>n un oriz<span class=\"_ _2\"></span>zonte temp<span class=\"_ _1\"></span>orale ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>imo atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di 2<span class=\"_ _0\"></span>4 mesi<span class=\"_ _1\"></span>. Si nota ch<span class=\"_ _1\"></span>e neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ame, il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to il ris<span class=\"_ _1\"></span>chio di cambio qua<span class=\"_ _1\"></span>si es<span class=\"_ _1\"></span>clusi<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte con ve<span class=\"_ _1\"></span>ndite di valut<span class=\"_ _1\"></span>a a te<span class=\"_ _1\"></span>rmine tr<span class=\"_ _1\"></span>amite contrat<span class=\"_ _1\"></span>ti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">. </span></span>A tale f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e, in fun<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle at<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>e e dell<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato, vengo<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ipulate, prima d<span class=\"_ _1\"></span>ella def<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei li<span class=\"ls0 ws0\">-</span>stini di ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a, e comunque n<span class=\"_ _1\"></span>on oltre l<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>ella camp<span class=\"_ _1\"></span>agna vendit<span class=\"_ _1\"></span>e, cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture p<span class=\"_ _1\"></span>er un amm<span class=\"_ _1\"></span>ontare ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra il 50<span class=\"_ _1\"></span>% e il 9<span class=\"_ _1\"></span>0% d<span class=\"_ _1\"></span>elle pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sioni di ven<span class=\"_ _1\"></span>dite in valut<span class=\"_ _1\"></span>a, pe<span class=\"_ _1\"></span>rcentual<span class=\"_ _1\"></span>e calco<span class=\"_ _1\"></span>lata sull<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a atte<span class=\"_ _1\"></span>sa e no<span class=\"_ _1\"></span>n sulla singola v<span class=\"_ _1\"></span>aluta e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>. Nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vo alla f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el lis<span class=\"_ _1\"></span>tino, l<span class=\"_ _1\"></span>\u2019ammontare de<span class=\"_ _1\"></span>lle cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re vie<span class=\"_ _1\"></span>ne integ<span class=\"_ _1\"></span>rato in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli ordini ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente a<span class=\"_ _1\"></span>cquisit<span class=\"_ _1\"></span>i e mes<span class=\"_ _1\"></span>si in pro<span class=\"_ _1\"></span>duz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>. In tal mo<span class=\"_ _1\"></span>do la s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ricon<span class=\"_ _1\"></span>duce il ris<span class=\"_ _1\"></span>chio comme<span class=\"_ _1\"></span>rciale al so<span class=\"_ _1\"></span>lo ris<span class=\"_ _1\"></span>chio deri<span class=\"_ _1\"></span>vante dai volumi di ve<span class=\"_ _1\"></span>ndita e n<span class=\"_ _1\"></span>on anche a que<span class=\"_ _1\"></span>llo der<span class=\"_ _1\"></span>ivante dal ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di cambio.All<span class=\"_ _1\"></span>\u2019oper<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>opra d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>a, si ag<span class=\"_ _2\"></span>giunge quella re<span class=\"_ _1\"></span>siduale di al<span class=\"_ _1\"></span>cune controllate a<span class=\"_ _1\"></span>siatiche e latino<span class=\"_ _1\"></span>-am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ane che e<span class=\"_ _1\"></span>f<span class=\"ls0 ws0\">-</span>fettuan<span class=\"_ _1\"></span>o acquis<span class=\"_ _1\"></span>ti di me<span class=\"_ _1\"></span>rce in Dollari am<span class=\"_ _1\"></span>eric<span class=\"_ _1\"></span>ani o in Euro e vendo<span class=\"_ _1\"></span>no nella v<span class=\"_ _1\"></span>aluta d<span class=\"_ _1\"></span>el Pae<span class=\"_ _1\"></span>se in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ano. I valo<span class=\"_ _1\"></span>ri dei contrat<span class=\"_ _1\"></span>ti coinvolt<span class=\"_ _1\"></span>i sono s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte inferio<span class=\"_ _1\"></span>ri risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to a quelli de<span class=\"_ _1\"></span>lla Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o. Inoltre il G<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>ontrolla e cop<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dalla variaz<span class=\"_ _1\"></span>ione di val<span class=\"_ _1\"></span>ore, a s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni dei rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di camb<span class=\"_ _1\"></span>io, di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 o di pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa da que<span class=\"_ _1\"></span>lla di conto de<span class=\"_ _1\"></span>lla singola So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0, che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no dete<span class=\"_ _1\"></span>rminare ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico (tipicame<span class=\"_ _1\"></span>nte rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di de<span class=\"_ _1\"></span>bito<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito f<span class=\"_ _1\"></span>inanziario <span class=\"ff79 lsc4 wscb\">i<span class=\"_ _2\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r-<span class=\"_ _24\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _2\"></span>y<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">), </span>attrave<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>rument<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari, la cui cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo i pr<span class=\"_ _1\"></span>incipi IFRS s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ue le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value hedge</span><span class=\"ls0 ws0\">: </span>l<span class=\"_ _1\"></span>\u2019utile o la per<span class=\"_ _1\"></span>dita de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve valuta<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore corr<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>rumento di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura so<span class=\"_ _1\"></span>no rile<span class=\"_ _1\"></span>vati a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o, come pure l<span class=\"_ _2\"></span>\u2019utile o la perdit<span class=\"_ _1\"></span>a sulla po<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a. Le relaz<span class=\"_ _1\"></span>ioni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a delle f<span class=\"_ _1\"></span>uture tran<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>zioni in valut<span class=\"_ _1\"></span>a e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ra de<span class=\"_ _1\"></span>lla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o (<span class=\"_ _0\"></span>qualific<span class=\"_ _1\"></span>abili ai f<span class=\"_ _1\"></span>ini IFRS co<span class=\"_ _1\"></span>me <span class=\"ff79 ls0 ws0\">ca<span class=\"_ _1\"></span>sh </span>f<span class=\"_ _1\"></span>low hedge<span class=\"ff71 ls4 ws0\">) sono cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zate se<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>do le re<span class=\"_ _1\"></span>gole de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019</span><span class=\"ls9 ws127\">hedge accounting<span class=\"ff71 ls0 ws0\">. </span></span>Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o le movim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni della ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>low h<span class=\"_ _1\"></span>edge</span> p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>:Rischio di Cambio(In migliaia di Euro) <span class=\"_ _21\"> </span>2022<span class=\"_ _1b6\"> </span>2021Saldo iniziale<span class=\"_ _281\"> </span>(8.426) <span class=\"_ _282\"> </span>6.740 + incrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia positiva<span class=\"_ _117\"> </span>14.430 <span class=\"_ _ed\"> </span>1.718 - decrementi per rilev<span class=\"_ _0\"></span>azione di nuova effic<span class=\"_ _0\"></span>acia negativa<span class=\"_ _9c\"> </span>(22.173) <span class=\"_ _1cf\"> </span>(17.216) -  <span class=\"_ _3\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _0\"></span>a Riserva di <span class=\"ff79\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff74\"> ed imputazione  </span></span>di prov<span class=\"_ _0\"></span>ento a CE<span class=\"_ _24d\"> </span>(3.554) <span class=\"_ _283\"> </span>(6.847) + incrementi per tr<span class=\"_ _0\"></span>asferimento di efficacia dalla Riserva di C<span class=\"_ _4\"></span>ash Flow hedge e imputazione di c<span class=\"_ _4\"></span>osto a CE<span class=\"_ _76\"> </span><span class=\"ls0\">29.218 <span class=\"_ _1f7\"> </span>7.179 </span>Saldo finale<span class=\"_ _198\"> </span>9.495 <span class=\"_ _76\"> </span>(8.426) La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va, che ac<span class=\"_ _1\"></span>coglie l<span class=\"_ _1\"></span>e variaz<span class=\"_ _1\"></span>ioni di valo<span class=\"_ _1\"></span>re deg<span class=\"_ _1\"></span>li strum<span class=\"_ _1\"></span>enti a co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura dell<span class=\"_ _1\"></span>e trans<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni atte<span class=\"_ _1\"></span>se in v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>, si \u00e8 nel comple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so incre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>92<span class=\"_ _4\"></span>1 migliaia ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022<span class=\"_ _1\"></span>, mentre s<span class=\"_ _1\"></span>i era de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _4\"></span>166 migliaia nel cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1. Le variazioni di val<span class=\"_ _1\"></span>ore rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>ton<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019andamento dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>lle principali v<span class=\"_ _1\"></span>alute og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, in par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare de<span class=\"_ _1\"></span>i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio tra l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro e<span class=\"_ _1\"></span>d il dollaro ame<span class=\"_ _1\"></span>rican<span class=\"_ _1\"></span>o che ha vis<span class=\"_ _1\"></span>to un marcato d<span class=\"_ _1\"></span>epre<span class=\"_ _1\"></span>z<span class=\"_ _2\"></span>zament<span class=\"_ _1\"></span>o della mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>a unica ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>i primi nove me<span class=\"_ _1\"></span>si d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019anno. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _0\"></span>ammontar<span class=\"_ _1\"></span>e tras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o dalla Ris<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a alla voce \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i delle ve<span class=\"_ _1\"></span>ndite<span class=\"_ _1\"></span>\u201d in o<span class=\"_ _1\"></span>cca<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e della manife<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi s<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tanti \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 25.6<span class=\"_ _1\"></span>64 migliaia ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022 e<span class=\"_ _1\"></span>ra s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>vo pe<span class=\"_ _1\"></span>r Euro 33<span class=\"_ _4\"></span>2 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l 2022 non s<span class=\"_ _1\"></span>i sono ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ate interru<span class=\"_ _1\"></span>zioni di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura p<span class=\"_ _1\"></span>er annulla<span class=\"ls0 ws0\">-</span>mento de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>tant<span class=\"_ _1\"></span>e atte<span class=\"_ _1\"></span>so; le rela<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>esig<span class=\"_ _1\"></span>nate di cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura si s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>velate e<span class=\"_ _1\"></span>ff<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>caci al c<span class=\"_ _1\"></span>ento pe<span class=\"_ _1\"></span>r cent<span class=\"_ _1\"></span>o per tutt<span class=\"_ _1\"></span>a la durat<span class=\"_ _1\"></span>a del s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante og<span class=\"_ _2\"></span>getto de<span class=\"_ _1\"></span>lla rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa.L<span class=\"_ _6\"></span>\u2019eventuale inef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>acia de<span class=\"_ _1\"></span>lla cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura pu<span class=\"_ _1\"></span>\u00f2 realiz<span class=\"_ _2\"></span>zar<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di:\u2022 <span class=\"_ _a1\"> </span>dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze ne<span class=\"_ _1\"></span>lle te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tiche de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a gene<span class=\"_ _1\"></span>rati dai sot<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e dagli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>c<span class=\"_ _1\"></span>ambiame<span class=\"_ _1\"></span>nti neg<span class=\"_ _1\"></span>li impor<span class=\"_ _1\"></span>ti at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si dei f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa d<span class=\"_ _1\"></span>ei sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti e de<span class=\"_ _1\"></span>gli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>. Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle di se<span class=\"_ _1\"></span>guito l<span class=\"_ _1\"></span>\u2019oriz<span class=\"_ _1\"></span>zo<span class=\"_ _1\"></span>nte temp<span class=\"_ _1\"></span>orale m<span class=\"_ _1\"></span>edio e la s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r fatt<span class=\"_ _1\"></span>ore di ris<span class=\"_ _1\"></span>chio dell<span class=\"_ _1\"></span>e cope<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ture sul ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re nel G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o alla data di chiusur<span class=\"_ _1\"></span>a degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1. Il numero delle v<span class=\"_ _1\"></span>alute es<span class=\"_ _1\"></span>tere r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntate ne<span class=\"_ _1\"></span>lle t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lle met<span class=\"_ _1\"></span>te in ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nza c<span class=\"_ _1\"></span>ome la ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l risc<span class=\"_ _1\"></span>hio di cambio s<span class=\"_ _1\"></span>ia quasi tot<span class=\"_ _1\"></span>almente acce<span class=\"_ _1\"></span>ntrata p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so la C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo.Analisi dei flussi sottostanti: Manifestazione finanziaria31 D<span class=\"_ _1\"></span>icembre 2022T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>22.000 <span class=\"_ _16f\"> </span>65.000 <span class=\"_ _fe\"> </span>86.000 <span class=\"_ _fe\"> </span>79.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">252.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,142 <span class=\"_ _a5\"> </span>1,130 <span class=\"_ _ac\"> </span>1,074 <span class=\"_ _a5\"> </span>1,026 <span class=\"_ _d4\"> </span>- Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _76\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _a5\"> </span>1.500 <span class=\"_ _ac\"> </span>1.000 <span class=\"_ _a5\"> </span>2.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">4.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _ac\"> </span>1,370 <span class=\"_ _a5\"> </span>1,353 <span class=\"_ _ac\"> </span>1,359 <span class=\"_ _284\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>80.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _97\"> </span>100.000 <span class=\"_ _15d\"> </span>140.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">460.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,360 <span class=\"_ _a5\"> </span>7,294 <span class=\"_ _ac\"> </span>7,265 <span class=\"_ _a5\"> </span>7,047 <span class=\"_ _d4\"> </span>- Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _118\"> </span>250 <span class=\"_ _a5\"> </span>1.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _26\"> </span><span class=\"ff76\">1.250 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>0,887 <span class=\"_ _ac\"> </span>0,901 <span class=\"_ _d4\"> </span>- Importo nozionale in HKD<span class=\"_ _78\"> </span>4.000 <span class=\"_ _fe\"> </span>21.000 <span class=\"_ _a5\"> </span>5.000 <span class=\"_ _a5\"> </span>8.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _75\"> </span><span class=\"ff76\">38.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>8,854 <span class=\"_ _a5\"> </span>8,800 <span class=\"_ _ac\"> </span>8,175 <span class=\"_ _a5\"> </span>8,107 <span class=\"_ _d4\"> </span>- Importo nozionale in JPY<span class=\"_ _238\"> </span>500.000 <span class=\"_ _7f\"> </span>1.200.000 <span class=\"_ _7f\"> </span>1.050.000 <span class=\"_ _15d\"> </span>800.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _1a8\"> </span><span class=\"ff76\">3.550.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>129,656 <span class=\"_ _97\"> </span>133,220 <span class=\"_ _97\"> </span>137,817 <span class=\"_ _97\"> </span>137,278 <span class=\"_ _d4\"> </span>- Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.000.000 <span class=\"_ _263\"> </span>13.000.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">46.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.371,400 <span class=\"_ _80\"> </span>1.367,402 <span class=\"_ _7f\"> </span>1.354,036 <span class=\"_ _80\"> </span>1.383,503 <span class=\"_ _7f\"> </span>1.382,500 Importo nozionale in MXN<span class=\"_ _1e6\"> </span>40.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>40.000 <span class=\"_ _97\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _83\"> </span><span class=\"ff76\">430.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1ad\"> </span>23,570 <span class=\"_ _fe\"> </span>23,790 <span class=\"_ _16f\"> </span>23,455 <span class=\"_ _16f\"> </span>22,112 <span class=\"_ _284\"> </span>- Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- 31 D<span class=\"_ _1\"></span>icembre 2021T<span class=\"_ _4\"></span>otale flussi (In migliaia)<span class=\"_ _20e\"> </span>Meno di 1 mese<span class=\"_ _1f9\"> </span>Da 1 a 3 mesi<span class=\"_ _1f9\"> </span>Da 3 a 6 mesi<span class=\"_ _1f9\"> </span>Da 6 a 9 mesi<span class=\"_ _1a1\"> </span>Da 9 a 12 mesiattesiC<span class=\"_ _0\"></span>ontratti a termine di v<span class=\"_ _0\"></span>aluta ester<span class=\"_ _0\"></span>aImporto nozionale in USD<span class=\"_ _69\"> </span>21.000 <span class=\"_ _16f\"> </span>50.000 <span class=\"_ _fe\"> </span>66.000 <span class=\"_ _fe\"> </span>60.500 <span class=\"_ _16f\"> </span>48.000 <span class=\"_ _83\"> </span><span class=\"ff76\">245.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/USD<span class=\"_ _1\"></span>)<span class=\"_ _1cf\"> </span>1,207 <span class=\"_ _a5\"> </span>1,192 <span class=\"_ _ac\"> </span>1,182 <span class=\"_ _a5\"> </span>1,181 <span class=\"_ _ac\"> </span>1,169 Importo nozionale in AUD<span class=\"_ _218\"> </span>- <span class=\"_ _246\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/<span class=\"_ _0\"></span>AUD)<span class=\"_ _26d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CAD<span class=\"_ _1d1\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>AD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CHF<span class=\"_ _10d\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>HF)<span class=\"_ _8e\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Importo nozionale in CNY<span class=\"_ _1f5\"> </span>75.000 <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _97\"> </span>120.000 <span class=\"_ _97\"> </span>140.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _83\"> </span><span class=\"ff76\">455.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/C<span class=\"_ _0\"></span>NY)<span class=\"_ _e2\"> </span>7,982 <span class=\"_ _a5\"> </span>8,010 <span class=\"_ _ac\"> </span>7,885 <span class=\"_ _a5\"> </span>7,886 <span class=\"_ _ac\"> </span>7,501 Importo nozionale in GBP<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _1cf\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _20b\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-Importo nozionale in HKD<span class=\"_ _238\"> </span>16.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _fe\"> </span>15.500 <span class=\"_ _fe\"> </span>24.000 <span class=\"_ _a5\"> </span>4.000 <span class=\"_ _15d\"> </span><span class=\"ff76\">74.500 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/HKD<span class=\"_ _1\"></span>)<span class=\"_ _c0\"> </span>9,366 <span class=\"_ _a5\"> </span>9,368 <span class=\"_ _ac\"> </span>9,275 <span class=\"_ _a5\"> </span>9,160 <span class=\"_ _ac\"> </span>8,937 Importo nozionale in JPY<span class=\"_ _238\"> </span>200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _7f\"> </span>1.300.000 <span class=\"_ _15d\"> </span>750.000 <span class=\"_ _97\"> </span>600.000 <span class=\"_ _16e\"> </span><span class=\"ff76\">4.200.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/JPY)<span class=\"_ _65\"> </span>128,126 <span class=\"_ _97\"> </span>129,817 <span class=\"_ _97\"> </span>129,660 <span class=\"_ _97\"> </span>128,731 <span class=\"_ _97\"> </span>131,720 Importo nozionale in KRW<span class=\"_ _1b6\"> </span>5.500.000 <span class=\"_ _263\"> </span>10.500.000 <span class=\"_ _16e\"> </span>10.000.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>4.000.000 <span class=\"_ _1f2\"> </span><span class=\"ff76\">42.000.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/KRW)<span class=\"_ _b9\"> </span>1.368,800 <span class=\"_ _80\"> </span>1.358,918 <span class=\"_ _7f\"> </span>1.359,918 <span class=\"_ _80\"> </span>1.387,931 <span class=\"_ _7f\"> </span>1.370,634 Importo nozionale in MXN<span class=\"_ _1e5\"> </span>- <span class=\"_ _fe\"> </span>90.000 <span class=\"_ _15d\"> </span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _83\"> </span><span class=\"ff76\">410.000 </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/MXN)<span class=\"_ _1f8\"> </span>- <span class=\"_ _16f\"> </span>25,938 <span class=\"_ _fe\"> </span>25,243 <span class=\"_ _16f\"> </span>25,485 <span class=\"_ _fe\"> </span>25,120 Importo nozionale in SGD<span class=\"_ _6c\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _e2\"> </span><span class=\"ff76\">- </span>T<span class=\"_ _4\"></span>asso a termine medio (EUR/SGD<span class=\"_ _1\"></span>)<span class=\"_ _285\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _4\"></span>onomico31 dicembr<span class=\"_ _4\"></span>e 2022da 9 mesi (In migliaia<span class=\"fs4\">)<span class=\"_ _6a\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesi</span>ad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">183.000 <span class=\"_ _16f\"> </span></span>89.000 <span class=\"_ _fe\"> </span>91.000 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">3.050.000 <span class=\"_ _7f\"> </span></span>1.200.000 <span class=\"_ _7f\"> </span>1.350.000 <span class=\"_ _15d\"> </span>500.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _d5\"> </span><span class=\"ff76\">1.250 <span class=\"_ _d4\"> </span></span>- <span class=\"_ _118\"> </span>750 <span class=\"_ _cf\"> </span>500 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">250.000 <span class=\"_ _16f\"> </span></span>40.000 <span class=\"_ _15d\"> </span>210.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _1f1\"> </span><span class=\"ff76\">3.500 <span class=\"_ _118\"> </span></span>500 <span class=\"_ _a5\"> </span>3.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">350.000 <span class=\"_ _97\"> </span></span>170.000 <span class=\"_ _97\"> </span>150.000 <span class=\"_ _fe\"> </span>30.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">30.000 <span class=\"_ _fe\"> </span></span>17.000 <span class=\"_ _16f\"> </span>13.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">36.000.000 <span class=\"_ _263\"> </span></span>14.000.000 <span class=\"_ _16e\"> </span>14.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - 31 dicembr<span class=\"_ _4\"></span>e 2021da 9 mesi (In migliaia)<span class=\"_ _86\"> </span>T<span class=\"_ _0\"></span>otale flussi attesi<span class=\"_ _1c4\"> </span>ent<span class=\"_ _1\"></span>ro 3 mesi<span class=\"_ _cc\"> </span>da 3 a 6 mesi<span class=\"_ _1a6\"> </span>da 6 a 9 mesiad 1 anno<span class=\"_ _c9\"> </span>oltre a 1 annoRischio di cambioVendite attese in USD<span class=\"_ _266\"> </span><span class=\"ff76\">188.500 <span class=\"_ _16f\"> </span></span>64.500 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _fe\"> </span>48.000 <span class=\"_ _a5\"> </span>6.000 <span class=\"_ _d4\"> </span>- Vendite attese in JP<span class=\"_ _4\"></span>Y<span class=\"_ _1fa\"> </span><span class=\"ff76\">4.000.000 <span class=\"_ _7f\"> </span></span>1.950.000 <span class=\"_ _7f\"> </span>1.000.000 <span class=\"_ _15d\"> </span>850.000 <span class=\"_ _97\"> </span>200.000 <span class=\"_ _284\"> </span>- Vendite attese in GBP<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in MXN<span class=\"_ _1fa\"> </span><span class=\"ff76\">320.000 <span class=\"_ _97\"> </span></span>190.000 <span class=\"_ _97\"> </span>110.000 <span class=\"_ _fe\"> </span>20.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>HF<span class=\"_ _286\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in <span class=\"_ _0\"></span>AUD<span class=\"_ _22f\"> </span><span class=\"ff76\">- <span class=\"_ _284\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>AD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in C<span class=\"_ _0\"></span>NY<span class=\"_ _266\"> </span><span class=\"ff76\">330.000 <span class=\"_ _97\"> </span></span>130.000 <span class=\"_ _97\"> </span>130.000 <span class=\"_ _fe\"> </span>70.000 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in HKD<span class=\"_ _1c9\"> </span><span class=\"ff76\">51.500 <span class=\"_ _fe\"> </span></span>19.500 <span class=\"_ _16f\"> </span>17.000 <span class=\"_ _fe\"> </span>15.000 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- Vendite attese in SGD<span class=\"_ _287\"> </span><span class=\"ff76\">- <span class=\"_ _d4\"> </span></span>- <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- Vendite attese in KR<span class=\"_ _0\"></span>W<span class=\"_ _1ee\"> </span><span class=\"ff76\">31.500.000 <span class=\"_ _263\"> </span></span>11.500.000 <span class=\"_ _16e\"> </span>12.000.000 <span class=\"_ _7f\"> </span>8.000.000 <span class=\"_ _284\"> </span>- - L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, in termini di volumi di nozio<span class=\"_ _1\"></span>nale den<span class=\"_ _1\"></span>ominati in valut<span class=\"_ _1\"></span>a cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ti, \u00e8 volt<span class=\"_ _1\"></span>a a mitig<span class=\"_ _1\"></span>are il rischio ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato da os<span class=\"_ _1\"></span>cillazioni n<span class=\"_ _1\"></span>ei t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>i di cambi<span class=\"_ _1\"></span>o tra l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro e le s<span class=\"_ _1\"></span>egue<span class=\"_ _1\"></span>nti valute: D<span class=\"_ _1\"></span>ollaro ame<span class=\"_ _1\"></span>ric<span class=\"_ _1\"></span>ano, Renminbi cine<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>se, Y<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se, Won su<span class=\"_ _1\"></span>d-<span class=\"_ _1\"></span>core<span class=\"_ _1\"></span>ano e Pes<span class=\"_ _1\"></span>o mes<span class=\"_ _1\"></span>sic<span class=\"_ _1\"></span>ano. Da un punto di vis<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a temp<span class=\"_ _1\"></span>orale<span class=\"_ _1\"></span>, le cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture c<span class=\"_ _1\"></span>on durat<span class=\"_ _1\"></span>a supe<span class=\"_ _1\"></span>riore all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ann<span class=\"_ _1\"></span>o sono nulle a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 cos\u00ec co<span class=\"_ _1\"></span>me al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. Le tab<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ano le date di manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria de<span class=\"_ _1\"></span>i sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anti per divi<span class=\"_ _1\"></span>sa e le date co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rato l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impatto a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomic<span class=\"_ _1\"></span>o, che si dete<span class=\"_ _1\"></span>rmina a se<span class=\"_ _1\"></span>guito de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019effe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va fattur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si p<span class=\"_ _1\"></span>revi<span class=\"_ _1\"></span>sti e ch<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>tituis<span class=\"_ _1\"></span>cono o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to della co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura dal ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io, alla data di chiusura degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.L<span class=\"_ _6\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _0\"></span>tuazione patr<span class=\"_ _0\"></span>imonia<span class=\"_ _0\"></span>le-f<span class=\"_ _1\"></span>inanzia<span class=\"_ _0\"></span>ria \u00e8 ra<span class=\"_ _0\"></span>ppresentato come segue:V<span class=\"_ _0\"></span>endite attese altamente probabiliRiserva di <span class=\"ff78\">C<span class=\"_ _4\"></span>ash f<span class=\"_ _1\"></span>low hedge<span class=\"ff76\"> </span></span>C<span class=\"_ _0\"></span>arrying amount/ variazione di <span class=\"ff78\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff76\"> </span></span>utilizzate per misurar<span class=\"_ _0\"></span>e Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre Voc<span class=\"_ _0\"></span>e di bilancio \u201c<span class=\"_ _4\"></span>altre (In migliaia di Euro)<span class=\"_ _288\"> </span>Importo nozionalel\u2019inefficaciaattivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201dpassivit\u00e0 cor<span class=\"_ _0\"></span>renti\u201d31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _289\"> </span><span class=\"ff74\">287.034 <span class=\"_ _273\"> </span>9.495 <span class=\"_ _273\"> </span>6.595 <span class=\"_ _66\"> </span>(2.685) </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _289\"> </span><span class=\"ff74\">286.031 <span class=\"_ _20d\"> </span>(8.426)<span class=\"_ _1\"></span> <span class=\"_ _8c\"> </span>299 <span class=\"_ _ed\"> </span>(10.521) </span>Sensitivity AnalysisL<span class=\"_ _6\"></span>\u2019analisi di sensit<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a al f<span class=\"_ _1\"></span>ine di valut<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io \u00e8 st<span class=\"_ _1\"></span>ata c<span class=\"_ _1\"></span>ondot<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a ipo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ando v<span class=\"_ _1\"></span>ariaz<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>rcentuali in aume<span class=\"_ _1\"></span>nto e in diminuzion<span class=\"_ _1\"></span>e dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io dell<span class=\"_ _1\"></span>e varie di<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>e, prop<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>zionali alla loro volatilit<span class=\"_ _1\"></span>\u00e0 annua, applic<span class=\"_ _1\"></span>ata a tut<span class=\"_ _1\"></span>te l<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie ril<span class=\"_ _1\"></span>evanti e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>lle valute o<span class=\"_ _1\"></span>riginarie<span class=\"_ _1\"></span>. In par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare, l<span class=\"_ _1\"></span>\u2019analisi ha intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ato tut<span class=\"_ _1\"></span>te le valut<span class=\"_ _1\"></span>e e le se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti pos<span class=\"_ _1\"></span>te:\u2022 <span class=\"_ _a1\"> </span>s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti der<span class=\"_ _1\"></span>ivati s<span class=\"_ _1\"></span>ui ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio;\u2022 <span class=\"_ _a1\"> </span>cre<span class=\"_ _1\"></span>diti comm<span class=\"_ _1\"></span>erciali e altri cre<span class=\"_ _1\"></span>diti;\u2022 <span class=\"_ _a1\"> </span>de<span class=\"_ _1\"></span>biti co<span class=\"_ _1\"></span>mmerciali e altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _a1\"> </span>dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ie a breve e lungo te<span class=\"_ _1\"></span>rmine;\u2022 <span class=\"_ _a1\"> </span>pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> a b<span class=\"_ _1\"></span>reve e lungo te<span class=\"_ _1\"></span>rmine. Inoltre<span class=\"_ _1\"></span>, la tab<span class=\"_ _1\"></span>ella rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a gli impatt<span class=\"_ _1\"></span>i pi\u00f9 signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi e l<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>ve valute e si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce all<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio se<span class=\"_ _1\"></span>condo quanto r<span class=\"_ _1\"></span>ichies<span class=\"_ _1\"></span>to dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 7 e non con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>ra p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dalla conver<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e dei bilanci d<span class=\"_ _1\"></span>elle soci<span class=\"_ _1\"></span>et\u00e0 e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tere co<span class=\"_ _1\"></span>n valut<span class=\"_ _1\"></span>a funzi<span class=\"_ _1\"></span>onale dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>Euro. Son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rati i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio de<span class=\"_ _1\"></span>lle valute la cui variaz<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>a un impatto a co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico e a p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a in valor<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>oluto, sup<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ore a Euro un milione<span class=\"_ _1\"></span>.31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>4.029 <span class=\"_ _bc\"> </span>2.119 EUR/JPY<span class=\"_ _1bd\"> </span>10,8%Strumenti non derivati<span class=\"_ _be\"> </span>(51) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>4.566 <span class=\"_ _ab\"> </span>12.855 EUR/USD<span class=\"_ _28a\"> </span>8,1%Strumenti non derivati<span class=\"_ _ac\"> </span>(1.040) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>705 <span class=\"_ _bc\"> </span>1.999 EUR/KRW<span class=\"_ _201\"> </span>8,6%Strumenti non derivati<span class=\"_ _ee\"> </span>(2) <span class=\"_ _f5\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>883 <span class=\"_ _bc\"> </span>2.808 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>6,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(426) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.300 <span class=\"_ _bc\"> </span>1.336 EUR/MXN<span class=\"_ _28b\"> </span>12,5%Strumenti non derivati<span class=\"_ _32\"> </span>(63) <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.068 <span class=\"_ _229\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>5,9%Strumenti non derivati<span class=\"_ _128\"> </span><span class=\"ls34 ws139\">(7) <span class=\"_ _229\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _28c\"> </span>10,8%Strumenti non derivati<span class=\"_ _20f\"> </span>1.209 <span class=\"_ _229\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _37\"> </span>13.171 <span class=\"_ _12e\"> </span>21.117 31 dicembr<span class=\"_ _4\"></span>e 2022Incremento/ ImpattiRiduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(5.008) <span class=\"_ _12e\"> </span>(2.633) EUR/JPY<span class=\"_ _d5\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _21a\"> </span>62 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(5.371) <span class=\"_ _1fb\"> </span>(15.121) EUR/USD<span class=\"_ _1fc\"> </span>(8,1%)Strumenti non derivati<span class=\"_ _20f\"> </span>1.202 <span class=\"_ _229\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(838) <span class=\"_ _12e\"> </span>(2.374) EUR/KRW<span class=\"_ _28c\"> </span>(8,6%)Strumenti non derivati<span class=\"_ _28d\"> </span>2 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.001) <span class=\"_ _12e\"> </span>(3.184) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(6,3%)Strumenti non derivati<span class=\"_ _27\"> </span>478 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.674) <span class=\"_ _12e\"> </span>(1.719) EUR/MXN<span class=\"_ _288\"> </span>(12,5%)Strumenti non derivati<span class=\"_ _21a\"> </span>80 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.328) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(5,9%)Strumenti non derivati<span class=\"_ _28d\"> </span>7 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _274\"> </span>(10,8%)Strumenti non derivati<span class=\"_ _ac\"> </span>(1.209) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(15.598) <span class=\"_ _c5\"> </span>(25.031) 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _bc\"> </span>3.373 <span class=\"_ _bc\"> </span>2.014 EUR/JPY<span class=\"_ _cd\"> </span>7,0%Strumenti non derivati<span class=\"_ _cf\"> </span>(144) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>2.669 <span class=\"_ _bc\"> </span>8.826 EUR/USD<span class=\"_ _28a\"> </span>5,6%Strumenti non derivati<span class=\"_ _cf\"> </span>(108) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _a4\"> </span>605 <span class=\"_ _bc\"> </span>1.653 EUR/KRW<span class=\"_ _201\"> </span>7,6%Strumenti non derivati<span class=\"_ _be\"> </span>(27) Strumenti derivati <span class=\"_ _a4\"> </span>712 <span class=\"_ _bc\"> </span>1.880 VARIAZIONE PO<span class=\"_ _0\"></span>SITIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _28a\"> </span>4,3%Strumenti non derivati<span class=\"_ _cf\"> </span>(124) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.001 <span class=\"_ _bc\"> </span>1.393 EUR/MXN<span class=\"_ _28b\"> </span>11,2%Strumenti non derivati<span class=\"_ _cf\"> </span>(194) <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _bc\"> </span>1.364 <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _28a\"> </span>4,4%Strumenti non derivati<span class=\"_ _28d\"> </span>4 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _fc\"> </span>6,5%Strumenti non derivati<span class=\"_ _27\"> </span>751 <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _25c\"> </span>9.882 <span class=\"_ _61\"> </span>15.766 31 dicembr<span class=\"_ _4\"></span>e 2021Incremento/ Impatti Riduzione del tasso di Impatti a C<span class=\"_ _0\"></span>onto a P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio (In migliaia di Euro)cambio sottostante<span class=\"_ _1a7\"> </span>SottostanteEconomic<span class=\"_ _0\"></span>oNettoStrumenti derivati <span class=\"_ _61\"> </span>(3.883) <span class=\"_ _12e\"> </span>(2.318) EUR/JPY<span class=\"_ _73\"> </span>(<span class=\"_ _1\"></span>7,0%)Strumenti non derivati<span class=\"_ _27\"> </span>166 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(2.986) <span class=\"_ _12e\"> </span>(9.874) EUR/USD<span class=\"_ _1fc\"> </span>(5,6%)Strumenti non derivati<span class=\"_ _27\"> </span>116 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(704) <span class=\"_ _12e\"> </span>(1.924) EUR/KRW<span class=\"_ _28c\"> </span>(7,6%)Strumenti non derivati<span class=\"_ _21a\"> </span>31 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _eb\"> </span>(776) <span class=\"_ _12e\"> </span>(2.048) VARIAZIONE NEGA<span class=\"_ _4\"></span>TIV<span class=\"_ _0\"></span>AEUR/C<span class=\"_ _0\"></span>NY<span class=\"_ _1fc\"> </span>(4,3%)Strumenti non derivati<span class=\"_ _27\"> </span>134 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.253) <span class=\"_ _12e\"> </span>(1.744) EUR/MXN<span class=\"_ _288\"> </span>(11,2%)Strumenti non derivati<span class=\"_ _27\"> </span>243 <span class=\"_ _28d\"> </span>- Strumenti derivati <span class=\"_ _61\"> </span>(1.488) <span class=\"_ _28d\"> </span>- EUR/SGD<span class=\"_ _1fc\"> </span>(4,4%)Strumenti non derivati<span class=\"_ _ee\"> </span><span class=\"ls36 ws84\">(3)<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span></span>- Strumenti derivati <span class=\"_ _28d\"> </span>- <span class=\"_ _28d\"> </span>- USD/KRW<span class=\"_ _bb\"> </span>(6,5%)Strumenti non derivati<span class=\"_ _cf\"> </span>(751) <span class=\"_ _28d\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _28e\"> </span>(11.154) <span class=\"_ _c5\"> </span>(17.908) Come pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entat<span class=\"_ _1\"></span>o nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sopr<span class=\"_ _1\"></span>a ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a, una varia<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>iva d<span class=\"_ _1\"></span>ei ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio in<span class=\"_ _1\"></span>div<span class=\"_ _1\"></span>iduati (EUR<span class=\"_ _1\"></span>/JPY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/USD, EUR<span class=\"_ _1\"></span>/KRW, E<span class=\"_ _0\"></span>UR<span class=\"_ _1\"></span>/CNY<span class=\"_ _4\"></span>, EUR<span class=\"_ _2\"></span>/MXN EUR<span class=\"_ _2\"></span>/SG<span class=\"_ _1\"></span>D e USD/KRW<span class=\"_ _1\"></span>) avre<span class=\"_ _1\"></span>bb<span class=\"_ _1\"></span>e prod<span class=\"_ _1\"></span>otto un ut<span class=\"_ _1\"></span>ile di Euro 1<span class=\"_ _4\"></span>3.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>71 migliaia al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e un utile di Euro 9.<span class=\"_ _1\"></span>882 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 2021<span class=\"_ _6\"></span>; analog<span class=\"_ _1\"></span>amente<span class=\"_ _1\"></span>, un movime<span class=\"_ _1\"></span>nto ne<span class=\"_ _1\"></span>gativo de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio av<span class=\"_ _1\"></span>rebb<span class=\"_ _1\"></span>e pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to una pe<span class=\"_ _1\"></span>rdita di Euro 1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>.59<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e una perdit<span class=\"_ _1\"></span>a di Euro 1<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>4 mi<span class=\"ls0 ws0\">-</span>gliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. L<span class=\"_ _6\"></span>\u2019incre<span class=\"_ _1\"></span>mento ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato a patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to dagli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati de<span class=\"_ _1\"></span>signati di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura in cons<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a alle ipot<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate varia<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>ositi<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio s<span class=\"_ _1\"></span>arebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ato pari a Euro 21<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>7 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e a Euro 1<span class=\"_ _4\"></span>5.7<span class=\"_ _0\"></span>66 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>; la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne di patrimo<span class=\"_ _1\"></span>nio net<span class=\"_ _1\"></span>to in cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>za alle ip<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate var<span class=\"_ _1\"></span>iazioni n<span class=\"_ _1\"></span>egati<span class=\"_ _1\"></span>ve dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di c<span class=\"_ _1\"></span>ambio sar<span class=\"_ _1\"></span>ebb<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>ari a Euro 25.031 migliai<span class=\"_ _0\"></span>a al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e a Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _4\"></span>. L<span class=\"_ _6\"></span>\u2019analisi di sens<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo l<span class=\"_ _1\"></span>e modalit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, sui risult<span class=\"_ _1\"></span>ati de<span class=\"_ _1\"></span>lla quale incide in manie<span class=\"_ _1\"></span>ra rile<span class=\"_ _1\"></span>vante il valo<span class=\"_ _1\"></span>re della vo<span class=\"_ _1\"></span>latilit\u00e0 di me<span class=\"_ _1\"></span>rcato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i di cambio c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a, mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a un impat<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>to signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativo sul p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, a seguit<span class=\"_ _1\"></span>o della p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sibile v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re degli s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>enti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati des<span class=\"_ _1\"></span>ignati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura<span class=\"_ _1\"></span>, che vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>osp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>a a Ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>w hedge</span> e la cui r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o si avr<span class=\"_ _1\"></span>\u00e0 negli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi s<span class=\"_ _1\"></span>ucce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivi, al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetti<span class=\"_ _1\"></span>vo manifes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>arsi d<span class=\"_ _1\"></span>elle ve<span class=\"_ _1\"></span>ndite att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e. L<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _1\"></span>mento o la ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne deg<span class=\"_ _1\"></span>li impatti a c<span class=\"_ _1\"></span>onto ec<span class=\"_ _1\"></span>onomico e a s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato patrimonial<span class=\"_ _1\"></span>e, in ognuno d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi co<span class=\"_ _1\"></span>nsid<span class=\"_ _1\"></span>erati, d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>va es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ialmente dall<span class=\"_ _1\"></span>\u2019ef<span class=\"ls0 ws0\">-</span>fett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>an<span class=\"_ _1\"></span>damento d<span class=\"_ _1\"></span>elle singo<span class=\"_ _1\"></span>le valute alle date di r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto e dalla variaz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>lla cons<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e alle f<span class=\"_ _1\"></span>luttua<span class=\"_ _1\"></span>zioni de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>ambio.La voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _1\"></span>Strume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura a breve t<span class=\"_ _1\"></span>ermine<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>ari ad Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>251 migliai<span class=\"_ _0\"></span>a (Euro 3<span class=\"_ _4\"></span>26 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>) accoglie la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span><span class=\"lsb ws112\"> (<span class=\"_ _4\"></span>valore equo<span class=\"_ _4\"></span>) dei contratti derivati (<span class=\"_ _6\"></span>componente di copertura<span class=\"_ _0\"></span>) in essere, </span>stip<span class=\"_ _1\"></span>ulati dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o per la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io sulle ve<span class=\"_ _1\"></span>ndite in div<span class=\"_ _1\"></span>ise di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro.17. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>ltre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie cor<span class=\"_ _1\"></span>renti<span class=\"_ _2\"></span>\u201d \u00e8 evide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iata ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Strumenti derivati<span class=\"_ _ff\"> </span>256<span class=\"_ _1ee\"> </span>596<span class=\"_ _f5\"> </span>(340)Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _15f\"> </span>9.999<span class=\"_ _8a\"> </span>-<span class=\"_ _171\"> </span>9.999T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>10.255 <span class=\"_ _6f\"> </span>596 <span class=\"_ _21a\"> </span>9.659 La voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>ltre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie cor<span class=\"_ _1\"></span>renti<span class=\"_ _1\"></span>\u201d, pari a Euro 1<span class=\"_ _4\"></span>0.<span class=\"_ _1\"></span>255 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2, si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e per Euro 256 migliaia (Euro 5<span class=\"_ _0\"></span>96 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>) alla valuta<span class=\"_ _1\"></span>zione al <span class=\"ff79\">fair value</span> deg<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la com<span class=\"ls0 ws0\">-</span>La voc<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al valo<span class=\"_ _1\"></span>re equo (<span class=\"ff79\">fair value<span class=\"_ _4\"></span><span class=\"ff71\">) alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio d<span class=\"_ _1\"></span>egli </span></span>str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati (<span class=\"_ _0\"></span>compon<span class=\"_ _1\"></span>ente di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura<span class=\"_ _0\"></span>), in es<span class=\"_ _1\"></span>sere<span class=\"_ _1\"></span>, st<span class=\"_ _1\"></span>ipulati dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>am<span class=\"ls0 ws0\">-</span>bio. Per mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si rimanda alla not<span class=\"_ _1\"></span>a 30 Strum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari e valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al <span class=\"ff79\">fair value.</span>29. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 finanziarie c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e altre pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e corre<span class=\"_ _1\"></span>nti \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Strumenti derivati a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _1c\"> </span>1.096 <span class=\"_ _141\"> </span>513 <span class=\"_ _282\"> </span>583 T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>1.096 <span class=\"_ _6f\"> </span>513 <span class=\"_ _282\"> </span>583 La voc<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati a breve t<span class=\"_ _1\"></span>ermine ac<span class=\"_ _1\"></span>coglie p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte il <span class=\"ff79\">fair value</span><span class=\"ls8 wsb6\"> degli strumenti<span class=\"_ _0\"></span> finanziari derivati </span>aventi <span class=\"ff79 wseb\">m<span class=\"_ _1\"></span>ark to market<span class=\"ff71\"> negati<span class=\"_ _1\"></span>vo alla data di chiusur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o. Per mag<span class=\"_ _1\"></span>gior d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio s<span class=\"_ _1\"></span>i rinvia alla succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>va not<span class=\"_ _1\"></span>a </span></span>30 Strume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari e v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione al <span class=\"ff79\">fair value</span><span class=\"ls0\">. </span>30. Strumenti finanziari e valutazione al <span class=\"ff79\">fair v<span class=\"_ _4\"></span>alue</span>La clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ottica d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9 \u00e8 tras<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ale a dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e voci di bilan<span class=\"_ _1\"></span>cio. Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>i ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il valo<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>, per c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>goria di appar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>za, pos<span class=\"_ _1\"></span>to a confro<span class=\"_ _1\"></span>nto con i cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>nti valo<span class=\"_ _1\"></span>ri e<span class=\"_ _1\"></span>qui al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 e al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.Classific<span class=\"_ _4\"></span>azione degli st<span class=\"_ _1\"></span>rumenti finanziari e r<span class=\"_ _0\"></span>appr<span class=\"_ _4\"></span>esentazione del loro <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue</span>A<span class=\"_ _4\"></span>TTIVI<span class=\"_ _0\"></span>T<span class=\"_ _4\"></span>\u00c0 FINANZIARIE31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021V<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileV<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileQuotaQuota nonQuotaQuota non(In migliaia di Euro) cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue  cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue Attivit\u00e0 finanziarie al <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff74 ls36 ws84\"> con<span class=\"_ _1\"></span></span><span class=\"ff74\"> </span></span>variazioni imputate a c<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>oDerivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _272\"> </span>256 <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>256 <span class=\"_ _118\"> </span>596 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>596 Attivit\u00e0 v<span class=\"_ _0\"></span>alutate al costo ammortizzatoCr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _d3\"> </span>15.576 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>15.576 <span class=\"_ _16f\"> </span>12.359 <span class=\"_ _be\"> </span>- <span class=\"_ _1da\"> </span>12.359 Cr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _12b\"> </span>94.490 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>94.490 <span class=\"_ _97\"> </span>112.670 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>112.670 Depositi cauzionali<span class=\"_ _27d\"> </span>- <span class=\"_ _1da\"> </span>15.570 <span class=\"_ _16a\"> </span>15.570 <span class=\"_ _246\"> </span>- <span class=\"_ _1da\"> </span>15.659 <span class=\"_ _1f6\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti <span class=\"_ _54\"> </span>9.999 <span class=\"_ _be\"> </span>- <span class=\"_ _81\"> </span>9.999 <span class=\"_ _d4\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _ee\"> </span>391.354 <span class=\"_ _be\"> </span>- <span class=\"_ _16d\"> </span>391.354 <span class=\"_ _97\"> </span>511.796 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>511.796 Attivit\u00e0 finanziarie al <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff74\"> con v<span class=\"_ _0\"></span>ariazioni </span></span>imputate a conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _273\"> </span> <span class=\"_ _c\"> </span> Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a <span class=\"_ _23b\"> </span>7.251 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>7.251 <span class=\"_ _cf\"> </span>326 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>326 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>518.926 <span class=\"_ _1d0\"> </span>15.570 <span class=\"_ _1ac\"> </span>534.496 <span class=\"_ _173\"> </span>637.747 <span class=\"_ _1d0\"> </span>15.659 <span class=\"_ _77\"> </span>653.406 P<span class=\"_ _4\"></span>ASSIVIT<span class=\"_ _6\"></span>\u00c0 FINANZIARIE 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021V<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileV<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileQuotaQuota nonQuotaQuota non(In migliaia di Euro) cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue  cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue P<span class=\"_ _4\"></span>assivit\u00e0 valutate al costo ammortizzatoDebiti verso for<span class=\"_ _0\"></span>nitori e acc<span class=\"_ _0\"></span>onti <span class=\"_ _295\"> </span>174.016 <span class=\"_ _be\"> </span>- <span class=\"_ _16d\"> </span>174.016 <span class=\"_ _15d\"> </span>183.792 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>183.792 Debiti verso banche <span class=\"_ _178\"> </span>29.264 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>29.264 <span class=\"_ _16f\"> </span>75.604 <span class=\"_ _1da\"> </span>63.516 <span class=\"_ _80\"> </span>139.120 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _bb\"> </span>2 <span class=\"_ _be\"> </span>- <span class=\"_ _fa\"> </span>2 <span class=\"_ _d4\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- Depositi cauzionali <span class=\"_ _c1\"> </span>171 <span class=\"_ _ac\"> </span>254 <span class=\"_ _b4\"> </span>425 <span class=\"_ _32\"> </span>96 <span class=\"_ _ac\"> </span>294 <span class=\"_ _ac\"> </span>390 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _db\"> </span></span>106.586 <span class=\"_ _80\"> </span>468.737 <span class=\"_ _15d\"> </span><span class=\"lsc8 ws10b\">n<span class=\"_ _24\"></span>/a<span class=\"_ _1\"></span>*<span class=\"_ _b4\"> </span></span>110.012 <span class=\"_ _80\"> </span>487.230 <span class=\"_ _61\"> </span><span class=\"lsc8 ws10b\">n<span class=\"_ _2\"></span>/a<span class=\"_ _2\"></span>*</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al f<span class=\"ff77\">air value</span> con variazioni imputate a conto ec<span class=\"_ _0\"></span>onomicoDerivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _171\"> </span>1.096 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>1.096 <span class=\"_ _cf\"> </span>513 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>513 P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> con variazioni imputate a conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _0\"></span>omplessivoDerivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _64\"> </span>6.186 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>6.186 <span class=\"_ _16f\"> </span>15.206 <span class=\"_ _be\"> </span>- <span class=\"_ _1f6\"> </span>15.206 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>317.321 <span class=\"_ _77\"> </span>468.991 <span class=\"_ _1d2\"> </span>210.989 <span class=\"_ _13b\"> </span>385.223 <span class=\"_ _208\"> </span>551.040 <span class=\"_ _77\"> </span>339.021 *In applicazione del principio IFRS16 alla P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79\">leasing</span> non si applica il c<span class=\"_ _0\"></span>alcolo del<span class=\"ff79\"> fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\">.</span></span>La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>zia che la gran p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntat<span class=\"_ _1\"></span>a da pos<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>ia<span class=\"ls0 ws0\">-</span>rie atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve a breve<span class=\"_ _1\"></span>, ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g</span>; in c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>dera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della lo<span class=\"_ _1\"></span>ro natura, pe<span class=\"_ _1\"></span>r la mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>lle po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>, il valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile \u00e8 cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rato una ragio<span class=\"_ _1\"></span>nevol<span class=\"_ _1\"></span>e appros<span class=\"_ _1\"></span>sima<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore e<span class=\"_ _1\"></span>quo.In tutti g<span class=\"_ _1\"></span>li altri c<span class=\"_ _1\"></span>asi, la det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore equ<span class=\"_ _1\"></span>o av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iene s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>olog<span class=\"_ _1\"></span>ie clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icab<span class=\"_ _1\"></span>ili nel Li<span class=\"_ _1\"></span>vello 2 de<span class=\"_ _1\"></span>lla gerarchia de<span class=\"_ _1\"></span>i livelli di s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dei dati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati nella de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del <span class=\"ff79\">fair value</span> cos\u00ec co<span class=\"_ _1\"></span>me def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>3. Il Grupp<span class=\"_ _1\"></span>o fa rico<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o a mod<span class=\"_ _1\"></span>elli inter<span class=\"_ _1\"></span>ni di valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente utiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>lla pratic<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia, sulla bas<span class=\"_ _1\"></span>e di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi for<span class=\"_ _1\"></span>niti dagli op<span class=\"_ _1\"></span>erato<span class=\"_ _1\"></span>ri di merc<span class=\"_ _1\"></span>ato o di quot<span class=\"_ _1\"></span>azioni r<span class=\"_ _1\"></span>ilevate s<span class=\"_ _1\"></span>u merc<span class=\"_ _1\"></span>ati att<span class=\"_ _1\"></span>ivi p<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>zo di primari <span class=\"ff79 ls5f ws7\">info<span class=\"_ _1\"></span>-p<span class=\"_ _1\"></span>rovid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s</span><span class=\"ls0\">.</span>Per la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dei deri<span class=\"_ _1\"></span>vati v<span class=\"_ _1\"></span>iene ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato un mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls3a wsa\">pric<span class=\"_ _1\"></span>ing</span> bas<span class=\"_ _1\"></span>ato sui valo<span class=\"_ _1\"></span>ri di merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio ril<span class=\"_ _1\"></span>evabili alla dat<span class=\"_ _1\"></span>a di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne.Per la voce re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>a ai \u201cD<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ositi c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionali<span class=\"_ _1\"></span>\u201d il val<span class=\"_ _1\"></span>ore cont<span class=\"_ _1\"></span>abile \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derato una r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>vole app<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>simazi<span class=\"_ _1\"></span>one del v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo. Non ci s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate v<span class=\"_ _1\"></span>ariazi<span class=\"_ _1\"></span>oni nei m<span class=\"_ _1\"></span>etodi v<span class=\"_ _1\"></span>alutati<span class=\"_ _1\"></span>vi a<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>ati ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to ai pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nti es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i, n\u00e9 tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>menti da un Li<span class=\"_ _1\"></span>vello a un altro d<span class=\"_ _1\"></span>ella ger<span class=\"_ _1\"></span>archia delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 v<span class=\"_ _1\"></span>alutate al v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo.Il Grupp<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tua il calco<span class=\"_ _1\"></span>lo de<span class=\"_ _1\"></span>l <span class=\"ff79 ls2c ws9d\">non-pe<span class=\"_ _1\"></span>rformance</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls3a wsa\">ris<span class=\"_ _1\"></span>k</span></span>, cio\u00e8 d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio che una de<span class=\"_ _1\"></span>lle par<span class=\"_ _1\"></span>ti no<span class=\"_ _1\"></span>n onori i p<span class=\"_ _1\"></span>ropri imp<span class=\"_ _1\"></span>egni contrat<span class=\"_ _1\"></span>tuali pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di un pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>fault<span class=\"_ _1\"></span></span> prima de<span class=\"_ _1\"></span>lla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, sia con rife<span class=\"_ _1\"></span>rimento al r<span class=\"_ _1\"></span>ischio de<span class=\"_ _1\"></span>lla contropa<span class=\"_ _0\"></span>rte (<span class=\"_ _0\"></span><span class=\"ff79 ls4 ws12f\">Credit V<span class=\"_ _0\"></span>alue Adjustme<span class=\"_ _1\"></span>nt<span class=\"ff71\">: C<span class=\"_ _1\"></span>VA)<span class=\"_ _0\"></span>, sia al propr<span class=\"_ _1\"></span>io rischi<span class=\"_ _1\"></span>o di inademp<span class=\"_ _1\"></span>imento (<span class=\"ff79\">Debt Risk A<span class=\"_ _1\"></span>djustme<span class=\"_ _1\"></span>nt</span><span class=\"ls41 ws181\">:<span class=\"_ _2\"></span> D<span class=\"_ _1\"></span>VA<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </span></span></span>applic<span class=\"_ _1\"></span>andol<span class=\"_ _1\"></span>o al valore di m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato del p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio pri<span class=\"_ _1\"></span>vo di rischio. T<span class=\"_ _4\"></span>ali ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti, data la tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>gia di str<span class=\"_ _1\"></span>umenti deri<span class=\"_ _1\"></span>vati pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enti in po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tafogli<span class=\"_ _1\"></span>o rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente da ve<span class=\"_ _1\"></span>ndite o da ac<span class=\"_ _1\"></span>quisti di v<span class=\"_ _1\"></span>aluta a t<span class=\"_ _1\"></span>ermine t<span class=\"_ _1\"></span>ramite con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward</span><span class=\"ls4 ws2d\">, la relativa sc<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a, comp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito dei d<span class=\"_ _1\"></span>odici m<span class=\"_ _1\"></span>esi, e i <span class=\"ff79 ls5d ws9f\">ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span><span class=\"lsb ws11f\"> sia delle contr<span class=\"_ _0\"></span>oparti con cui sono<span class=\"_ _0\"></span> </span></span>stati stipulati<span class=\"_ _0\"></span> i contra<span class=\"_ _0\"></span>tti sia del Gruppo<span class=\"_ _0\"></span>, risultano n<span class=\"_ _0\"></span>on signi<span class=\"_ _0\"></span>fic<span class=\"_ _1\"></span>ativi.Si se<span class=\"_ _1\"></span>gnala inoltre ch<span class=\"_ _1\"></span>e, sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>gli acco<span class=\"_ _1\"></span>rdi ISDA <span class=\"ff79 ls2e ws0\">Master A<span class=\"_ _0\"></span>greemen<span class=\"_ _0\"></span>t<span class=\"ff71 ls4 wsd6\"> e degli acco<span class=\"_ _1\"></span>rdi quadro es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti co<span class=\"_ _1\"></span>n le contro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>par<span class=\"_ _1\"></span>ti con l<span class=\"_ _1\"></span>e quali vengono s<span class=\"_ _1\"></span>tipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati, \u00e8 in gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uare la comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne (<span class=\"ff79 ls5f ws7\">net<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span></span><span class=\"ls0 wse1\">)<span class=\"_ _1\"></span> di </span>tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e originate da t<span class=\"_ _1\"></span>ali str<span class=\"_ _1\"></span>umenti d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati.La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sintetiz<span class=\"_ _2\"></span>za gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti a Co<span class=\"_ _1\"></span>nto Economic<span class=\"_ _1\"></span>o e Patrimonio Ne<span class=\"_ _1\"></span>tto c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento a cias<span class=\"_ _1\"></span>cuna cate<span class=\"_ _1\"></span>goria di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a conto ec<span class=\"_ _4\"></span>onomico su strumenti finanziari:Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _21e\"> </span>(17.926) <span class=\"_ _e2\"> </span>(16.284) Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _11a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a patrimonio netto su strumenti finanziar<span class=\"_ _0\"></span>i: Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _2cb\"> </span>17.921 <span class=\"_ _e2\"> </span>(15.166) Interessi attivi/passi<span class=\"_ _0\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _0\"></span>ati sulle attivit\u00e0/passivit\u00e0 finanziarie non al FVTPL: Interessi attivi <span class=\"_ _2cc\"> </span>3.608 <span class=\"_ _1f7\"> </span>1.485 Interessi passivi<span class=\"_ _2cd\"> </span>2.683 <span class=\"_ _1f7\"> </span>2.844 Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _24c\"> </span><span class=\"ff74\">14.798 <span class=\"_ _27e\"> </span>13.881 </span>Spese e commissioni non inc<span class=\"_ _0\"></span>luse nel tasso di interesse effettivo: di competenza di passivit\u00e0 finanziarie <span class=\"_ _109\"> </span>1.033 <span class=\"_ _ed\"> </span>1.300 Interessi attivi matur<span class=\"_ _0\"></span>ati su strumenti finanziari sv<span class=\"_ _0\"></span>alutatiAc<span class=\"_ _0\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziarie:crediti/finanziamenti<span class=\"_ _1bf\"> </span>1.265 <span class=\"_ _141\"> </span>277",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__91": {
   "value": "Rischio di liquidit\u00e0Il rischio di li<span class=\"_ _1\"></span>quidit\u00e0 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il ris<span class=\"_ _1\"></span>chio che il Gr<span class=\"_ _1\"></span>uppo no<span class=\"_ _1\"></span>n sia in gra<span class=\"_ _1\"></span>do di risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tare l<span class=\"_ _1\"></span>e propri<span class=\"_ _1\"></span>e obblig<span class=\"_ _1\"></span>azioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie a caus<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla diff<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>olt<span class=\"_ _1\"></span>\u00e0 di rep<span class=\"_ _1\"></span>erire fon<span class=\"_ _1\"></span>di a condi<span class=\"_ _1\"></span>zioni di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo c<span class=\"_ _1\"></span>orrent<span class=\"_ _1\"></span>i di merc<span class=\"_ _1\"></span>ato (<span class=\"_ _0\"></span><span class=\"ff79 ls3a ws3c\">funding liq<span class=\"_ _1\"></span>uidit<span class=\"_ _1\"></span>y risk<span class=\"ff71 ls4 ws9d\">) o di liquidare </span></span>atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 sul me<span class=\"_ _1\"></span>rcato p<span class=\"_ _1\"></span>er rep<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ire le ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sari<span class=\"_ _1\"></span>e (<span class=\"_ _4\"></span><span class=\"ff79\">a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et liquidit<span class=\"_ _1\"></span>y risk<span class=\"ff71 ls0\">).</span></span>La prima c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a \u00e8 un impatt<span class=\"_ _1\"></span>o neg<span class=\"_ _1\"></span>ativo sul co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico, ne<span class=\"_ _1\"></span>l cas<span class=\"_ _1\"></span>o in cui la So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sia cos<span class=\"_ _1\"></span>tret<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nere cos<span class=\"_ _1\"></span>ti addi<span class=\"_ _1\"></span>zionali p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>re ai propr<span class=\"_ _1\"></span>i impe<span class=\"_ _1\"></span>gni.I fatto<span class=\"_ _1\"></span>ri che pr<span class=\"_ _1\"></span>incipalment<span class=\"_ _1\"></span>e influe<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>ano la liquidit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>ono r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati dalle ri<span class=\"_ _1\"></span>sor<span class=\"_ _1\"></span>se ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ate o as<span class=\"_ _1\"></span>sorb<span class=\"_ _1\"></span>ite dalle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>ve e di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto, dalle eventuali dis<span class=\"_ _1\"></span>tribu<span class=\"_ _1\"></span>zioni di div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi, dalle c<span class=\"_ _1\"></span>aratte<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>tiche di sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za e di di<span class=\"_ _1\"></span>sponib<span class=\"_ _1\"></span>ilit\u00e0 di rinnovo d<span class=\"_ _1\"></span>el de<span class=\"_ _1\"></span>bito o dalla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e liquidabilit<span class=\"_ _1\"></span>\u00e0 deg<span class=\"_ _1\"></span>li invest<span class=\"_ _1\"></span>imenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari de<span class=\"_ _1\"></span>lle ec<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ced<span class=\"_ _1\"></span>enze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>. I fabbis<span class=\"_ _1\"></span>ogni o l<span class=\"_ _1\"></span>e ecc<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nze di liquidit<span class=\"_ _1\"></span>\u00e0 s<span class=\"_ _1\"></span>ono monito<span class=\"_ _1\"></span>rati su ba<span class=\"_ _1\"></span>se gio<span class=\"_ _1\"></span>rnalier<span class=\"_ _1\"></span>a dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o al f<span class=\"_ _1\"></span>ine di garantire un ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ace re<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto delle r<span class=\"_ _1\"></span>isor<span class=\"_ _1\"></span>se f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie o un ad<span class=\"_ _1\"></span>eguato inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento de<span class=\"_ _1\"></span>lla liquidit<span class=\"_ _1\"></span>\u00e0. La ne<span class=\"_ _1\"></span>goziazion<span class=\"_ _1\"></span>e e la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e delle line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito vie<span class=\"_ _1\"></span>ne co<span class=\"_ _1\"></span>ordinata dalla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo c<span class=\"_ _1\"></span>on lo sc<span class=\"_ _1\"></span>opo di prov<span class=\"_ _2\"></span>ved<span class=\"_ _1\"></span>ere alle nec<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di breve e m<span class=\"_ _1\"></span>edio p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do de<span class=\"_ _1\"></span>lle singol<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo crit<span class=\"_ _1\"></span>eri di ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a ed e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omicit<span class=\"_ _1\"></span>\u00e0. Al 31<span class=\"_ _0\"></span> dicembr<span class=\"_ _1\"></span>e 2022, so<span class=\"_ _1\"></span>no in es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere con p<span class=\"_ _1\"></span>i\u00f9 contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i bancar<span class=\"_ _1\"></span>ie linee di cr<span class=\"_ _1\"></span>edito <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d</span>, per c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i Euro 365.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia, interame<span class=\"_ _1\"></span>nte utiliz<span class=\"_ _2\"></span>zabili in una o pi\u00f9 s<span class=\"_ _1\"></span>oluzio<span class=\"_ _1\"></span>ni (<span class=\"ff79 ws3c\">revolving<span class=\"_ _1\"></span></span>). Alla st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sa dat<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o inoltre in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere lin<span class=\"_ _1\"></span>ee a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e a revoc<span class=\"_ _1\"></span>a sulla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po e su al<span class=\"_ _1\"></span>cune dell<span class=\"_ _1\"></span>e sue contro<span class=\"_ _1\"></span>llate pe<span class=\"_ _1\"></span>r totali Euro 4<span class=\"_ _1\"></span>47<span class=\"_ _6\"></span>.0<span class=\"_ _1\"></span>58 migliaia. Al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 il Grupp<span class=\"_ _1\"></span>o disp<span class=\"_ _1\"></span>one di line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito non utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zate <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span> (<span class=\"_ _0\"></span>nella forma <span class=\"ff79 ws3c\">revo<span class=\"_ _1\"></span>lving</span> o <span class=\"ff79\">term lo<span class=\"_ _1\"></span>an<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws0\">) </span></span>per Euro 365.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia e a revo<span class=\"_ _1\"></span>ca p<span class=\"_ _1\"></span>er Euro 4<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>852 migliaia, a fronte di un indeb<span class=\"_ _1\"></span>itam<span class=\"_ _1\"></span>ento lord<span class=\"_ _1\"></span>o di Euro 29.20<span class=\"_ _1\"></span>6 mi<span class=\"ls0 ws0\">-</span>gliaia e una posi<span class=\"_ _1\"></span>zione f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziaria net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a <span class=\"ff79 lsd ws75\">adjusted</span> creditor<span class=\"_ _1\"></span>ia di Euro 3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.249 migliaia (<span class=\"_ _4\"></span>deb<span class=\"_ _1\"></span>itoria pe<span class=\"_ _1\"></span>r Euro 204.<span class=\"_ _1\"></span>07<span class=\"_ _4\"></span>4 migliaia consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ando anch<span class=\"_ _1\"></span>e le pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">lea<span class=\"_ _1\"></span>sing</span> con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del p<span class=\"_ _1\"></span>rincipio IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6). Le l<span class=\"_ _0\"></span>inee <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span> hanno al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 una dur<span class=\"_ _1\"></span>ata re<span class=\"_ _1\"></span>sidua<span class=\"_ _1\"></span> mas<span class=\"_ _1\"></span>sima di quarantot<span class=\"_ _1\"></span>to me<span class=\"_ _1\"></span>si e una<span class=\"_ _1\"></span> durata r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dua me<span class=\"_ _1\"></span>dia pon<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ata di ve<span class=\"_ _1\"></span>ntiquat<span class=\"ls0 ws0\">-</span>tro me<span class=\"_ _1\"></span>si. Le line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o e la relati<span class=\"_ _1\"></span>va att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria sono di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite fra i pr<span class=\"_ _1\"></span>incipali is<span class=\"_ _1\"></span>tituti ban<span class=\"_ _1\"></span>cari na<span class=\"_ _1\"></span>zionali e interna<span class=\"_ _1\"></span>zionali. A<span class=\"_ _1\"></span>lla data de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>sente B<span class=\"_ _1\"></span>ilancio l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo mas<span class=\"_ _1\"></span>sim<span class=\"_ _1\"></span>o \u00e8 inferiore a un anno. In ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted </span>attualme<span class=\"_ _1\"></span>nte in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o, sia nella for<span class=\"_ _1\"></span>ma <span class=\"ff79 ws3c\">revolv<span class=\"_ _1\"></span>ing</span> che <span class=\"ff79\">term loan</span>, non r<span class=\"_ _1\"></span>ichied<span class=\"_ _1\"></span>ono il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">cov<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ant</span><span class=\"lsc5 wsc0\"> fi<span class=\"ls0 ws0\">-</span></span>nanziari. Fa e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e il contrat<span class=\"_ _1\"></span>to di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>to in data 24 luglio 2020 con Intesa S<span class=\"_ _1\"></span>anpaol<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., che pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a un <span class=\"ff79 ls48 wsd1\">cove<span class=\"_ _1\"></span>nant<span class=\"_ _1\"></span></span> f<span class=\"_ _1\"></span>inanziario amp<span class=\"_ _1\"></span>iamente ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2. Per mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si ve<span class=\"_ _1\"></span>da la nota 20 Pres<span class=\"_ _1\"></span>titi e f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti - Limit<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ioni all<span class=\"_ _1\"></span>\u2019uso de<span class=\"_ _1\"></span>lle ris<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e.\u00c8 semp<span class=\"_ _1\"></span>re st<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o stip<span class=\"_ _1\"></span>ulare e mantene<span class=\"_ _1\"></span>re con co<span class=\"_ _1\"></span>ntinuit\u00e0 e co<span class=\"_ _1\"></span>n contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i banc<span class=\"_ _1\"></span>arie dive<span class=\"_ _1\"></span>rsif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cate un ammontare di lin<span class=\"_ _1\"></span>ee di cre<span class=\"_ _1\"></span>dito <span class=\"ff79 ws19\">commit<span class=\"_ _1\"></span>ted</span> r<span class=\"_ _1\"></span>itenuto c<span class=\"_ _1\"></span>ongruo ri<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>etto ai f<span class=\"_ _1\"></span>abbis<span class=\"_ _1\"></span>ogni de<span class=\"_ _1\"></span>lle singol<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 e i<span class=\"_ _1\"></span>done<span class=\"_ _1\"></span>o ad as<span class=\"_ _1\"></span>sicurar<span class=\"_ _1\"></span>e in ogni mom<span class=\"_ _1\"></span>ento la liquidit<span class=\"_ _1\"></span>\u00e0 ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>aria al so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>facime<span class=\"_ _1\"></span>nto e al ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di ogni imp<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>no f<span class=\"_ _1\"></span>inanziario del G<span class=\"_ _1\"></span>ruppo, a co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni eco<span class=\"_ _1\"></span>nomiche s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abilite, olt<span class=\"_ _1\"></span>re ad as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are la disp<span class=\"_ _1\"></span>onibilit\u00e0 di un a<span class=\"_ _1\"></span>deg<span class=\"_ _1\"></span>uato livell<span class=\"_ _1\"></span>o di elas<span class=\"_ _1\"></span>ticit<span class=\"_ _1\"></span>\u00e0 ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r eventuali p<span class=\"_ _1\"></span>rogrammi di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2, la polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a quella di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una par<span class=\"_ _1\"></span>te co<span class=\"_ _1\"></span>nsis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nte delle p<span class=\"_ _1\"></span>roprie e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato in de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pos<span class=\"_ _1\"></span>iti banc<span class=\"_ _1\"></span>ari a breve (<span class=\"ff79 ls45 wsa9\">ti<span class=\"_ _0\"></span>me deposit)<span class=\"_ _4\"></span><span class=\"ff71 ls42 ws12e\">, olt<span class=\"_ _1\"></span>re che p<span class=\"_ _1\"></span>er acc<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>re pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>iti <span class=\"ff79 ls47 ws9\">inte<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any<span class=\"_ _0\"></span><span class=\"ff71 ls42 ws12e\">, regolati a co<span class=\"_ _1\"></span>ndizi<span class=\"_ _1\"></span>oni corre<span class=\"_ _1\"></span>nti </span></span></span></span>di merc<span class=\"_ _1\"></span>ato, cos\u00ec da co<span class=\"_ _1\"></span>ntene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>creme<span class=\"_ _1\"></span>nto della p<span class=\"_ _1\"></span>ropria e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitoria ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o il sis<span class=\"_ _1\"></span>tema b<span class=\"_ _1\"></span>ancari<span class=\"_ _1\"></span>o e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span> relati<span class=\"_ _1\"></span>vi.Se<span class=\"_ _1\"></span>mpre con l<span class=\"_ _2\"></span>\u2019intento di cont<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>sizi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>bitoria n<span class=\"_ _1\"></span>ei confro<span class=\"_ _1\"></span>nti del si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2022, il Grupp<span class=\"_ _1\"></span>o ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato rimbo<span class=\"_ _1\"></span>rsi anti<span class=\"_ _1\"></span>cipati pe<span class=\"_ _1\"></span>r tot<span class=\"_ _1\"></span>ali Euro 85 milioni sui principali f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti a m<span class=\"_ _1\"></span>edio lungo te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>. Le ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa so<span class=\"_ _1\"></span>no impie<span class=\"_ _1\"></span>gate con l<span class=\"_ _1\"></span>e banche di re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne in op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di <span class=\"ff79 ls45 ws8b\">time deposit</span> a breve o me<span class=\"_ _1\"></span>dio te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine, s<span class=\"_ _1\"></span>olitam<span class=\"_ _1\"></span>ente comp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e tra un g<span class=\"_ _1\"></span>iorno e do<span class=\"_ _1\"></span>dici me<span class=\"_ _1\"></span>si, che p<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono a rife<span class=\"_ _1\"></span>rimento il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>uribor/libor/SOFR di per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o o il tas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto sul me<span class=\"_ _1\"></span>rcato inte<span class=\"_ _1\"></span>rbanc<span class=\"_ _1\"></span>ario sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>o della valut<span class=\"_ _1\"></span>a in cui l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto \u00e8 deno<span class=\"_ _1\"></span>minato. Le ste<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla liquidit<span class=\"_ _1\"></span>\u00e0 vengono re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate con g<span class=\"_ _1\"></span>li obiet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i prio<span class=\"_ _1\"></span>ritar<span class=\"_ _1\"></span>i di rend<span class=\"_ _1\"></span>ere le ri<span class=\"_ _1\"></span>sor<span class=\"ls0 ws0\">-</span>se disp<span class=\"_ _1\"></span>onibili con b<span class=\"_ _1\"></span>reve pre<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iso (nel ca<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze s<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>iori a tre m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i \u00e8 prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a contr<span class=\"_ _1\"></span>attualme<span class=\"_ _1\"></span>nte la pront<span class=\"_ _1\"></span>a liquidabilit<span class=\"_ _1\"></span>\u00e0 sen<span class=\"_ _1\"></span>za p<span class=\"_ _1\"></span>enali) e di neut<span class=\"_ _1\"></span>raliz<span class=\"_ _2\"></span>zare il ris<span class=\"_ _1\"></span>chio di pe<span class=\"_ _1\"></span>rdita di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale ev<span class=\"_ _1\"></span>itan<span class=\"_ _1\"></span>do op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di tip<span class=\"_ _1\"></span>o sp<span class=\"_ _1\"></span>eculati<span class=\"_ _1\"></span>vo. \u00c8 st<span class=\"_ _1\"></span>ato inoltre e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuato un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurativo in p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidab<span class=\"_ _1\"></span>ile, ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato dalla soci<span class=\"_ _1\"></span>et\u00e0 S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. per Euro 10.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia in ott<span class=\"_ _1\"></span>ica di mo<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rata di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di ave<span class=\"_ _1\"></span>re una ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a e liquidit\u00e0 p<span class=\"_ _1\"></span>i\u00f9 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a li<span class=\"_ _1\"></span>vello di G<span class=\"_ _1\"></span>ruppo, la S<span class=\"_ _1\"></span>al<span class=\"ls0 ws0\">-</span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 inolt<span class=\"_ _1\"></span>re entrat<span class=\"_ _1\"></span>a in un contrat<span class=\"_ _1\"></span>to di <span class=\"ff79 ls8 ws6e\">ca<span class=\"_ _1\"></span>shp<span class=\"_ _1\"></span>ooling<span class=\"_ _1\"></span></span> con alcune s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>ntrollate.Que<span class=\"_ _1\"></span>ste s<span class=\"_ _1\"></span>celt<span class=\"_ _1\"></span>e, che t<span class=\"_ _1\"></span>engono co<span class=\"_ _1\"></span>nto anche de<span class=\"_ _1\"></span>lla preve<span class=\"_ _1\"></span>dibile dinamic<span class=\"_ _1\"></span>a futura de<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>luss<span class=\"_ _1\"></span>i di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a, insie<span class=\"_ _1\"></span>me ad una te<span class=\"_ _1\"></span>m<span class=\"ls0 ws0\">-</span>pe<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>va at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di rin<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle linee di cr<span class=\"_ _1\"></span>edito, anch<span class=\"_ _1\"></span>e prima de<span class=\"_ _1\"></span>lla loro naturale s<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za, co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>ntono di ri<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>durre in maniera s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>va l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>ischio in e<span class=\"_ _1\"></span>sam<span class=\"_ _1\"></span>e e di ade<span class=\"_ _1\"></span>guare il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto alle miglior<span class=\"_ _1\"></span>i condi<span class=\"_ _1\"></span>zioni di me<span class=\"_ _1\"></span>rcato. Il Gr<span class=\"_ _1\"></span>uppo ha co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente mante<span class=\"_ _1\"></span>nuto l<span class=\"_ _1\"></span>\u2019acces<span class=\"_ _1\"></span>so a un<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>ampia gamma di fonti di f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to a cos<span class=\"_ _1\"></span>ti comp<span class=\"_ _1\"></span>etit<span class=\"_ _1\"></span>ivi, n<span class=\"_ _1\"></span>onos<span class=\"_ _1\"></span>tante il qua<span class=\"_ _1\"></span>dro di riferime<span class=\"_ _1\"></span>nto es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rno, nel quale p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>mangono rigidit<span class=\"_ _1\"></span>\u00e0 ne<span class=\"_ _1\"></span>l merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l credito<span class=\"_ _1\"></span>. Nono<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante l<span class=\"_ _1\"></span>\u2019elevat<span class=\"_ _1\"></span>a cap<span class=\"_ _1\"></span>acit\u00e0 di ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>razi<span class=\"_ _1\"></span>one di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>rrente op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, avere semp<span class=\"_ _1\"></span>re mantenuto la dis<span class=\"_ _1\"></span>ponib<span class=\"_ _1\"></span>ilit\u00e0 di un cong<span class=\"_ _1\"></span>ruo ammont<span class=\"_ _1\"></span>are di line<span class=\"_ _1\"></span>e <span class=\"ff79 ws19\">committe<span class=\"_ _1\"></span>d</span> ha pe<span class=\"_ _1\"></span>rme<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di fronte<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>giare co<span class=\"_ _1\"></span>n sicure<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a le fas<span class=\"_ _1\"></span>i di mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>e turbol<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>i merc<span class=\"_ _1\"></span>ati e di eventual<span class=\"_ _1\"></span>e volatilit\u00e0 n<span class=\"_ _1\"></span>ella disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di capit<span class=\"_ _1\"></span>ale di pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tito sul merc<span class=\"_ _1\"></span>ato. Con c<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a men<span class=\"_ _1\"></span>sile v<span class=\"_ _1\"></span>iene mo<span class=\"_ _1\"></span>nitorat<span class=\"_ _1\"></span>a la po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne f<span class=\"_ _1\"></span>inanziaria co<span class=\"_ _1\"></span>mple<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iva di o<span class=\"_ _1\"></span>gni singola s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 e quella de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo comp<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o, e confrontat<span class=\"_ _1\"></span>a con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultima prev<span class=\"_ _1\"></span>isio<span class=\"_ _1\"></span>ne di <span class=\"ff79 lsa ws6\">Budget<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">/</span><span class=\"ff79 ws19\">Forec<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span></span>. Il <span class=\"ff79 lsa ws6\">management</span><span class=\"ls0 ws0\"> </span>ritien<span class=\"_ _1\"></span>e che i fondi e l<span class=\"_ _1\"></span>e linee di cre<span class=\"_ _1\"></span>dito at<span class=\"_ _1\"></span>tualmente di<span class=\"_ _1\"></span>sponib<span class=\"_ _1\"></span>ili, con l<span class=\"_ _1\"></span>\u2019aggiunt<span class=\"_ _1\"></span>a dei fon<span class=\"_ _1\"></span>di che si pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e sarann<span class=\"_ _1\"></span>o gene<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>rati dall<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 co<span class=\"_ _1\"></span>rrente op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativa<span class=\"_ _1\"></span>, cons<span class=\"_ _1\"></span>entirann<span class=\"_ _1\"></span>o al Grupp<span class=\"_ _1\"></span>o di fare fronte c<span class=\"_ _1\"></span>on tran<span class=\"_ _1\"></span>quillit\u00e0 al rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>gli utiliz<span class=\"_ _2\"></span>zi dei f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti alla lo<span class=\"_ _1\"></span>ro naturale sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e a so<span class=\"_ _1\"></span>ddis<span class=\"_ _1\"></span>fare i fab<span class=\"_ _1\"></span>biso<span class=\"_ _1\"></span>gni der<span class=\"_ _1\"></span>ivanti dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attiv<span class=\"_ _1\"></span>it\u00e0 di inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento e di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale circolante op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativo.31 dicembr<span class=\"_ _4\"></span>e 2022(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>165.065 <span class=\"_ _ac\"> </span>8.951 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _97\"> </span>174.016 Debiti verso banche <span class=\"_ _b0\"> </span>29.343 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _fe\"> </span>29.343 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _d7\"> </span>2 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _ee\"> </span>2 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.888 <span class=\"_ _16f\"> </span>86.820 <span class=\"_ _15d\"> </span>356.035 <span class=\"_ _97\"> </span>158.934 <span class=\"_ _15d\"> </span>633.677 Depositi cauzionali<span class=\"_ _290\"> </span>171 <span class=\"_ _d4\"> </span>- <span class=\"_ _27\"> </span>70 <span class=\"_ _cf\"> </span>184 <span class=\"_ _118\"> </span>425 Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _1bd\"> </span>1.179 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>1.179 Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>5.335 <span class=\"_ _a5\"> </span>2.057 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _a5\"> </span>7.392 T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>232.983 <span class=\"_ _6d\"> </span>97.828 <span class=\"_ _13b\"> </span>356.105 <span class=\"_ _173\"> </span>159.118 <span class=\"_ _13b\"> </span>846.034 31 dicembr<span class=\"_ _4\"></span>e 2021(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>178.983<span class=\"_ _bf\"> </span>4.809<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>183.792Debiti verso banche <span class=\"_ _b0\"> </span>64.743<span class=\"_ _b2\"> </span>11.290<span class=\"_ _b2\"> </span>64.458<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>140.491P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.803<span class=\"_ _b2\"> </span>87.483<span class=\"_ _c5\"> </span>347.011<span class=\"_ _c5\"> </span>183.656<span class=\"_ _c5\"> </span>649.953Depositi cauzionali<span class=\"_ _292\"> </span>74<span class=\"_ _293\"> </span>22<span class=\"_ _146\"> </span>184<span class=\"_ _146\"> </span>110<span class=\"_ _146\"> </span>390Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _d3\"> </span>676<span class=\"_ _d4\"> </span>6<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _146\"> </span>682Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>6.359<span class=\"_ _b2\"> </span>10.897<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _b2\"> </span>17.256T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>282.638<span class=\"_ _75\"> </span>114.507<span class=\"_ _25\"> </span>411.653<span class=\"_ _75\"> </span>183.766<span class=\"_ _25\"> </span>992.564L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle po<span class=\"_ _1\"></span>ste di b<span class=\"_ _1\"></span>ilancio rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ative di pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e mos<span class=\"_ _1\"></span>tra s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite, co<span class=\"_ _1\"></span>n quelle di natura c<span class=\"_ _1\"></span>ommercial<span class=\"_ _1\"></span>e conce<span class=\"_ _1\"></span>ntrate ent<span class=\"_ _1\"></span>ro i tre me<span class=\"_ _1\"></span>si. Per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 i valo<span class=\"_ _1\"></span>ri dei d<span class=\"_ _1\"></span>ebiti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o banche hann<span class=\"_ _1\"></span>o una durata r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>idua mas<span class=\"_ _1\"></span>sima infer<span class=\"_ _1\"></span>iore a 3 m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te in bilancio hann<span class=\"_ _1\"></span>o vit<span class=\"_ _1\"></span>a res<span class=\"_ _1\"></span>idua di pi\u00f9 breve t<span class=\"_ _1\"></span>ermine e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>do in pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nza r<span class=\"_ _1\"></span>elative a di<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>spo<span class=\"_ _1\"></span>nibilit\u00e0 liquid<span class=\"_ _1\"></span>e e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__93": {
   "value": "ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale circolante op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativo.31 dicembr<span class=\"_ _4\"></span>e 2022(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>165.065 <span class=\"_ _ac\"> </span>8.951 <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _97\"> </span>174.016 Debiti verso banche <span class=\"_ _b0\"> </span>29.343 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _fe\"> </span>29.343 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _d7\"> </span>2 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _ee\"> </span>2 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.888 <span class=\"_ _16f\"> </span>86.820 <span class=\"_ _15d\"> </span>356.035 <span class=\"_ _97\"> </span>158.934 <span class=\"_ _15d\"> </span>633.677 Depositi cauzionali<span class=\"_ _290\"> </span>171 <span class=\"_ _d4\"> </span>- <span class=\"_ _27\"> </span>70 <span class=\"_ _cf\"> </span>184 <span class=\"_ _118\"> </span>425 Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _1bd\"> </span>1.179 <span class=\"_ _284\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _284\"> </span>- <span class=\"_ _a5\"> </span>1.179 Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>5.335 <span class=\"_ _a5\"> </span>2.057 <span class=\"_ _d4\"> </span>- <span class=\"_ _d4\"> </span>- <span class=\"_ _a5\"> </span>7.392 T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>232.983 <span class=\"_ _6d\"> </span>97.828 <span class=\"_ _13b\"> </span>356.105 <span class=\"_ _173\"> </span>159.118 <span class=\"_ _13b\"> </span>846.034 31 dicembr<span class=\"_ _4\"></span>e 2021(In migliaia di Euro)<span class=\"_ _14d\"> </span>&lt; 3 mesi <span class=\"_ _80\"> </span>3-12 mesi<span class=\"_ _25\"> </span>1-5 anni<span class=\"_ _b5\"> </span>&gt;5 anni<span class=\"_ _ab\"> </span>T<span class=\"_ _0\"></span>otaleDebiti verso for<span class=\"_ _0\"></span>nitori<span class=\"_ _150\"> </span>178.983<span class=\"_ _bf\"> </span>4.809<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>183.792Debiti verso banche <span class=\"_ _b0\"> </span>64.743<span class=\"_ _b2\"> </span>11.290<span class=\"_ _b2\"> </span>64.458<span class=\"_ _171\"> </span>-<span class=\"_ _c5\"> </span>140.491P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _28f\"> </span></span>31.803<span class=\"_ _b2\"> </span>87.483<span class=\"_ _c5\"> </span>347.011<span class=\"_ _c5\"> </span>183.656<span class=\"_ _c5\"> </span>649.953Depositi cauzionali<span class=\"_ _292\"> </span>74<span class=\"_ _293\"> </span>22<span class=\"_ _146\"> </span>184<span class=\"_ _146\"> </span>110<span class=\"_ _146\"> </span>390Derivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _d3\"> </span>676<span class=\"_ _d4\"> </span>6<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _146\"> </span>682Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _180\"> </span>6.359<span class=\"_ _b2\"> </span>10.897<span class=\"_ _171\"> </span>-<span class=\"_ _171\"> </span>-<span class=\"_ _b2\"> </span>17.256T<span class=\"_ _4\"></span>otale<span class=\"_ _291\"> </span>282.638<span class=\"_ _75\"> </span>114.507<span class=\"_ _25\"> </span>411.653<span class=\"_ _75\"> </span>183.766<span class=\"_ _25\"> </span>992.564L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle po<span class=\"_ _1\"></span>ste di b<span class=\"_ _1\"></span>ilancio rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ative di pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e mos<span class=\"_ _1\"></span>tra s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enze di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite, co<span class=\"_ _1\"></span>n quelle di natura c<span class=\"_ _1\"></span>ommercial<span class=\"_ _1\"></span>e conce<span class=\"_ _1\"></span>ntrate ent<span class=\"_ _1\"></span>ro i tre me<span class=\"_ _1\"></span>si. Per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 i valo<span class=\"_ _1\"></span>ri dei d<span class=\"_ _1\"></span>ebiti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o banche hann<span class=\"_ _1\"></span>o una durata r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>idua mas<span class=\"_ _1\"></span>sima infer<span class=\"_ _1\"></span>iore a 3 m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>i.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te in bilancio hann<span class=\"_ _1\"></span>o vit<span class=\"_ _1\"></span>a res<span class=\"_ _1\"></span>idua di pi\u00f9 breve t<span class=\"_ _1\"></span>ermine e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>do in pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nza r<span class=\"_ _1\"></span>elative a di<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>spo<span class=\"_ _1\"></span>nibilit\u00e0 liquid<span class=\"_ _1\"></span>e e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.Rischio di cr<span class=\"_ _0\"></span>editoIl rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dal mancato a<span class=\"_ _1\"></span>dempim<span class=\"_ _1\"></span>ento delle o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zioni as<span class=\"_ _1\"></span>sunte dalle c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i, sia comme<span class=\"_ _1\"></span>rciali che f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta una di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>zione al r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito in ba<span class=\"_ _1\"></span>se alla natura de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 che hanno g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rato il cre<span class=\"_ _1\"></span>dito st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al ris<span class=\"_ _1\"></span>chio di credito c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciale del G<span class=\"_ _1\"></span>ruppo \u00e8 r<span class=\"_ _1\"></span>iferibile all<span class=\"_ _1\"></span>e vendite d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinate all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>ingros<span class=\"_ _1\"></span>so, ai cre<span class=\"_ _1\"></span>diti de<span class=\"_ _1\"></span>rivanti dai r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i prove<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nienti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni immobiliari, ch<span class=\"_ _1\"></span>e insiem<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o circa il 28,<span class=\"_ _1\"></span>3 p<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>nto del f<span class=\"_ _1\"></span>atturat<span class=\"_ _1\"></span>o global<span class=\"_ _1\"></span>e: il rimanente g<span class=\"_ _1\"></span>iro d<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>fari \u00e8 rife<span class=\"_ _1\"></span>ribile alle ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ws3c\">retail</span> co<span class=\"_ _1\"></span>n pagame<span class=\"_ _1\"></span>nto in cont<span class=\"_ _1\"></span>anti o me<span class=\"_ _1\"></span>diante car<span class=\"_ _1\"></span>te di cre<span class=\"_ _1\"></span>dito o di debit<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nzialme<span class=\"_ _1\"></span>nte riferib<span class=\"_ _1\"></span>ili alle vendite <span class=\"ff79 ls38 ws8b\">whole<span class=\"_ _1\"></span>sale</span>, hanno gene<span class=\"_ _1\"></span>ralme<span class=\"_ _1\"></span>nte sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za infe<span class=\"_ _1\"></span>riore a 9<span class=\"_ _1\"></span>0 gio<span class=\"_ _1\"></span>rni. Il Grupp<span class=\"_ _1\"></span>o gen<span class=\"_ _1\"></span>eralme<span class=\"_ _1\"></span>nte pri<span class=\"_ _1\"></span>vile<span class=\"_ _1\"></span>gia rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>mmerciali con cli<span class=\"_ _1\"></span>enti con i quali intrattie<span class=\"_ _1\"></span>ne re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni cons<span class=\"_ _1\"></span>olidate ne<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o. \u00c8 polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>porre i clie<span class=\"_ _1\"></span>nti che ric<span class=\"_ _1\"></span>hiedo<span class=\"_ _1\"></span>no con<span class=\"_ _1\"></span>dizioni di pagame<span class=\"_ _1\"></span>nto dilazio<span class=\"_ _1\"></span>nate a proce<span class=\"_ _1\"></span>dure di ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>ulla relativ<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se di cre<span class=\"_ _1\"></span>dito, sia con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto ad informaz<span class=\"_ _1\"></span>ioni otte<span class=\"_ _1\"></span>nibili da agen<span class=\"_ _1\"></span>zie sp<span class=\"_ _1\"></span>ecializ<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>ia dall<span class=\"_ _1\"></span>\u2019osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e analisi dei dati an<span class=\"_ _1\"></span>dament<span class=\"_ _1\"></span>ali dei clie<span class=\"_ _1\"></span>nti di non nuov<span class=\"_ _1\"></span>a acqui<span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ne. In<span class=\"_ _1\"></span>oltre<span class=\"_ _1\"></span>, il saldo d<span class=\"_ _1\"></span>ei cre<span class=\"_ _1\"></span>diti vi<span class=\"_ _1\"></span>ene co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente monit<span class=\"_ _1\"></span>orato ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio, in mo<span class=\"_ _1\"></span>do da as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are temp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 di inter<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nto e da ridurre il ri<span class=\"_ _1\"></span>schio di p<span class=\"_ _1\"></span>erdite<span class=\"_ _1\"></span>. Il fra<span class=\"_ _1\"></span>zioname<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di cr<span class=\"_ _1\"></span>edito t<span class=\"_ _1\"></span>ra una molte<span class=\"_ _1\"></span>plicit<span class=\"_ _1\"></span>\u00e0 di clienti op<span class=\"_ _1\"></span>era a<span class=\"_ _1\"></span>d ulter<span class=\"_ _1\"></span>iore mitiga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>gett<span class=\"_ _1\"></span>o.I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali sono ril<span class=\"_ _1\"></span>evati in bilan<span class=\"_ _1\"></span>cio al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>timat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio di inad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o le informaz<span class=\"_ _1\"></span>ioni disp<span class=\"_ _1\"></span>onibili sulla so<span class=\"_ _1\"></span>lvib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _1\"></span>l cliente<span class=\"_ _1\"></span>, i dati sto<span class=\"_ _1\"></span>rici e le condizioni economi<span class=\"_ _0\"></span>che previsional<span class=\"_ _0\"></span>i. Oltre all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>otte<span class=\"_ _1\"></span>nimento, ove po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ibile, di g<span class=\"_ _1\"></span>aranzi<span class=\"_ _1\"></span>e da par<span class=\"_ _1\"></span>te dei clie<span class=\"_ _1\"></span>nti <span class=\"ff79 ls38 ws8b\">wholesale<span class=\"_ _1\"></span>r</span> o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>adozion<span class=\"_ _1\"></span>e di modalit<span class=\"_ _1\"></span>\u00e0 di pagam<span class=\"_ _1\"></span>ento pi\u00f9 caute<span class=\"_ _1\"></span>lative p<span class=\"_ _1\"></span>er il cre<span class=\"_ _1\"></span>ditore<span class=\"_ _1\"></span>, quali le let<span class=\"_ _1\"></span>tere di cr<span class=\"_ _1\"></span>edito d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>ntario, un altro s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito comm<span class=\"_ _1\"></span>erciale \u00e8 la s<span class=\"_ _1\"></span>tipula di po<span class=\"_ _1\"></span>liz<span class=\"_ _1\"></span>ze a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurative<span class=\"_ _1\"></span>, con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obiet<span class=\"_ _1\"></span>tivo di pre<span class=\"_ _1\"></span>venire il ris<span class=\"_ _1\"></span>chio di manc<span class=\"_ _1\"></span>ato pagame<span class=\"_ _1\"></span>nto attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so una puntuale s<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio clie<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a congiunt<span class=\"_ _1\"></span>amente co<span class=\"_ _1\"></span>n le comp<span class=\"_ _1\"></span>agnie di ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, che si imp<span class=\"_ _1\"></span>egnan<span class=\"_ _1\"></span>o a garantire l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo in c<span class=\"_ _1\"></span>aso di in<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za.In gene<span class=\"_ _1\"></span>rale la S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ritie<span class=\"_ _1\"></span>ne che l<span class=\"_ _1\"></span>e politi<span class=\"_ _1\"></span>che di <span class=\"ff79\">credit risk manage<span class=\"_ _1\"></span>ment</span> ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ate abbiano p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>ontene<span class=\"_ _1\"></span>re entro limiti accet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abili lo sc<span class=\"_ _1\"></span>aduto e l<span class=\"_ _1\"></span>e inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>ze pe<span class=\"_ _1\"></span>r le quali \u00e8 st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ario rico<span class=\"_ _1\"></span>rrere a mis<span class=\"_ _1\"></span>ure leg<span class=\"_ _1\"></span>ali di recup<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Il rischio di cr<span class=\"_ _1\"></span>edito c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>ento, inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto e ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di cambi<span class=\"_ _1\"></span>o \u00e8 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dalla inc<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>emitt<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari a a<span class=\"_ _1\"></span>dempie<span class=\"_ _1\"></span>re alle pro<span class=\"_ _1\"></span>prie obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni contr<span class=\"_ _1\"></span>attuali, co<span class=\"_ _1\"></span>s\u00ec det<span class=\"_ _1\"></span>to ris<span class=\"_ _1\"></span>chio di contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce ques<span class=\"_ _1\"></span>to tipo di risch<span class=\"_ _0\"></span>io selezionando contr<span class=\"_ _0\"></span>oparti con elevato <span class=\"ff79 ls5f ws7\">stan<span class=\"_ _1\"></span>ding</span><span class=\"ls4 wsc1\"> credit<span class=\"_ _1\"></span>izio, co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>rate s<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ibili dal merc<span class=\"_ _1\"></span>ato e con le quali </span>tratt<span class=\"_ _1\"></span>iene o<span class=\"_ _1\"></span>rdinari e continuati<span class=\"_ _1\"></span>vi rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciali e di ser<span class=\"_ _2\"></span>vizio b<span class=\"_ _1\"></span>ancari, e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ando la valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span>nominaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne della li<span class=\"_ _1\"></span>quidit\u00e0 in e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o. Con tut<span class=\"_ _1\"></span>te le co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 in de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>goziati e stipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i quadro se<span class=\"_ _1\"></span>condo g<span class=\"_ _1\"></span>li <span class=\"ff79 ws3c\">standard</span><span class=\"ls5 wsc\"> inter<span class=\"_ _1\"></span>nazi<span class=\"_ _1\"></span>onali (ISDA <span class=\"ff79 ls2e ws8\">Master<span class=\"_ _0\"></span> Agreemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws0\">), al fin<span class=\"_ _1\"></span>e di regolare l<span class=\"_ _1\"></span>e varie fat<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie. </span></span></span>Il rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>iguardante le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po che co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi equiv<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>i, atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato e al<span class=\"_ _1\"></span>cuni str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un ris<span class=\"_ _1\"></span>chio pari al v<span class=\"_ _1\"></span>alore contab<span class=\"_ _1\"></span>ile di ques<span class=\"_ _1\"></span>te at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 in c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di insol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>lla controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te.31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _73\"> </span>31 dicembre 2021Quota Quota Quota Quota (In migliaia di Euro)cor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>renteCr<span class=\"_ _0\"></span>editi e finanziamentiCr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _294\"> </span>94.490 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>112.670 <span class=\"_ _267\"> </span>- Cr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _f2\"> </span>15.576 <span class=\"_ _26d\"> </span>- <span class=\"_ _171\"> </span>12.359 <span class=\"_ _267\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _28c\"> </span>391.354 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>511.796 <span class=\"_ _267\"> </span>- Depositi cauzionali<span class=\"_ _df\"> </span>- <span class=\"_ _65\"> </span>15.570 <span class=\"_ _295\"> </span>- <span class=\"_ _153\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _dc\"> </span>9.999 <span class=\"_ _26d\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- Derivati<span class=\"_ _22\"> </span>7.507 <span class=\"_ _26d\"> </span>- <span class=\"_ _141\"> </span>922 <span class=\"_ _273\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>518.926 <span class=\"_ _146\"> </span>15.570 <span class=\"_ _e2\"> </span>637.747 <span class=\"_ _27\"> </span>15.659 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra co<span class=\"_ _1\"></span>me l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di cre<span class=\"_ _1\"></span>dito, sia comme<span class=\"_ _1\"></span>rciale che di co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, \u00e8 rappre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ata dal v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entati<span class=\"_ _1\"></span>ve di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>, quasi e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, limit<span class=\"_ _1\"></span>ata alla quot<span class=\"_ _1\"></span>a cor<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>. La quot<span class=\"_ _1\"></span>a non co<span class=\"_ _1\"></span>rrente \u00e8 inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"ls0 ws0\">-</span>tat<span class=\"_ _1\"></span>a dalla voce \u2018<span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti c<span class=\"_ _1\"></span>auzionali<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>, che r<span class=\"_ _1\"></span>icompre<span class=\"_ _1\"></span>nde in ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ima par<span class=\"_ _1\"></span>te i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti in cont<span class=\"_ _1\"></span>anti ver<span class=\"_ _1\"></span>sati da var<span class=\"_ _1\"></span>ie so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 a fronte de<span class=\"_ _1\"></span>i contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di imm<span class=\"_ _1\"></span>obili, qui es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al valore n<span class=\"_ _1\"></span>ominale<span class=\"_ _1\"></span>. (In migliaia di Euro)<span class=\"_ _296\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _20d\"> </span>%<span class=\"_ _16b\"> </span>31 dicembre 2021<span class=\"_ _20b\"> </span>%Italia<span class=\"_ _10\"> </span>15.043 <span class=\"_ _27\"> </span>15,9% <span class=\"_ _171\"> </span>22.336 <span class=\"_ _79\"> </span>19,8% Eur<span class=\"_ _0\"></span>opa<span class=\"_ _5c\"> </span>10.287 <span class=\"_ _27\"> </span>10,9% <span class=\"_ _171\"> </span>12.804 <span class=\"_ _79\"> </span>11,4% Nord-Americ<span class=\"_ _0\"></span>a<span class=\"_ _23e\"> </span>19.143 <span class=\"_ _27\"> </span>20,3% <span class=\"_ _171\"> </span>15.544 <span class=\"_ _79\"> </span>13,8% Giappone<span class=\"_ _12d\"> </span>6.778 <span class=\"_ _21a\"> </span>7,2% <span class=\"_ _1f7\"> </span>7.622 <span class=\"_ _27e\"> </span>6,8% Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _e7\"> </span>35.074 <span class=\"_ _32\"> </span>37,1% <span class=\"_ _27e\"> </span>47.718 <span class=\"_ _79\"> </span>42,3% C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _c3\"> </span>8.165 <span class=\"_ _ee\"> </span>8,6% <span class=\"_ _1f7\"> </span>6.646 <span class=\"_ _27e\"> </span>5,9% T<span class=\"_ _4\"></span>otale<span class=\"_ _15e\"> </span>94.490 <span class=\"_ _101\"> </span>100,0% <span class=\"_ _e2\"> </span>112.670 <span class=\"_ _f3\"> </span>100,0% La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra la con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito co<span class=\"_ _1\"></span>mmerciale p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nei due esercizi considerati.Cr<span class=\"_ _0\"></span>editi non Cr<span class=\"_ _0\"></span>editi scaduti ma non sv<span class=\"_ _0\"></span>alutatiscaduti e non (In migliaia di Euro)svalutatiT<span class=\"_ _4\"></span>otale<span class=\"_ _297\"></span>&lt;30 gg<span class=\"_ _77\"> </span>30-60 gg<span class=\"_ _1c5\"> </span>60-90 gg<span class=\"_ _d0\"> </span>90-120 gg<span class=\"_ _7f\"> </span>&gt;120 gg31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _78\"> </span>82.535 <span class=\"_ _b4\"> </span>7.223 <span class=\"_ _b5\"> </span>2.211 <span class=\"_ _b5\"> </span>1.082 <span class=\"_ _ac\"> </span>423 <span class=\"_ _b4\"> </span>1.016 <span class=\"_ _209\"> </span><span class=\"ff76\">94.490 </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _6b\"> </span>105.456 <span class=\"_ _b5\"> </span>4.204 <span class=\"_ _b4\"> </span>1.091 <span class=\"_ _ac\"> </span>560 <span class=\"_ _eb\"> </span>74 <span class=\"_ _b5\"> </span>1.285 <span class=\"_ _1d2\"> </span><span class=\"ff76\">112.670 </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _27\"> </span>87,3% <span class=\"_ _16f\"> </span>7,7% <span class=\"_ _fe\"> </span>2,3% <span class=\"_ _fe\"> </span>1,1% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _27\"> </span>93,6% <span class=\"_ _16f\"> </span>3,7% <span class=\"_ _fe\"> </span>1,0% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _fe\"> </span>0,1% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>i credit<span class=\"_ _1\"></span>i sc<span class=\"_ _1\"></span>aduti e no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dei tre<span class=\"_ _1\"></span>nta giorni p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chius<span class=\"_ _1\"></span>i al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>.La con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e vendite ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o i princip<span class=\"_ _1\"></span>ali clienti \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante; pe<span class=\"_ _1\"></span>r la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione delle ve<span class=\"_ _1\"></span>ndite p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>i rinvia a quanto e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>appos<span class=\"_ _1\"></span>ito parag<span class=\"_ _1\"></span>rafo:C<span class=\"_ _0\"></span>oncentr<span class=\"_ _0\"></span>azione del rischio di merc<span class=\"_ _0\"></span>ato<span class=\"_ _104\"> </span>2022 <span class=\"_ _1a7\"> </span>2021 P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on il maggior cliente<span class=\"_ _85\"> </span>1,9% <span class=\"_ _1b4\"> </span>1,7% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 3 maggiori clienti<span class=\"_ _139\"> </span>4,7% <span class=\"_ _1b4\"> </span>4,9% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 10 maggiori clienti<span class=\"_ _298\"> </span>10,7% <span class=\"_ _299\"> </span>12,0% Gestione del capit<span class=\"_ _0\"></span>aleL<span class=\"_ _6\"></span>\u2019obietti<span class=\"_ _1\"></span>vo primario d<span class=\"_ _1\"></span>ella ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o \u00e8 garant<span class=\"_ _1\"></span>ire che sia mantenut<span class=\"_ _1\"></span>o un solid<span class=\"_ _1\"></span>o <span class=\"ff79 ls5d ws9f\">rat<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _2\"></span></span><span class=\"ls2c ws9d\">cre<span class=\"_ _1\"></span>ditizio </span>e ade<span class=\"_ _1\"></span>guati live<span class=\"_ _1\"></span>lli degli in<span class=\"_ _1\"></span>dicator<span class=\"_ _1\"></span>i di capit<span class=\"_ _1\"></span>ale in mo<span class=\"_ _1\"></span>do da sup<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 e ma<span class=\"_ _1\"></span>ssimi<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are il valore p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li azioni<span class=\"_ _1\"></span>sti. Il Grupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce la st<span class=\"_ _1\"></span>rutt<span class=\"_ _1\"></span>ura del c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale e la mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica in f<span class=\"_ _1\"></span>unzion<span class=\"_ _1\"></span>e di variaz<span class=\"_ _1\"></span>ioni ne<span class=\"_ _1\"></span>lle condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche. Pe<span class=\"_ _1\"></span>r mantene<span class=\"_ _1\"></span>re o ade<span class=\"_ _1\"></span>guare la s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, il Grupp<span class=\"_ _1\"></span>o pu\u00f2 ad<span class=\"_ _1\"></span>eguare i di<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>endi p<span class=\"_ _1\"></span>agati agli a<span class=\"_ _1\"></span>zionis<span class=\"_ _1\"></span>ti, rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>are il capit<span class=\"_ _1\"></span>ale o e<span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>tere nuove a<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span>. Nes<span class=\"_ _1\"></span>suna v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne \u00e8 st<span class=\"_ _1\"></span>ata ap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ag<span class=\"_ _1\"></span>li obiet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i, alle po<span class=\"_ _1\"></span>litiche o alle p<span class=\"_ _1\"></span>roce<span class=\"_ _1\"></span>dure durante gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Allo s<span class=\"_ _1\"></span>copo di c<span class=\"_ _1\"></span>onse<span class=\"_ _1\"></span>guire que<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>to obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo, la ges<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>ruppo mir<span class=\"_ _1\"></span>a, tra le alt<span class=\"_ _1\"></span>re cos<span class=\"_ _1\"></span>e, ad a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurare che siano ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>tati i <span class=\"ff79 ls65 ws106\">c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>nant<span class=\"_ _2\"></span>s</span>, le<span class=\"_ _1\"></span>gati ai de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari ver<span class=\"_ _1\"></span>so banc<span class=\"_ _1\"></span>he, che d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inisc<span class=\"_ _1\"></span>ono i re<span class=\"_ _1\"></span>quisiti di s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura patr<span class=\"_ _1\"></span>imoniale. Il Grupp<span class=\"_ _1\"></span>o include ne<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>bito net<span class=\"_ _1\"></span>to, f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti one<span class=\"_ _1\"></span>rosi, p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, altri de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari, debit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>ciali ed altri d<span class=\"_ _1\"></span>ebit<span class=\"_ _1\"></span>i, al net<span class=\"_ _1\"></span>to dell<span class=\"_ _1\"></span>e dispo<span class=\"_ _1\"></span>nibilit\u00e0 liqui<span class=\"_ _1\"></span>de e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi e<span class=\"_ _1\"></span>quiv<span class=\"_ _1\"></span>alenti.Nella vo<span class=\"_ _1\"></span>ce altri de<span class=\"_ _1\"></span>biti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari son<span class=\"_ _1\"></span>o inclusi la v<span class=\"_ _1\"></span>alori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e deg<span class=\"_ _1\"></span>li accordi di ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>o di quote di minoran<span class=\"_ _1\"></span>za (vedas<span class=\"_ _1\"></span>i nota 4<span class=\"_ _0\"></span>1 Accordi di <span class=\"ff79 ls66 ws127\">Put<span class=\"_ _1\"></span></span> e <span class=\"ff79 ws3c\">Call</span> su Intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nze di Minor<span class=\"_ _1\"></span>anza), sebb<span class=\"_ _1\"></span>ene di va<span class=\"_ _1\"></span>lore pari a ze<span class=\"_ _1\"></span>ro al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1.<span class=\"_ _0\"></span> Nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla non ve<span class=\"_ _1\"></span>ngono inclus<span class=\"_ _1\"></span>i i valori e<span class=\"_ _1\"></span>d i re<span class=\"_ _1\"></span>lativi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i prod<span class=\"_ _1\"></span>otti dai d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati utiliz<span class=\"_ _2\"></span>zati p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l rischio di cambio.(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 2021Finanziamenti onerosi<span class=\"_ _148\"> </span>29.264 <span class=\"_ _79\"> </span>139.120 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _29a\"> </span></span>575.323 <span class=\"_ _79\"> </span>597.242 Altri debiti finanziari<span class=\"_ _29b\"> </span>- <span class=\"_ _295\"> </span>- Debiti commer<span class=\"_ _0\"></span>ciali ed altri debiti (al netto degli Strumenti derivati di copertur<span class=\"_ _4\"></span>a)<span class=\"_ _dd\"> </span>245.665 <span class=\"_ _79\"> </span>227.515 Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _145\"> </span>391.354 <span class=\"_ _79\"> </span>511.796 Debito netto<span class=\"_ _29c\"> </span>458.898 <span class=\"_ _1cf\"> </span>452.081 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto di Gruppo (al netto della Riserva di <span class=\"ff77\">cash flow hedge</span>)<span class=\"_ _277\"> </span>744.594 <span class=\"_ _128\"> </span>770.717 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto di terzi<span class=\"_ _29d\"> </span>23.599 <span class=\"_ _171\"> </span>21.566 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto (al netto della Riserva di <span class=\"ff78\">cash flow hedge</span>)<span class=\"_ _29e\"> </span>768.193 <span class=\"_ _1cf\"> </span>792.283 Capitale e debito netto<span class=\"_ _3b\"> </span>1.227.091 <span class=\"_ _1ad\"> </span>1.244.364 Debito netto/P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto<span class=\"_ _29f\"> </span>59,7% <span class=\"_ _229\"> </span>57,1%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__92": {
   "value": "Rischio di cr<span class=\"_ _0\"></span>editoIl rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo a p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali pe<span class=\"_ _1\"></span>rdite de<span class=\"_ _1\"></span>rivant<span class=\"_ _1\"></span>i dal mancato a<span class=\"_ _1\"></span>dempim<span class=\"_ _1\"></span>ento delle o<span class=\"_ _1\"></span>bbliga<span class=\"_ _1\"></span>zioni as<span class=\"_ _1\"></span>sunte dalle c<span class=\"_ _1\"></span>ontropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i, sia comme<span class=\"_ _1\"></span>rciali che f<span class=\"_ _1\"></span>inanziarie<span class=\"_ _1\"></span>. Il Grup<span class=\"_ _1\"></span>po pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta una di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>si<span class=\"ls0 ws0\">-</span>zione al r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito in ba<span class=\"_ _1\"></span>se alla natura de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 che hanno g<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rato il cre<span class=\"_ _1\"></span>dito st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so. L<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e al ris<span class=\"_ _1\"></span>chio di credito c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciale del G<span class=\"_ _1\"></span>ruppo \u00e8 r<span class=\"_ _1\"></span>iferibile all<span class=\"_ _1\"></span>e vendite d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinate all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>ingros<span class=\"_ _1\"></span>so, ai cre<span class=\"_ _1\"></span>diti de<span class=\"_ _1\"></span>rivanti dai r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i prove<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nienti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a e di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni immobiliari, ch<span class=\"_ _1\"></span>e insiem<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o circa il 28,<span class=\"_ _1\"></span>3 p<span class=\"_ _1\"></span>er ce<span class=\"_ _1\"></span>nto del f<span class=\"_ _1\"></span>atturat<span class=\"_ _1\"></span>o global<span class=\"_ _1\"></span>e: il rimanente g<span class=\"_ _1\"></span>iro d<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>fari \u00e8 rife<span class=\"_ _1\"></span>ribile alle ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ws3c\">retail</span> co<span class=\"_ _1\"></span>n pagame<span class=\"_ _1\"></span>nto in cont<span class=\"_ _1\"></span>anti o me<span class=\"_ _1\"></span>diante car<span class=\"_ _1\"></span>te di cre<span class=\"_ _1\"></span>dito o di debit<span class=\"_ _1\"></span>o al mome<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>acquist<span class=\"_ _1\"></span>o. I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali, es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nzialme<span class=\"_ _1\"></span>nte riferib<span class=\"_ _1\"></span>ili alle vendite <span class=\"ff79 ls38 ws8b\">whole<span class=\"_ _1\"></span>sale</span>, hanno gene<span class=\"_ _1\"></span>ralme<span class=\"_ _1\"></span>nte sc<span class=\"_ _1\"></span>aden<span class=\"_ _1\"></span>za infe<span class=\"_ _1\"></span>riore a 9<span class=\"_ _1\"></span>0 gio<span class=\"_ _1\"></span>rni. Il Grupp<span class=\"_ _1\"></span>o gen<span class=\"_ _1\"></span>eralme<span class=\"_ _1\"></span>nte pri<span class=\"_ _1\"></span>vile<span class=\"_ _1\"></span>gia rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>mmerciali con cli<span class=\"_ _1\"></span>enti con i quali intrattie<span class=\"_ _1\"></span>ne re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ni cons<span class=\"_ _1\"></span>olidate ne<span class=\"_ _1\"></span>l temp<span class=\"_ _1\"></span>o. \u00c8 polit<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>porre i clie<span class=\"_ _1\"></span>nti che ric<span class=\"_ _1\"></span>hiedo<span class=\"_ _1\"></span>no con<span class=\"_ _1\"></span>dizioni di pagame<span class=\"_ _1\"></span>nto dilazio<span class=\"_ _1\"></span>nate a proce<span class=\"_ _1\"></span>dure di ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>ulla relativ<span class=\"_ _1\"></span>a clas<span class=\"_ _1\"></span>se di cre<span class=\"_ _1\"></span>dito, sia con rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto ad informaz<span class=\"_ _1\"></span>ioni otte<span class=\"_ _1\"></span>nibili da agen<span class=\"_ _1\"></span>zie sp<span class=\"_ _1\"></span>ecializ<span class=\"_ _2\"></span>zate, s<span class=\"_ _1\"></span>ia dall<span class=\"_ _1\"></span>\u2019osse<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e e analisi dei dati an<span class=\"_ _1\"></span>dament<span class=\"_ _1\"></span>ali dei clie<span class=\"_ _1\"></span>nti di non nuov<span class=\"_ _1\"></span>a acqui<span class=\"ls0 ws0\">-</span>sizio<span class=\"_ _1\"></span>ne. In<span class=\"_ _1\"></span>oltre<span class=\"_ _1\"></span>, il saldo d<span class=\"_ _1\"></span>ei cre<span class=\"_ _1\"></span>diti vi<span class=\"_ _1\"></span>ene co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente monit<span class=\"_ _1\"></span>orato ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio, in mo<span class=\"_ _1\"></span>do da as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>are temp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 di inter<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nto e da ridurre il ri<span class=\"_ _1\"></span>schio di p<span class=\"_ _1\"></span>erdite<span class=\"_ _1\"></span>. Il fra<span class=\"_ _1\"></span>zioname<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>l rischio di cr<span class=\"_ _1\"></span>edito t<span class=\"_ _1\"></span>ra una molte<span class=\"_ _1\"></span>plicit<span class=\"_ _1\"></span>\u00e0 di clienti op<span class=\"_ _1\"></span>era a<span class=\"_ _1\"></span>d ulter<span class=\"_ _1\"></span>iore mitiga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>gett<span class=\"_ _1\"></span>o.I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali sono ril<span class=\"_ _1\"></span>evati in bilan<span class=\"_ _1\"></span>cio al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lla sv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>timat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e del r<span class=\"_ _1\"></span>ischio di inad<span class=\"_ _1\"></span>empie<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, dete<span class=\"_ _1\"></span>rminata con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rand<span class=\"_ _1\"></span>o le informaz<span class=\"_ _1\"></span>ioni disp<span class=\"_ _1\"></span>onibili sulla so<span class=\"_ _1\"></span>lvib<span class=\"_ _1\"></span>ilit\u00e0 de<span class=\"_ _1\"></span>l cliente<span class=\"_ _1\"></span>, i dati sto<span class=\"_ _1\"></span>rici e le condizioni economi<span class=\"_ _0\"></span>che previsional<span class=\"_ _0\"></span>i. Oltre all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>otte<span class=\"_ _1\"></span>nimento, ove po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ibile, di g<span class=\"_ _1\"></span>aranzi<span class=\"_ _1\"></span>e da par<span class=\"_ _1\"></span>te dei clie<span class=\"_ _1\"></span>nti <span class=\"ff79 ls38 ws8b\">wholesale<span class=\"_ _1\"></span>r</span> o l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>adozion<span class=\"_ _1\"></span>e di modalit<span class=\"_ _1\"></span>\u00e0 di pagam<span class=\"_ _1\"></span>ento pi\u00f9 caute<span class=\"_ _1\"></span>lative p<span class=\"_ _1\"></span>er il cre<span class=\"_ _1\"></span>ditore<span class=\"_ _1\"></span>, quali le let<span class=\"_ _1\"></span>tere di cr<span class=\"_ _1\"></span>edito d<span class=\"_ _1\"></span>ocume<span class=\"_ _1\"></span>ntario, un altro s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>ento utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato p<span class=\"_ _1\"></span>er la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione del ri<span class=\"_ _1\"></span>schio di cre<span class=\"_ _1\"></span>dito comm<span class=\"_ _1\"></span>erciale \u00e8 la s<span class=\"_ _1\"></span>tipula di po<span class=\"_ _1\"></span>liz<span class=\"_ _1\"></span>ze a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurative<span class=\"_ _1\"></span>, con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obiet<span class=\"_ _1\"></span>tivo di pre<span class=\"_ _1\"></span>venire il ris<span class=\"_ _1\"></span>chio di manc<span class=\"_ _1\"></span>ato pagame<span class=\"_ _1\"></span>nto attr<span class=\"_ _1\"></span>aver<span class=\"_ _1\"></span>so una puntuale s<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio clie<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a congiunt<span class=\"_ _1\"></span>amente co<span class=\"_ _1\"></span>n le comp<span class=\"_ _1\"></span>agnie di ass<span class=\"_ _1\"></span>icura<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, che si imp<span class=\"_ _1\"></span>egnan<span class=\"_ _1\"></span>o a garantire l<span class=\"_ _2\"></span>\u2019inde<span class=\"_ _1\"></span>nniz<span class=\"_ _1\"></span>zo in c<span class=\"_ _1\"></span>aso di in<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za.In gene<span class=\"_ _1\"></span>rale la S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 ritie<span class=\"_ _1\"></span>ne che l<span class=\"_ _1\"></span>e politi<span class=\"_ _1\"></span>che di <span class=\"ff79\">credit risk manage<span class=\"_ _1\"></span>ment</span> ad<span class=\"_ _1\"></span>ott<span class=\"_ _1\"></span>ate abbiano p<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>ontene<span class=\"_ _1\"></span>re entro limiti accet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abili lo sc<span class=\"_ _1\"></span>aduto e l<span class=\"_ _1\"></span>e inso<span class=\"_ _1\"></span>lven<span class=\"_ _1\"></span>ze pe<span class=\"_ _1\"></span>r le quali \u00e8 st<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ario rico<span class=\"_ _1\"></span>rrere a mis<span class=\"_ _1\"></span>ure leg<span class=\"_ _1\"></span>ali di recup<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito. Il rischio di cr<span class=\"_ _1\"></span>edito c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o alle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>ento, inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto e ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 in str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la cope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio di cambi<span class=\"_ _1\"></span>o \u00e8 rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntato dalla inc<span class=\"_ _1\"></span>apacit<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>lla contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>emitt<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>nanziari a a<span class=\"_ _1\"></span>dempie<span class=\"_ _1\"></span>re alle pro<span class=\"_ _1\"></span>prie obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni contr<span class=\"_ _1\"></span>attuali, co<span class=\"_ _1\"></span>s\u00ec det<span class=\"_ _1\"></span>to ris<span class=\"_ _1\"></span>chio di contro<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te. Il G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o ges<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>ce ques<span class=\"_ _1\"></span>to tipo di risch<span class=\"_ _0\"></span>io selezionando contr<span class=\"_ _0\"></span>oparti con elevato <span class=\"ff79 ls5f ws7\">stan<span class=\"_ _1\"></span>ding</span><span class=\"ls4 wsc1\"> credit<span class=\"_ _1\"></span>izio, co<span class=\"_ _1\"></span>nside<span class=\"_ _1\"></span>rate s<span class=\"_ _1\"></span>olv<span class=\"_ _1\"></span>ibili dal merc<span class=\"_ _1\"></span>ato e con le quali </span>tratt<span class=\"_ _1\"></span>iene o<span class=\"_ _1\"></span>rdinari e continuati<span class=\"_ _1\"></span>vi rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti c<span class=\"_ _1\"></span>omme<span class=\"_ _1\"></span>rciali e di ser<span class=\"_ _2\"></span>vizio b<span class=\"_ _1\"></span>ancari, e di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ando la valut<span class=\"_ _1\"></span>a di de<span class=\"_ _1\"></span>nominaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne della li<span class=\"_ _1\"></span>quidit\u00e0 in e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o. Con tut<span class=\"_ _1\"></span>te le co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n le quali vie<span class=\"_ _1\"></span>ne s<span class=\"_ _1\"></span>volt<span class=\"_ _1\"></span>a un\u2019attiv<span class=\"_ _1\"></span>it\u00e0 in de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>goziati e stipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i quadro se<span class=\"_ _1\"></span>condo g<span class=\"_ _1\"></span>li <span class=\"ff79 ws3c\">standard</span><span class=\"ls5 wsc\"> inter<span class=\"_ _1\"></span>nazi<span class=\"_ _1\"></span>onali (ISDA <span class=\"ff79 ls2e ws8\">Master<span class=\"_ _0\"></span> Agreemen<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws0\">), al fin<span class=\"_ _1\"></span>e di regolare l<span class=\"_ _1\"></span>e varie fat<span class=\"_ _1\"></span>tis<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cie. </span></span></span>Il rischio di cr<span class=\"_ _1\"></span>edito r<span class=\"_ _1\"></span>iguardante le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po che co<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>dono dis<span class=\"_ _1\"></span>ponibilit<span class=\"_ _1\"></span>\u00e0 liquide e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi equiv<span class=\"_ _1\"></span>alent<span class=\"_ _1\"></span>i, atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie al co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o ammor<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zato e al<span class=\"_ _1\"></span>cuni str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati, pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta un ris<span class=\"_ _1\"></span>chio pari al v<span class=\"_ _1\"></span>alore contab<span class=\"_ _1\"></span>ile di ques<span class=\"_ _1\"></span>te at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 in c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o di insol<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>za de<span class=\"_ _1\"></span>lla controp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te.31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _73\"> </span>31 dicembre 2021Quota Quota Quota Quota (In migliaia di Euro)cor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>rente non cor<span class=\"_ _0\"></span>renteCr<span class=\"_ _0\"></span>editi e finanziamentiCr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _294\"> </span>94.490 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>112.670 <span class=\"_ _267\"> </span>- Cr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _f2\"> </span>15.576 <span class=\"_ _26d\"> </span>- <span class=\"_ _171\"> </span>12.359 <span class=\"_ _267\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _28c\"> </span>391.354 <span class=\"_ _26d\"> </span>- <span class=\"_ _79\"> </span>511.796 <span class=\"_ _267\"> </span>- Depositi cauzionali<span class=\"_ _df\"> </span>- <span class=\"_ _65\"> </span>15.570 <span class=\"_ _295\"> </span>- <span class=\"_ _153\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _dc\"> </span>9.999 <span class=\"_ _26d\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- Derivati<span class=\"_ _22\"> </span>7.507 <span class=\"_ _26d\"> </span>- <span class=\"_ _141\"> </span>922 <span class=\"_ _273\"> </span>- T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>518.926 <span class=\"_ _146\"> </span>15.570 <span class=\"_ _e2\"> </span>637.747 <span class=\"_ _27\"> </span>15.659 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra co<span class=\"_ _1\"></span>me l<span class=\"_ _1\"></span>\u2019esp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po al ris<span class=\"_ _1\"></span>chio di cre<span class=\"_ _1\"></span>dito, sia comme<span class=\"_ _1\"></span>rciale che di co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>, \u00e8 rappre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ata dal v<span class=\"_ _1\"></span>alore co<span class=\"_ _1\"></span>ntabile d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entati<span class=\"_ _1\"></span>ve di att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iarie in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>, quasi e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>ivam<span class=\"_ _1\"></span>ente, limit<span class=\"_ _1\"></span>ata alla quot<span class=\"_ _1\"></span>a cor<span class=\"_ _1\"></span>rente<span class=\"_ _1\"></span>. La quot<span class=\"_ _1\"></span>a non co<span class=\"_ _1\"></span>rrente \u00e8 inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>en<span class=\"ls0 ws0\">-</span>tat<span class=\"_ _1\"></span>a dalla voce \u2018<span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti c<span class=\"_ _1\"></span>auzionali<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>, che r<span class=\"_ _1\"></span>icompre<span class=\"_ _1\"></span>nde in ma<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ima par<span class=\"_ _1\"></span>te i de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti in cont<span class=\"_ _1\"></span>anti ver<span class=\"_ _1\"></span>sati da var<span class=\"_ _1\"></span>ie so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 a fronte de<span class=\"_ _1\"></span>i contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di imm<span class=\"_ _1\"></span>obili, qui es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al valore n<span class=\"_ _1\"></span>ominale<span class=\"_ _1\"></span>. (In migliaia di Euro)<span class=\"_ _296\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _20d\"> </span>%<span class=\"_ _16b\"> </span>31 dicembre 2021<span class=\"_ _20b\"> </span>%Italia<span class=\"_ _10\"> </span>15.043 <span class=\"_ _27\"> </span>15,9% <span class=\"_ _171\"> </span>22.336 <span class=\"_ _79\"> </span>19,8% Eur<span class=\"_ _0\"></span>opa<span class=\"_ _5c\"> </span>10.287 <span class=\"_ _27\"> </span>10,9% <span class=\"_ _171\"> </span>12.804 <span class=\"_ _79\"> </span>11,4% Nord-Americ<span class=\"_ _0\"></span>a<span class=\"_ _23e\"> </span>19.143 <span class=\"_ _27\"> </span>20,3% <span class=\"_ _171\"> </span>15.544 <span class=\"_ _79\"> </span>13,8% Giappone<span class=\"_ _12d\"> </span>6.778 <span class=\"_ _21a\"> </span>7,2% <span class=\"_ _1f7\"> </span>7.622 <span class=\"_ _27e\"> </span>6,8% Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _e7\"> </span>35.074 <span class=\"_ _32\"> </span>37,1% <span class=\"_ _27e\"> </span>47.718 <span class=\"_ _79\"> </span>42,3% C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _c3\"> </span>8.165 <span class=\"_ _ee\"> </span>8,6% <span class=\"_ _1f7\"> </span>6.646 <span class=\"_ _27e\"> </span>5,9% T<span class=\"_ _4\"></span>otale<span class=\"_ _15e\"> </span>94.490 <span class=\"_ _101\"> </span>100,0% <span class=\"_ _e2\"> </span>112.670 <span class=\"_ _f3\"> </span>100,0% La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla mos<span class=\"_ _1\"></span>tra la con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _1\"></span>dito co<span class=\"_ _1\"></span>mmerciale p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nei due esercizi considerati.Cr<span class=\"_ _0\"></span>editi non Cr<span class=\"_ _0\"></span>editi scaduti ma non sv<span class=\"_ _0\"></span>alutatiscaduti e non (In migliaia di Euro)svalutatiT<span class=\"_ _4\"></span>otale<span class=\"_ _297\"></span>&lt;30 gg<span class=\"_ _77\"> </span>30-60 gg<span class=\"_ _1c5\"> </span>60-90 gg<span class=\"_ _d0\"> </span>90-120 gg<span class=\"_ _7f\"> </span>&gt;120 gg31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _78\"> </span>82.535 <span class=\"_ _b4\"> </span>7.223 <span class=\"_ _b5\"> </span>2.211 <span class=\"_ _b5\"> </span>1.082 <span class=\"_ _ac\"> </span>423 <span class=\"_ _b4\"> </span>1.016 <span class=\"_ _209\"> </span><span class=\"ff76\">94.490 </span>31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _6b\"> </span>105.456 <span class=\"_ _b5\"> </span>4.204 <span class=\"_ _b4\"> </span>1.091 <span class=\"_ _ac\"> </span>560 <span class=\"_ _eb\"> </span>74 <span class=\"_ _b5\"> </span>1.285 <span class=\"_ _1d2\"> </span><span class=\"ff76\">112.670 </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _27\"> </span>87,3% <span class=\"_ _16f\"> </span>7,7% <span class=\"_ _fe\"> </span>2,3% <span class=\"_ _fe\"> </span>1,1% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>Dati in % 31 dicembr<span class=\"_ _0\"></span>e 2021<span class=\"_ _27\"> </span>93,6% <span class=\"_ _16f\"> </span>3,7% <span class=\"_ _fe\"> </span>1,0% <span class=\"_ _fe\"> </span>0,5% <span class=\"_ _fe\"> </span>0,1% <span class=\"_ _16f\"> </span>1,1% <span class=\"_ _16b\"> </span><span class=\"ff76\">100,0% </span>L<span class=\"_ _6\"></span>\u2019analisi effet<span class=\"_ _1\"></span>tuat<span class=\"_ _1\"></span>a sulle sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze de<span class=\"_ _1\"></span>i credit<span class=\"_ _1\"></span>i sc<span class=\"_ _1\"></span>aduti e no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dei tre<span class=\"_ _1\"></span>nta giorni p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chius<span class=\"_ _1\"></span>i al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _4\"></span>.La con<span class=\"_ _1\"></span>centr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e vendite ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o i princip<span class=\"_ _1\"></span>ali clienti \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante; pe<span class=\"_ _1\"></span>r la conce<span class=\"_ _1\"></span>ntraz<span class=\"_ _1\"></span>ione delle ve<span class=\"_ _1\"></span>ndite p<span class=\"_ _1\"></span>er are<span class=\"_ _1\"></span>a geo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>i rinvia a quanto e<span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>sto p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>appos<span class=\"_ _1\"></span>ito parag<span class=\"_ _1\"></span>rafo:C<span class=\"_ _0\"></span>oncentr<span class=\"_ _0\"></span>azione del rischio di merc<span class=\"_ _0\"></span>ato<span class=\"_ _104\"> </span>2022 <span class=\"_ _1a7\"> </span>2021 P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on il maggior cliente<span class=\"_ _85\"> </span>1,9% <span class=\"_ _1b4\"> </span>1,7% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 3 maggiori clienti<span class=\"_ _139\"> </span>4,7% <span class=\"_ _1b4\"> </span>4,9% P<span class=\"_ _0\"></span>erc<span class=\"_ _0\"></span>entuale dei rica<span class=\"_ _0\"></span>vi realizzati c<span class=\"_ _0\"></span>on i primi 10 maggiori clienti<span class=\"_ _298\"> </span>10,7% <span class=\"_ _299\"> </span>12,0%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__95": {
   "value": "5. Immobili, impianti e mac<span class=\"_ _0\"></span>chinariLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e degli Imm<span class=\"_ _1\"></span>obili, impianti e macchinari s<span class=\"_ _1\"></span>trum<span class=\"_ _1\"></span>entali al 31 dicembre 2022 e 202<span class=\"_ _0\"></span>1 \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l seg<span class=\"_ _1\"></span>uente p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021Fondo Fondo C<span class=\"_ _0\"></span>osto Amm.to eV<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto Amm.to eV<span class=\"_ _0\"></span>alore (In migliaia di Euro)StoricoRid. di valorenettoStoricoRid. di valorenettoT<span class=\"_ _4\"></span>erreni <span class=\"_ _1fe\"> </span>29.613<span class=\"_ _225\"> </span>-<span class=\"_ _a7\"> </span>29.613<span class=\"_ _b9\"> </span>29.371<span class=\"_ _153\"> </span>-<span class=\"_ _173\"> </span>29.371F<span class=\"_ _0\"></span>abbricati<span class=\"_ _7d\"> </span>100.277<span class=\"_ _173\"> </span>45.127<span class=\"_ _a7\"> </span>55.150<span class=\"_ _b2\"> </span>98.960<span class=\"_ _173\"> </span>42.280<span class=\"_ _173\"> </span>56.680Impianti e macchinari<span class=\"_ _181\"> </span>59.086<span class=\"_ _173\"> </span>45.030<span class=\"_ _a7\"> </span>14.056<span class=\"_ _b9\"> </span>57.626<span class=\"_ _97\"> </span>40.485<span class=\"_ _173\"> </span>17.141Attrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _72\"> </span>130.273<span class=\"_ _5e\"> </span>108.300<span class=\"_ _a7\"> </span>21.973<span class=\"_ _25\"> </span>124.940<span class=\"_ _5e\"> </span>104.632<span class=\"_ _173\"> </span>20.308Altri beni<span class=\"_ _c2\"> </span>83.051<span class=\"_ _173\"> </span>74.511<span class=\"_ _75\"> </span>8.540<span class=\"_ _b2\"> </span>79.773<span class=\"_ _173\"> </span>71.281<span class=\"_ _6d\"> </span>8.492Migliorie su beni di terzi<span class=\"_ _17f\"> </span>293.632<span class=\"_ _5e\"> </span>239.699<span class=\"_ _83\"> </span>53.933<span class=\"_ _c5\"> </span>290.761<span class=\"_ _5e\"> </span>243.845<span class=\"_ _173\"> </span>46.916Attivit\u00e0 materiali in c<span class=\"_ _0\"></span>orso ed ac<span class=\"_ _4\"></span>conti<span class=\"_ _67\"> </span>8.299<span class=\"_ _153\"> </span>-<span class=\"_ _15d\"> </span>8.299<span class=\"_ _fa\"> </span>7.946<span class=\"_ _153\"> </span>-<span class=\"_ _6d\"> </span>7.946T<span class=\"_ _4\"></span>otale<span class=\"_ _a3\"> </span>704.231 <span class=\"_ _77\"> </span>512.667 <span class=\"_ _16e\"> </span>191.564 <span class=\"_ _173\"> </span>689.377 <span class=\"_ _77\"> </span>502.523 <span class=\"_ _77\"> </span>186.854 Le tab<span class=\"_ _1\"></span>elle ch<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uono e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e degli imm<span class=\"_ _1\"></span>obili, impianti e macchinari p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di Rid. ne di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _16d\"> </span>Incr<span class=\"_ _6\"></span>.ti<span class=\"_ _cc\"> </span>Decr<span class=\"_ _4\"></span>.ti<span class=\"_ _1c6\"> </span>Amm.ti<span class=\"_ _c9\"> </span>Riclass.valor<span class=\"_ _0\"></span>e31.12.2022T<span class=\"_ _4\"></span>erreni <span class=\"_ _28f\"> </span>29.371 <span class=\"_ _1c5\"> </span>242 <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _b5\"> </span>- <span class=\"_ _d0\"> </span>29.613 F<span class=\"_ _0\"></span>abbricati<span class=\"_ _163\"> </span>56.680 <span class=\"_ _1c5\"> </span>237 <span class=\"_ _1c5\"> </span>842 <span class=\"_ _83\"> </span>(6) <span class=\"_ _c9\"> </span>(2.603) <span class=\"_ _b4\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _d0\"> </span>55.150 Impianti e macchinari<span class=\"_ _180\"> </span>17.141 <span class=\"_ _75\"> </span>2 <span class=\"_ _1ac\"> </span>1.529 <span class=\"_ _b5\"> </span>- <span class=\"_ _c9\"> </span>(4.616) <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _d0\"> </span>14.056 Attrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali <span class=\"_ _21a\"> </span>20.308 <span class=\"_ _204\"> </span>268 <span class=\"_ _ce\"> </span>10.074 <span class=\"_ _16d\"> </span>(481) <span class=\"_ _1c6\"> </span>(8.045) <span class=\"_ _16a\"> </span>(68) <span class=\"_ _16a\"> </span>(83) <span class=\"_ _d0\"> </span>21.973 Altri beni<span class=\"_ _27f\"> </span>8.492 <span class=\"_ _a7\"> </span>45 <span class=\"_ _1ac\"> </span>4.460 <span class=\"_ _16a\"> </span>(47) <span class=\"_ _1c6\"> </span>(4.478) <span class=\"_ _a7\"> </span>68 <span class=\"_ _b5\"> </span>- <span class=\"_ _77\"> </span>8.540 Migliorie su beni di terzi <span class=\"_ _14a\"> </span>46.916 <span class=\"_ _1c5\"> </span>911 <span class=\"_ _ce\"> </span>25.487 <span class=\"_ _16d\"> </span>(727) <span class=\"_ _1a9\"> </span>(18.351) <span class=\"_ _1fb\"> </span>- <span class=\"_ _16d\"> </span>(303) <span class=\"_ _d0\"> </span>53.933 Attivit\u00e0 materiali in c<span class=\"_ _0\"></span>orso ed ac<span class=\"_ _4\"></span>conti<span class=\"_ _66\"> </span>7.946 <span class=\"_ _1c5\"> </span>254 <span class=\"_ _1d2\"> </span>9.126 <span class=\"_ _1c6\"> </span>(9.027) <span class=\"_ _b5\"> </span>- <span class=\"_ _1fb\"> </span>- <span class=\"_ _b5\"> </span>- <span class=\"_ _77\"> </span>8.299 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a0\"> </span>186.854 <span class=\"_ _1c4\"> </span>1.959 <span class=\"_ _1c6\"> </span>51.518 <span class=\"_ _1c7\"> </span>(10.288) <span class=\"_ _268\"> </span>(38.093) <span class=\"_ _b5\"> </span>- <span class=\"_ _1d2\"> </span>(386) <span class=\"_ _cb\"> </span>191.564 V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di Rid. ne di Attivit\u00e0 V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _c8\"> </span>Incr<span class=\"_ _4\"></span>.ti<span class=\"_ _1a0\"> </span>Decr<span class=\"_ _0\"></span>.ti<span class=\"_ _1ab\"> </span>Amm<span class=\"_ _1\"></span>.ti<span class=\"_ _11\"> </span>Riclass.valor<span class=\"_ _0\"></span>edismesse31.12.2021T<span class=\"_ _4\"></span>erreni <span class=\"_ _7d\"> </span>29.144<span class=\"_ _1d4\"> </span>227<span class=\"_ _25\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _ce\"> </span>29.371F<span class=\"_ _0\"></span>abbricati<span class=\"_ _276\"> </span>58.719<span class=\"_ _5d\"> </span>315<span class=\"_ _5d\"> </span>520<span class=\"_ _25\"> </span>- <span class=\"_ _1ce\"> </span>(2.874)<span class=\"_ _84\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _ce\"> </span>56.680Impianti e macchinari<span class=\"_ _17d\"> </span>21.361<span class=\"_ _173\"> </span>8<span class=\"_ _5d\"> </span>714<span class=\"_ _75\"> </span>- <span class=\"_ _70\"> </span>(4.942)<span class=\"_ _84\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _ce\"> </span>17.141Attrezzatur<span class=\"_ _0\"></span>e industriali e commer<span class=\"_ _0\"></span>ciali<span class=\"_ _32\"> </span>21.697<span class=\"_ _1a6\"> </span>1.000<span class=\"_ _1a6\"> </span>8.076<span class=\"_ _1c4\"> </span>(294)<span class=\"_ _245\"> </span>(7.459)<span class=\"_ _84\"> </span>- <span class=\"_ _d0\"> </span>(37)<span class=\"_ _245\"> </span>(2.675)<span class=\"_ _1f9\"> </span>20.308Altri beni<span class=\"_ _269\"> </span>10.647<span class=\"_ _5d\"> </span>143<span class=\"_ _1a6\"> </span>2.774<span class=\"_ _1a8\"> </span>(39)<span class=\"_ _8\"> </span>(5.033)<span class=\"_ _84\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _1ac\"> </span>8.492Migliorie su beni di terzi<span class=\"_ _1d1\"> </span>35.898<span class=\"_ _1a6\"> </span>2.086<span class=\"_ _1c8\"> </span>27.016<span class=\"_ _1c4\"> </span>(471)<span class=\"_ _ca\"> </span>(17.585)<span class=\"_ _1f9\"> </span>(28)<span class=\"_ _75\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _ce\"> </span>46.916Attivit\u00e0 materiali in c<span class=\"_ _0\"></span>orso ed ac<span class=\"_ _4\"></span>conti<span class=\"_ _21b\"> </span>5.655<span class=\"_ _1d4\"> </span>448<span class=\"_ _1c8\"> </span>11.138<span class=\"_ _8\"> </span>(9.295)<span class=\"_ _75\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _13b\"> </span>- <span class=\"_ _1ac\"> </span>7.946T<span class=\"_ _4\"></span>otale<span class=\"_ _150\"> </span>183.121<span class=\"_ _cc\"> </span>4.227<span class=\"_ _245\"> </span>50.238<span class=\"_ _1cd\"> </span>(10.099)<span class=\"_ _74\"> </span>(37.893)<span class=\"_ _1ae\"> </span>(28)<span class=\"_ _16e\"> </span>(37)<span class=\"_ _1a1\"> </span>(2.675)<span class=\"_ _1cb\"> </span>186.854L<span class=\"_ _6\"></span>\u2019incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto, al nett<span class=\"_ _1\"></span>o del de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>lle Att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mate<span class=\"_ _1\"></span>riali in cor<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>d acco<span class=\"_ _1\"></span>nti:<span class=\"_ _0\"></span> \u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>delle vo<span class=\"_ _1\"></span>ci fabbr<span class=\"_ _1\"></span>icati, impianti e ma<span class=\"_ _1\"></span>cchinari si rifer<span class=\"_ _1\"></span>isce p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte ad alcuni lavor<span class=\"_ _1\"></span>i di miglioria s<span class=\"_ _1\"></span>volti n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o lo st<span class=\"_ _1\"></span>abilime<span class=\"_ _1\"></span>nto di Os<span class=\"_ _1\"></span>mannoro \u2013 S<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>to Fiore<span class=\"_ _1\"></span>ntino, di propr<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>\u00e0 della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. e pre<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019imm<span class=\"_ _1\"></span>obile di pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0 della F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo US<span class=\"_ _1\"></span>A Inc.; \u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>delle at<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature indus<span class=\"_ _1\"></span>triali e co<span class=\"_ _1\"></span>mmerciali \u00e8 re<span class=\"_ _1\"></span>lativo princ<span class=\"_ _1\"></span>ipalmente all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>aper<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a e rist<span class=\"_ _1\"></span>rut<span class=\"_ _1\"></span>turaz<span class=\"_ _1\"></span>ione di punti ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a (Euro 1<span class=\"_ _4\"></span>0.<span class=\"_ _1\"></span>07<span class=\"_ _4\"></span>4 migliaia<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>de<span class=\"_ _1\"></span>gli altri b<span class=\"_ _1\"></span>eni riguar<span class=\"_ _1\"></span>da preval<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>mente at<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature informatiche (Euro 3.44<span class=\"_ _1\"></span>4 migliaia) e mobili e arredi (Euro 882 migliaia);\u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>delle migli<span class=\"_ _1\"></span>orie su b<span class=\"_ _1\"></span>eni di te<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>i si rifer<span class=\"_ _1\"></span>isce p<span class=\"_ _1\"></span>reval<span class=\"_ _1\"></span>entem<span class=\"_ _1\"></span>ente a lavori e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuati p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>aper<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>a o ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>turaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i punti ven<span class=\"_ _1\"></span>dita;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _49\"></span>de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 mate<span class=\"_ _1\"></span>riali in cor<span class=\"_ _1\"></span>so e acc<span class=\"_ _1\"></span>onti si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e in buona par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nute e acconti e<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>ati, inere<span class=\"_ _1\"></span>nti rinnovi e ap<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ture di p<span class=\"_ _1\"></span>unti vendit<span class=\"_ _1\"></span>a non anc<span class=\"_ _1\"></span>ora op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ativi alla dat<span class=\"_ _1\"></span>a di chiusura d<span class=\"_ _1\"></span>el bilanci<span class=\"_ _1\"></span>o e alla realiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione di ope<span class=\"_ _1\"></span>re di miglioria pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so lo s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abilimento di O<span class=\"_ _1\"></span>smanno<span class=\"_ _1\"></span>ro \u2013 Se<span class=\"_ _1\"></span>sto F<span class=\"_ _1\"></span>iorentin<span class=\"_ _1\"></span>o della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., t<span class=\"_ _1\"></span>ra cui l<span class=\"_ _1\"></span>\u2019allestim<span class=\"_ _1\"></span>ento di un nuovo re<span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>to ateli<span class=\"_ _0\"></span>er<span class=\"ff71 ls0 ws0\"> </span>Ready<span class=\"_ _4\"></span>-<span class=\"_ _0\"></span>T<span class=\"_ _6\"></span>o-Wea<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span><span class=\"ff71 ls0 ws0\">.</span>Da seg<span class=\"_ _1\"></span>nalare che ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto delle At<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 materiali ne<span class=\"_ _1\"></span>lla voce Migli<span class=\"_ _1\"></span>orie su b<span class=\"_ _1\"></span>eni di te<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>i (<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ccanto<span class=\"_ _1\"></span>nati in contropar<span class=\"ls0 ws0\">-</span>tita al F<span class=\"_ _1\"></span>ondo p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>schi e on<span class=\"_ _1\"></span>eri futur<span class=\"_ _1\"></span>i di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e, not<span class=\"_ _1\"></span>a 2<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), sono inclu<span class=\"_ _1\"></span>si i cos<span class=\"_ _1\"></span>ti di rip<span class=\"_ _1\"></span>rist<span class=\"_ _1\"></span>ino loc<span class=\"_ _1\"></span>ali in af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto da t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zi, pe<span class=\"_ _1\"></span>r il 2022 pari a Euro 8<span class=\"_ _1\"></span>83 migliaia (<span class=\"_ _0\"></span>nel 202<span class=\"_ _0\"></span>1 pari a Euro 4.47<span class=\"_ _4\"></span>6 migliaia)<span class=\"_ _0\"></span>. I decre<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nti si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nzialm<span class=\"_ _1\"></span>ente alla dismi<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>one di ce<span class=\"_ _1\"></span>spiti (non comple<span class=\"_ _1\"></span>tam<span class=\"_ _1\"></span>ente ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati) di punti vendit<span class=\"_ _1\"></span>a ris<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>turati o chius<span class=\"_ _1\"></span>i nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io. Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Grup<span class=\"_ _1\"></span>po si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"ws0\">-</span>ta v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eventuale pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di indicato<span class=\"_ _1\"></span>ri di <span class=\"ff79 ls53 wseb\">impa<span class=\"_ _1\"></span>irment</span> r<span class=\"_ _1\"></span>intracciabili t<span class=\"_ _1\"></span>ramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rne di infor<span class=\"_ _0\"></span><span class=\"ws0\">-</span>mazio<span class=\"_ _1\"></span>ne, date anch<span class=\"_ _1\"></span>e le ridu<span class=\"_ _1\"></span>zioni di val<span class=\"_ _1\"></span>ore reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rate al 3<span class=\"_ _0\"></span>1 dicembre 2020 su Immo<span class=\"_ _1\"></span>bili, impianti e macchinari e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>se dall\u2019esecuzione degli <span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> <span class=\"_ _24\"></span><span class=\"ff79 ls4d wse\">test</span><span class=\"wsb9\">. T<span class=\"_ _1\"></span>ipicam<span class=\"_ _1\"></span>ente fonti e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>erne p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cos<span class=\"_ _1\"></span>tituite da m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>ntes<span class=\"_ _1\"></span>to </span></span>tecn<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>co, eco<span class=\"_ _1\"></span>nomico e le<span class=\"_ _1\"></span>gale in cui o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra, me<span class=\"_ _1\"></span>ntre le fonti inte<span class=\"_ _1\"></span>rne so<span class=\"_ _1\"></span>no rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndali che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no camb<span class=\"_ _1\"></span>iare o meno la d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinazi<span class=\"_ _1\"></span>one di utiliz<span class=\"_ _2\"></span>zo dei b<span class=\"_ _1\"></span>eni. Il Gr<span class=\"_ _1\"></span>uppo mo<span class=\"_ _1\"></span>nitora co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente le ult<span class=\"_ _1\"></span>ime normati<span class=\"_ _1\"></span>ve governati<span class=\"_ _1\"></span>ve in materia di te<span class=\"_ _1\"></span>mi leg<span class=\"_ _1\"></span>ati al clima. Al m<span class=\"_ _1\"></span>omento n<span class=\"_ _1\"></span>on \u00e8 st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a approvat<span class=\"_ _1\"></span>a alcuna nor<span class=\"_ _1\"></span>mativa ch<span class=\"_ _1\"></span>e abbia impatt<span class=\"_ _1\"></span>i signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi s<span class=\"_ _1\"></span>ul Grupp<span class=\"_ _1\"></span>o; qualora fos<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>aria una mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>ca il Gr<span class=\"_ _1\"></span>uppo ad<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>er\u00e0 l<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni chiave utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e. L<span class=\"_ _1\"></span>a riduzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla voce At<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature indus<span class=\"_ _1\"></span>triali e comm<span class=\"_ _1\"></span>erciali e Migliori<span class=\"_ _1\"></span>e su be<span class=\"_ _1\"></span>ni di ter<span class=\"_ _1\"></span>zi, par<span class=\"_ _1\"></span>i a totali Euro 38<span class=\"_ _1\"></span>6 mi<span class=\"ws0\">-</span>gliaia,<span class=\"_ _1\"></span> rapp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 wseb\">impairme<span class=\"_ _1\"></span>nt</span><span class=\"ls0 wse1\"> re<span class=\"_ _1\"></span>gist<span class=\"_ _1\"></span>rato su b<span class=\"_ _1\"></span>eni mate<span class=\"_ _1\"></span>riali di un punto vendit<span class=\"_ _1\"></span>a in re<span class=\"_ _1\"></span>lazion<span class=\"_ _1\"></span>e alla sua pros<span class=\"_ _1\"></span>sima chius<span class=\"_ _1\"></span>ura. </span>Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare ulter<span class=\"_ _1\"></span>iori <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> n\u00e9 ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni su tali vo<span class=\"_ _1\"></span>ci di bilancio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__96-1": {
   "value": "Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Grup<span class=\"_ _1\"></span>po si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"ws0\">-</span>ta v<span class=\"_ _1\"></span>alutat<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019eventuale pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a di indicato<span class=\"_ _1\"></span>ri di <span class=\"ff79 ls53 wseb\">impa<span class=\"_ _1\"></span>irment</span> r<span class=\"_ _1\"></span>intracciabili t<span class=\"_ _1\"></span>ramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>rne di infor<span class=\"_ _0\"></span><span class=\"ws0\">-</span>mazio<span class=\"_ _1\"></span>ne, date anch<span class=\"_ _1\"></span>e le ridu<span class=\"_ _1\"></span>zioni di val<span class=\"_ _1\"></span>ore reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rate al 3<span class=\"_ _0\"></span>1 dicembre 2020 su Immo<span class=\"_ _1\"></span>bili, impianti e macchinari e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>se dall\u2019esecuzione degli <span class=\"ff79 ls53 wseb\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> <span class=\"_ _24\"></span><span class=\"ff79 ls4d wse\">test</span><span class=\"wsb9\">. T<span class=\"_ _1\"></span>ipicam<span class=\"_ _1\"></span>ente fonti e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>erne p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re cos<span class=\"_ _1\"></span>tituite da m<span class=\"_ _1\"></span>odif<span class=\"_ _1\"></span>iche n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>ntes<span class=\"_ _1\"></span>to </span></span>tecn<span class=\"_ _1\"></span>ologi<span class=\"_ _1\"></span>co, eco<span class=\"_ _1\"></span>nomico e le<span class=\"_ _1\"></span>gale in cui o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ra, me<span class=\"_ _1\"></span>ntre le fonti inte<span class=\"_ _1\"></span>rne so<span class=\"_ _1\"></span>no rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>e azie<span class=\"_ _1\"></span>ndali che pos<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no camb<span class=\"_ _1\"></span>iare o meno la d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tinazi<span class=\"_ _1\"></span>one di utiliz<span class=\"_ _2\"></span>zo dei b<span class=\"_ _1\"></span>eni. Il Gr<span class=\"_ _1\"></span>uppo mo<span class=\"_ _1\"></span>nitora co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>antem<span class=\"_ _1\"></span>ente le ult<span class=\"_ _1\"></span>ime normati<span class=\"_ _1\"></span>ve governati<span class=\"_ _1\"></span>ve in materia di te<span class=\"_ _1\"></span>mi leg<span class=\"_ _1\"></span>ati al clima. Al m<span class=\"_ _1\"></span>omento n<span class=\"_ _1\"></span>on \u00e8 st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a approvat<span class=\"_ _1\"></span>a alcuna nor<span class=\"_ _1\"></span>mativa ch<span class=\"_ _1\"></span>e abbia impatt<span class=\"_ _1\"></span>i signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ativi s<span class=\"_ _1\"></span>ul Grupp<span class=\"_ _1\"></span>o; qualora fos<span class=\"_ _1\"></span>se ne<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>aria una mo<span class=\"_ _1\"></span>difi<span class=\"_ _1\"></span>ca il Gr<span class=\"_ _1\"></span>uppo ad<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>er\u00e0 l<span class=\"_ _1\"></span>e ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni chiave utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate nell<span class=\"_ _1\"></span>e stim<span class=\"_ _1\"></span>e. L<span class=\"_ _1\"></span>a riduzi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla voce At<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ature indus<span class=\"_ _1\"></span>triali e comm<span class=\"_ _1\"></span>erciali e Migliori<span class=\"_ _1\"></span>e su be<span class=\"_ _1\"></span>ni di ter<span class=\"_ _1\"></span>zi, par<span class=\"_ _1\"></span>i a totali Euro 38<span class=\"_ _1\"></span>6 mi<span class=\"ws0\">-</span>gliaia,<span class=\"_ _1\"></span> rapp<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"ff79 wseb\">impairme<span class=\"_ _1\"></span>nt</span><span class=\"ls0 wse1\"> re<span class=\"_ _1\"></span>gist<span class=\"_ _1\"></span>rato su b<span class=\"_ _1\"></span>eni mate<span class=\"_ _1\"></span>riali di un punto vendit<span class=\"_ _1\"></span>a in re<span class=\"_ _1\"></span>lazion<span class=\"_ _1\"></span>e alla sua pros<span class=\"_ _1\"></span>sima chius<span class=\"_ _1\"></span>ura. </span>Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare ulter<span class=\"_ _1\"></span>iori <span class=\"ff79 ls53 wseb\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> n\u00e9 ri<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni su tali vo<span class=\"_ _1\"></span>ci di bilancio. 6. In<span class=\"_ _0\"></span>vestimenti immobiliariCome pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di informa<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econ<span class=\"_ _1\"></span>omico e le<span class=\"_ _1\"></span>gale in cui ope<span class=\"_ _1\"></span>ra, me<span class=\"_ _1\"></span>ntre le fonti inte<span class=\"_ _1\"></span>rne s<span class=\"_ _1\"></span>ono rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ie azie<span class=\"_ _1\"></span>ndali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>son<span class=\"_ _1\"></span>o cambiare o m<span class=\"_ _1\"></span>eno la de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>stina<span class=\"_ _1\"></span>zione di ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>ni. Dalle analisi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuate n<span class=\"_ _1\"></span>on son<span class=\"_ _1\"></span>o eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i indicato<span class=\"_ _1\"></span>ri di <span class=\"ff79 ls5f ws7\">impair<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilanc<span class=\"_ _1\"></span>ioCome pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Grup<span class=\"_ _1\"></span>po si \u00e8 d<span class=\"_ _1\"></span>otato, annualme<span class=\"_ _1\"></span>nte l<span class=\"_ _1\"></span>\u2019av<span class=\"ls0\">-</span>viame<span class=\"_ _1\"></span>nto vie<span class=\"_ _1\"></span>ne as<span class=\"_ _1\"></span>sog<span class=\"_ _2\"></span>gett<span class=\"_ _1\"></span>ato a valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er det<span class=\"_ _1\"></span>erminare il val<span class=\"_ _1\"></span>ore rec<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019<span class=\"ff79 ls5f ws3c\">impairment<span class=\"_ _1\"></span> te<span class=\"_ _1\"></span>st</span><span class=\"ls8 ws19\"> \u00e8 st<span class=\"_ _1\"></span>ato condotto </span>rag<span class=\"_ _1\"></span>grup<span class=\"_ _1\"></span>pando l<span class=\"_ _1\"></span>e CGU a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so.Nel ri<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>ere i pro<span class=\"_ _1\"></span>pri indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, il Gr<span class=\"_ _1\"></span>uppo pre<span class=\"_ _1\"></span>nde in c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, tra g<span class=\"_ _1\"></span>li altri fat<span class=\"_ _1\"></span>tori, la re<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>one tra la propria c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one di me<span class=\"_ _1\"></span>rcato e il pro<span class=\"_ _1\"></span>prio val<span class=\"_ _1\"></span>ore cont<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, la c<span class=\"_ _1\"></span>apitali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di merc<span class=\"_ _1\"></span>ato del G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>ra ampiame<span class=\"_ _1\"></span>nte al di so<span class=\"_ _1\"></span>pra de<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile del p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne che e<span class=\"_ _1\"></span>sclud<span class=\"_ _1\"></span>e la pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di un indic<span class=\"_ _1\"></span>atore di p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di val<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>.La conf<span class=\"_ _1\"></span>igur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re utiliz<span class=\"_ _2\"></span>zata p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>terminare il v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile d<span class=\"_ _1\"></span>ella CGU \u00e8 st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a stimat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari atte<span class=\"_ _1\"></span>si e sulla lo<span class=\"_ _1\"></span>ro attualiz<span class=\"_ _2\"></span>za<span class=\"_ _1\"></span>zione in ba<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>d un oppo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tuno ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sco<span class=\"_ _1\"></span>nto (<span class=\"ff79 lsd wsbc\">Discoun<span class=\"_ _0\"></span>ted cash-flow </span>analysis - D<span class=\"_ _1\"></span>CF analysis<span class=\"ff71 ls0\">).</span>La DC<span class=\"_ _1\"></span>F <span class=\"ff79 ws3c\">analys<span class=\"_ _1\"></span>is</span> \u00e8 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>labor<span class=\"_ _1\"></span>ata utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2023 il <span class=\"ff79 ls47 ws9\">budget</span> (<span class=\"_ _0\"></span>approvat<span class=\"_ _1\"></span>o da Consig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. in dat<span class=\"_ _1\"></span>a 1<span class=\"_ _4\"></span>3 dicemb<span class=\"_ _1\"></span>re 2022) e per i due anni di pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sione e<span class=\"_ _1\"></span>spli<span class=\"_ _1\"></span>cita su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vi (202<span class=\"_ _4\"></span>4 \u2013 2025) il piano strate<span class=\"_ _1\"></span>gico (approvato dal Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., i cui highlight<span class=\"_ _2\"></span>s<span class=\"ff71 ls4 wse8\"> sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati al me<span class=\"_ _1\"></span>rcato in dat<span class=\"_ _1\"></span>a 1<span class=\"_ _0\"></span>0 mag<span class=\"_ _1\"></span>gio 2022) e che rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o la miglior s<span class=\"_ _1\"></span>tima ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuabile </span>dal Gru<span class=\"_ _0\"></span>ppo sulle cond<span class=\"_ _0\"></span>izioni economiche<span class=\"_ _0\"></span> previste nel periodo. Le ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni principali p<span class=\"_ _1\"></span>er la de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile s<span class=\"_ _1\"></span>ono di se<span class=\"_ _1\"></span>guito rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate:\u2022 <span class=\"_\"> </span> <span class=\"_ _1c2\"></span>T<span class=\"_ _4\"></span>as<span class=\"_ _1\"></span>so di cre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cita \u201cg<span class=\"_ _1\"></span>\u201d: 2,03% che \u00e8 stato a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unto pari all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zione at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>sa ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>dio \u2013 lungo pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o nei pr<span class=\"_ _1\"></span>incipali merc<span class=\"_ _1\"></span>ati in cui il Grupp<span class=\"_ _1\"></span>o op<span class=\"_ _1\"></span>era; \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>T<span class=\"_ _4\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto (<span class=\"ff79\">Weighted Average Cost of Capital</span>, W<span class=\"_ _0\"></span>ACC): pari a 1<span class=\"_ _4\"></span>0,<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9<span class=\"_ _1\"></span>%; in con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne (<span class=\"ff79 lsc ws5\">sur<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span>plus<span class=\"ff71 ls4 wsf1\">) finanziar<span class=\"_ _1\"></span>ia nett<span class=\"_ _1\"></span>a </span><span class=\"lsd ws75\">adjusted<span class=\"ff71 ls4 wsf1\"> pos<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo, \u00e8 ba<span class=\"_ _1\"></span>sato s<span class=\"_ _1\"></span>ul rendime<span class=\"_ _1\"></span>nto dei t<span class=\"_ _1\"></span>itoli di Stat<span class=\"_ _1\"></span>o dei prin<span class=\"_ _1\"></span>cipali merc<span class=\"_ _1\"></span>ati </span></span>di riferime<span class=\"_ _1\"></span>nto in cui op<span class=\"_ _1\"></span>era il G<span class=\"_ _1\"></span>ruppo, ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>nto sia del p<span class=\"_ _1\"></span>remio p<span class=\"_ _1\"></span>er il ris<span class=\"_ _1\"></span>chio att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>o dagli inves<span class=\"_ _1\"></span>titor<span class=\"_ _1\"></span>i sullo sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ico inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento in t<span class=\"_ _1\"></span>itoli di cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e sia della co<span class=\"_ _1\"></span>rrela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di tali tit<span class=\"_ _1\"></span>oli al merc<span class=\"_ _1\"></span>ato di rifer<span class=\"_ _1\"></span>imento.Il <span class=\"ff79 ls4 ws9d\">T<span class=\"_ _4\"></span>erminal V<span class=\"_ _0\"></span>alue <span class=\"ff71\">\u00e8 st<span class=\"_ _1\"></span>ato det<span class=\"_ _1\"></span>erminato con il m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>do della re<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>rpe<span class=\"_ _1\"></span>tua ad un t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a \u201cg\u201d di lungo p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do </span></span>e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale, all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo anno di proi<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione, di t<span class=\"_ _1\"></span>utti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa f<span class=\"_ _1\"></span>uturi atte<span class=\"_ _1\"></span>si.Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare <span class=\"ff79 ls5f ws7\">impa<span class=\"_ _1\"></span>irment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilan<span class=\"_ _1\"></span>cio.La <span class=\"ff79 ws127\">s<span class=\"_ _1\"></span>ensiti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>y analy<span class=\"_ _1\"></span>sis<span class=\"ff71\"> delle ip<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>si rile<span class=\"_ _1\"></span>vanti so<span class=\"_ _1\"></span>pra me<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>nate utiliz<span class=\"_ _2\"></span>zate pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l valore r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erab<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span></span></span>le, co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento, non ha e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iato risult<span class=\"_ _1\"></span>ati dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nti sul valo<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>abile, anch<span class=\"_ _1\"></span>e a fronte di var<span class=\"_ _1\"></span>iazioni consistenti dei parametri.Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di informa<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econ<span class=\"_ _1\"></span>omico e le<span class=\"_ _1\"></span>gale in cui ope<span class=\"_ _1\"></span>ra. Le fonti inte<span class=\"_ _1\"></span>rne s<span class=\"_ _1\"></span>ono rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ie azi<span class=\"_ _1\"></span>endali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no cambiare o m<span class=\"_ _1\"></span>eno le d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ioni sulla loc<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i punti ven<span class=\"_ _1\"></span>dita<span class=\"_ _1\"></span>. Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare <span class=\"ff79 ls5f ws7\">impa<span class=\"_ _1\"></span>irment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilan<span class=\"_ _1\"></span>cio.Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di infor<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mazio<span class=\"_ _1\"></span>ne, anch<span class=\"_ _1\"></span>e in seg<span class=\"_ _1\"></span>uito alle ri<span class=\"_ _1\"></span>duzioni di v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trate al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2020 sulle Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>inita e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>cuzion<span class=\"_ _1\"></span>e deg<span class=\"_ _1\"></span>li <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 lsd ws75\">tes<span class=\"_ _1\"></span>t</span></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>di<span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econo<span class=\"_ _1\"></span>mico e le<span class=\"_ _1\"></span>gale in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a. Le fonti inter<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o rappre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>entate dall<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>ategie azie<span class=\"_ _1\"></span>ndali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono c<span class=\"_ _1\"></span>ambiare o me<span class=\"_ _1\"></span>no la de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inazion<span class=\"_ _1\"></span>e di utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0 intell<span class=\"_ _1\"></span>ettuali e d<span class=\"_ _1\"></span>ei <span class=\"ff79 ws3c\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span>, e p<span class=\"_ _1\"></span>er quanto riguarda i <span class=\"ff79 ls2c ws103\">key money<span class=\"_ _4\"></span><span class=\"ff71 ls4 wsf2\">, dal be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>icio e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico di Grup<span class=\"_ _1\"></span>po rico<span class=\"_ _1\"></span>nducibile alla zona ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vita dal n<span class=\"_ _1\"></span>egozio </span></span>per il qual<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ato so<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nuto t<span class=\"_ _1\"></span>ale one<span class=\"_ _1\"></span>re. Dalle anali<span class=\"_ _1\"></span>si ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate non \u00e8 e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>sa la n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di regis<span class=\"_ _1\"></span>trar<span class=\"_ _1\"></span>e <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> </span>n\u00e9 riv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni su t<span class=\"_ _1\"></span>ali voc<span class=\"_ _1\"></span>i di bilancio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__97-1": {
   "value": "6. In<span class=\"_ _0\"></span>vestimenti immobiliariLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e degli Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti immo<span class=\"_ _1\"></span>biliari al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 \u00e8 e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iata ne<span class=\"_ _1\"></span>l seg<span class=\"_ _1\"></span>uente p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021(In migliaia di Euro)<span class=\"_ _20c\"> </span>C<span class=\"_ _4\"></span>osto Storico<span class=\"_ _50\"> </span><span class=\"ws83\">Fondo Amm.to<span class=\"_ _268\"> </span></span>Valor<span class=\"_ _4\"></span>e netto<span class=\"_ _247\"> </span>Costo Storic<span class=\"_ _4\"></span>o<span class=\"_ _14\"> </span><span class=\"ws83\">F<span class=\"_ _0\"></span>ondo Amm.to<span class=\"_ _1fd\"> </span><span class=\"ws0\">Valore netto</span></span>T<span class=\"_ _4\"></span>erreni <span class=\"_ _12\"> </span>5.247<span class=\"_ _153\"> </span>-<span class=\"_ _75\"> </span>5.247<span class=\"_ _fa\"> </span>4.942<span class=\"_ _2a1\"> </span>-<span class=\"_ _6d\"> </span>4.942F<span class=\"_ _0\"></span>abbricati<span class=\"_ _b0\"> </span>12.359<span class=\"_ _97\"> </span>12.254<span class=\"_ _61\"> </span>105<span class=\"_ _b2\"> </span>11.639<span class=\"_ _173\"> </span>11.402<span class=\"_ _bf\"> </span>237Attivit\u00e0 per diritto d'uso - F<span class=\"_ _4\"></span>abbricati<span class=\"_ _2a2\"> </span>104.975<span class=\"_ _173\"> </span>82.580<span class=\"_ _83\"> </span>22.395<span class=\"_ _b2\"> </span>98.858<span class=\"_ _97\"> </span>73.814<span class=\"_ _173\"> </span>25.044T<span class=\"_ _4\"></span>otale<span class=\"_ _a3\"> </span>122.581 <span class=\"_ _1d0\"> </span>94.834 <span class=\"_ _7f\"> </span>27.747 <span class=\"_ _13b\"> </span>115.439 <span class=\"_ _1d0\"> </span>85.216 <span class=\"_ _1d0\"> </span>30.223 Gli inves<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti immobiliari s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>cono n<span class=\"_ _1\"></span>ella tot<span class=\"_ _1\"></span>alit\u00e0 a e<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ici sit<span class=\"_ _1\"></span>uati negli St<span class=\"_ _1\"></span>ati Uniti. Si ricorda ch<span class=\"_ _1\"></span>e le att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso che r<span class=\"_ _1\"></span>ientran<span class=\"_ _1\"></span>o nella de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inizion<span class=\"_ _1\"></span>e di inves<span class=\"_ _1\"></span>timenti in at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 immobiliari so<span class=\"_ _1\"></span>no clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icate n<span class=\"_ _1\"></span>ella pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nte voce di bilan<span class=\"_ _1\"></span>cio e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 son<span class=\"_ _1\"></span>o pari a Euro 22<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>395 migliaia.Le tab<span class=\"_ _1\"></span>elle ch<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uono e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nzian<span class=\"_ _1\"></span>o la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>egli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immob<span class=\"_ _1\"></span>iliari per g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>:V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022<span class=\"_ _14\"> </span>D<span class=\"_ _1\"></span>iff. di c<span class=\"_ _0\"></span>onv<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2022T<span class=\"_ _4\"></span>erreni <span class=\"_ _8b\"> </span>4.942 <span class=\"_ _c6\"> </span>305 <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _b5\"> </span>5.247 F<span class=\"_ _0\"></span>abbricati<span class=\"_ _102\"> </span>237 <span class=\"_ _62\"> </span>17 <span class=\"_ _be\"> </span>- <span class=\"_ _e0\"> </span>(149) <span class=\"_ _ac\"> </span>105 Attivit\u00e0 per diritto d'uso: - F<span class=\"_ _4\"></span>abbricati<span class=\"_ _da\"> </span>25.044 <span class=\"_ _b5\"> </span>1.604 <span class=\"_ _be\"> </span>- <span class=\"_ _1d0\"> </span>(4.253) <span class=\"_ _1f6\"> </span>22.395 T<span class=\"_ _4\"></span>otale<span class=\"_ _11d\"> </span>30.223 <span class=\"_ _25\"> </span>1.926 <span class=\"_ _be\"> </span>- <span class=\"_ _a7\"> </span>(4.402) <span class=\"_ _1d0\"> </span>27.747 V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021<span class=\"_ _14\"> </span>D<span class=\"_ _1\"></span>iff. di c<span class=\"_ _0\"></span>onv<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2021T<span class=\"_ _4\"></span>erreni <span class=\"_ _8b\"> </span>4.561<span class=\"_ _179\"> </span>381<span class=\"_ _2a1\"> </span>-<span class=\"_ _153\"> </span>-<span class=\"_ _6d\"> </span>4.942F<span class=\"_ _0\"></span>abbricati<span class=\"_ _102\"> </span>498<span class=\"_ _101\"> </span>29<span class=\"_ _2a1\"> </span>-<span class=\"_ _26\"> </span>(290)<span class=\"_ _bf\"> </span>237Attivit\u00e0 per diritto d'uso: - F<span class=\"_ _4\"></span>abbricati<span class=\"_ _da\"> </span>26.765<span class=\"_ _6d\"> </span>2.065<span class=\"_ _153\"> </span>-<span class=\"_ _1d9\"> </span>(3.786)<span class=\"_ _97\"> </span>25.044T<span class=\"_ _4\"></span>otale<span class=\"_ _11d\"> </span>31.824<span class=\"_ _a8\"> </span>2.475<span class=\"_ _2a1\"> </span>-<span class=\"_ _1da\"> </span>(4.076)<span class=\"_ _13b\"> </span>30.223Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di informa<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econ<span class=\"_ _1\"></span>omico e le<span class=\"_ _1\"></span>gale in cui ope<span class=\"_ _1\"></span>ra, me<span class=\"_ _1\"></span>ntre le fonti inte<span class=\"_ _1\"></span>rne s<span class=\"_ _1\"></span>ono rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ie azie<span class=\"_ _1\"></span>ndali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>son<span class=\"_ _1\"></span>o cambiare o m<span class=\"_ _1\"></span>eno la de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>stina<span class=\"_ _1\"></span>zione di ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>ni. Dalle analisi e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fettuate n<span class=\"_ _1\"></span>on son<span class=\"_ _1\"></span>o eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i indicato<span class=\"_ _1\"></span>ri di <span class=\"ff79 ls5f ws7\">impair<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilanc<span class=\"_ _1\"></span>io. Il Grupp<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tua, inoltr<span class=\"_ _1\"></span>e, pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicame<span class=\"_ _1\"></span>nte de<span class=\"_ _1\"></span>lle valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni sui <span class=\"ff79\">fair value</span> degli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immob<span class=\"_ _1\"></span>iliari iscrit<span class=\"_ _1\"></span>ti in bilancio; sulla base di qu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te st<span class=\"_ _1\"></span>ime t<span class=\"_ _1\"></span>ali <span class=\"ff79\">fair value</span><span class=\"lsd wse\"> risul<span class=\"_ _0\"></span>tano superiori ai valori contabili. </span>32. L<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>azioni immobiliariI proventi de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dalle lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zioni immob<span class=\"_ _1\"></span>iliari sono da imp<span class=\"_ _1\"></span>utar<span class=\"_ _1\"></span>si inter<span class=\"_ _1\"></span>amente al G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo Us<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ces<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne in af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di s<span class=\"_ _1\"></span>pazi n<span class=\"_ _1\"></span>egli imm<span class=\"_ _1\"></span>obili di propr<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>\u00e0 e pres<span class=\"_ _1\"></span>i in loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e sub lo<span class=\"_ _1\"></span>cati<span class=\"_ _1\"></span>. Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 si so<span class=\"_ _1\"></span>no at<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>tes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati a Euro 2.9<span class=\"_ _1\"></span>01 migliaia, in aumento (<span class=\"_ _6\"></span>+<span class=\"_ _4\"></span>22,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>%<span class=\"_ _0\"></span>) risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, quand<span class=\"_ _1\"></span>o erano p<span class=\"_ _1\"></span>ari a Euro 2.<span class=\"_ _1\"></span>36<span class=\"_ _0\"></span>1 migliaia.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__99": {
   "value": "7. AvviamentoIl valore d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019A<span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento \u00e8 s<span class=\"_ _1\"></span>tato inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte acquis<span class=\"_ _1\"></span>ito durante l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2020 att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne az<span class=\"_ _1\"></span>iendal<span class=\"_ _1\"></span>e di Ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s s<span class=\"_ _1\"></span>.r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. e Aura 1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.l<span class=\"_ _1\"></span>. ed \u00e8 at<span class=\"_ _1\"></span>tribuibile a<span class=\"_ _1\"></span>lle sine<span class=\"_ _1\"></span>rgie e altr<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>ci deri<span class=\"_ _1\"></span>vanti dall<span class=\"_ _1\"></span>\u2019agg<span class=\"_ _1\"></span>rega<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 ac<span class=\"_ _1\"></span>quisite co<span class=\"_ _1\"></span>n quelle d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., re<span class=\"_ _1\"></span>lativam<span class=\"_ _1\"></span>ente alla pro<span class=\"_ _1\"></span>gett<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione e re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one del pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>to c<span class=\"_ _1\"></span>alzature u<span class=\"_ _1\"></span>omo. A<span class=\"_ _1\"></span>l nett<span class=\"_ _1\"></span>o del<span class=\"ff79\"> fair value</span> dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 acquisit<span class=\"_ _1\"></span>e, il valo<span class=\"_ _1\"></span>re res<span class=\"_ _1\"></span>iduo allo<span class=\"_ _1\"></span>cato a<span class=\"_ _1\"></span>d av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ante dall<span class=\"_ _1\"></span>\u2019acquisizio<span class=\"_ _1\"></span>ne ammont<span class=\"_ _1\"></span>a a Euro 6.679 migliaia. T<span class=\"_ _4\"></span>ale vo<span class=\"_ _1\"></span>ce non ha s<span class=\"_ _1\"></span>ubito varia<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _1\"></span>2.31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021C<span class=\"_ _0\"></span>osto Riduzioni di V<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto Riduzioni di V<span class=\"_ _0\"></span>alore (In migliaia di Euro)Storicovalor<span class=\"_ _0\"></span>enettoStoricovalor<span class=\"_ _0\"></span>enettoAvviamento<span class=\"_ _f4\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _75\"> </span>6.679<span class=\"_ _fa\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _6d\"> </span>6.679T<span class=\"_ _4\"></span>otale<span class=\"_ _2a3\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _1da\"> </span>6.679 <span class=\"_ _ac\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>6.679 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che se<span class=\"_ _1\"></span>gue ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nzia la mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>ntaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019av<span class=\"_ _1\"></span>viame<span class=\"_ _1\"></span>nto per g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>:V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022<span class=\"_ _a8\"> </span>Incr<span class=\"_ _4\"></span>.ti<span class=\"_ _97\"> </span>Decr<span class=\"_ _4\"></span>.ti31.12.2022Avviamento<span class=\"_ _22b\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _b5\"> </span>6.679 T<span class=\"_ _4\"></span>otale<span class=\"_ _19b\"> </span>6.679 <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>6.679 V<span class=\"_ _0\"></span>alore al V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021<span class=\"_ _a8\"> </span>Incr<span class=\"_ _4\"></span>.ti<span class=\"_ _97\"> </span>Decr<span class=\"_ _4\"></span>.ti31.12.2021Avviamento<span class=\"_ _22b\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _153\"> </span>-<span class=\"_ _6d\"> </span>6.679T<span class=\"_ _4\"></span>otale<span class=\"_ _19b\"> </span>6.679<span class=\"_ _2a1\"> </span>-<span class=\"_ _2a1\"> </span>-<span class=\"_ _e0\"> </span>6.679Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Grup<span class=\"_ _1\"></span>po si \u00e8 d<span class=\"_ _1\"></span>otato, annualme<span class=\"_ _1\"></span>nte l<span class=\"_ _1\"></span>\u2019av<span class=\"ls0\">-</span>viame<span class=\"_ _1\"></span>nto vie<span class=\"_ _1\"></span>ne as<span class=\"_ _1\"></span>sog<span class=\"_ _2\"></span>gett<span class=\"_ _1\"></span>ato a valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one p<span class=\"_ _1\"></span>er det<span class=\"_ _1\"></span>erminare il val<span class=\"_ _1\"></span>ore rec<span class=\"_ _1\"></span>uper<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. L<span class=\"_ _6\"></span>\u2019<span class=\"ff79 ls5f ws3c\">impairment<span class=\"_ _1\"></span> te<span class=\"_ _1\"></span>st</span><span class=\"ls8 ws19\"> \u00e8 st<span class=\"_ _1\"></span>ato condotto </span>rag<span class=\"_ _1\"></span>grup<span class=\"_ _1\"></span>pando l<span class=\"_ _1\"></span>e CGU a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so.Nel ri<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>ere i pro<span class=\"_ _1\"></span>pri indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, il Gr<span class=\"_ _1\"></span>uppo pre<span class=\"_ _1\"></span>nde in c<span class=\"_ _1\"></span>onsid<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, tra g<span class=\"_ _1\"></span>li altri fat<span class=\"_ _1\"></span>tori, la re<span class=\"_ _1\"></span>lazi<span class=\"_ _1\"></span>one tra la propria c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one di me<span class=\"_ _1\"></span>rcato e il pro<span class=\"_ _1\"></span>prio val<span class=\"_ _1\"></span>ore cont<span class=\"_ _1\"></span>abile<span class=\"_ _1\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, la c<span class=\"_ _1\"></span>apitali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di merc<span class=\"_ _1\"></span>ato del G<span class=\"_ _1\"></span>ruppo e<span class=\"_ _1\"></span>ra ampiame<span class=\"_ _1\"></span>nte al di so<span class=\"_ _1\"></span>pra de<span class=\"_ _1\"></span>l valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile del p<span class=\"_ _1\"></span>atrimonio ne<span class=\"_ _1\"></span>tto, sit<span class=\"_ _1\"></span>uazio<span class=\"_ _1\"></span>ne che e<span class=\"_ _1\"></span>sclud<span class=\"_ _1\"></span>e la pres<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za di un indic<span class=\"_ _1\"></span>atore di p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a di val<span class=\"_ _1\"></span>ore<span class=\"_ _1\"></span>.La conf<span class=\"_ _1\"></span>igur<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re utiliz<span class=\"_ _2\"></span>zata p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>terminare il v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>rabile d<span class=\"_ _1\"></span>ella CGU \u00e8 st<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>a stimat<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e dei f<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari atte<span class=\"_ _1\"></span>si e sulla lo<span class=\"_ _1\"></span>ro attualiz<span class=\"_ _2\"></span>za<span class=\"_ _1\"></span>zione in ba<span class=\"_ _1\"></span>se a<span class=\"_ _1\"></span>d un oppo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tuno ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di sco<span class=\"_ _1\"></span>nto (<span class=\"ff79 lsd wsbc\">Discoun<span class=\"_ _0\"></span>ted cash-flow </span>analysis - D<span class=\"_ _1\"></span>CF analysis<span class=\"ff71 ls0\">).</span>La DC<span class=\"_ _1\"></span>F <span class=\"ff79 ws3c\">analys<span class=\"_ _1\"></span>is</span> \u00e8 st<span class=\"_ _1\"></span>ata e<span class=\"_ _1\"></span>labor<span class=\"_ _1\"></span>ata utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2023 il <span class=\"ff79 ls47 ws9\">budget</span> (<span class=\"_ _0\"></span>approvat<span class=\"_ _1\"></span>o da Consig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. in dat<span class=\"_ _1\"></span>a 1<span class=\"_ _4\"></span>3 dicemb<span class=\"_ _1\"></span>re 2022) e per i due anni di pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sione e<span class=\"_ _1\"></span>spli<span class=\"_ _1\"></span>cita su<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vi (202<span class=\"_ _4\"></span>4 \u2013 2025) il piano strate<span class=\"_ _1\"></span>gico (approvato dal Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., i cui highlight<span class=\"_ _2\"></span>s<span class=\"ff71 ls4 wse8\"> sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>ati al me<span class=\"_ _1\"></span>rcato in dat<span class=\"_ _1\"></span>a 1<span class=\"_ _0\"></span>0 mag<span class=\"_ _1\"></span>gio 2022) e che rappr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o la miglior s<span class=\"_ _1\"></span>tima ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuabile </span>dal Gru<span class=\"_ _0\"></span>ppo sulle cond<span class=\"_ _0\"></span>izioni economiche<span class=\"_ _0\"></span> previste nel periodo. Le ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni principali p<span class=\"_ _1\"></span>er la de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore re<span class=\"_ _1\"></span>cuper<span class=\"_ _1\"></span>abile s<span class=\"_ _1\"></span>ono di se<span class=\"_ _1\"></span>guito rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate:\u2022 <span class=\"_\"> </span> <span class=\"_ _1c2\"></span>T<span class=\"_ _4\"></span>as<span class=\"_ _1\"></span>so di cre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cita \u201cg<span class=\"_ _1\"></span>\u201d: 2,03% che \u00e8 stato a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unto pari all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>infla<span class=\"_ _1\"></span>zione at<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>sa ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>dio \u2013 lungo pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o nei pr<span class=\"_ _1\"></span>incipali merc<span class=\"_ _1\"></span>ati in cui il Grupp<span class=\"_ _1\"></span>o op<span class=\"_ _1\"></span>era; \u2022 <span class=\"_ _48\"> </span> <span class=\"_ _49\"></span>T<span class=\"_ _4\"></span>as<span class=\"_ _1\"></span>so di s<span class=\"_ _1\"></span>conto (<span class=\"ff79\">Weighted Average Cost of Capital</span>, W<span class=\"_ _0\"></span>ACC): pari a 1<span class=\"_ _4\"></span>0,<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9<span class=\"_ _1\"></span>%; in con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla po<span class=\"_ _1\"></span>sizio<span class=\"_ _1\"></span>ne (<span class=\"ff79 lsc ws5\">sur<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span>plus<span class=\"ff71 ls4 wsf1\">) finanziar<span class=\"_ _1\"></span>ia nett<span class=\"_ _1\"></span>a </span><span class=\"lsd ws75\">adjusted<span class=\"ff71 ls4 wsf1\"> pos<span class=\"_ _1\"></span>itiv<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo, \u00e8 ba<span class=\"_ _1\"></span>sato s<span class=\"_ _1\"></span>ul rendime<span class=\"_ _1\"></span>nto dei t<span class=\"_ _1\"></span>itoli di Stat<span class=\"_ _1\"></span>o dei prin<span class=\"_ _1\"></span>cipali merc<span class=\"_ _1\"></span>ati </span></span>di riferime<span class=\"_ _1\"></span>nto in cui op<span class=\"_ _1\"></span>era il G<span class=\"_ _1\"></span>ruppo, ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r ten<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>nto sia del p<span class=\"_ _1\"></span>remio p<span class=\"_ _1\"></span>er il ris<span class=\"_ _1\"></span>chio att<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>o dagli inves<span class=\"_ _1\"></span>titor<span class=\"_ _1\"></span>i sullo sp<span class=\"_ _1\"></span>ecif<span class=\"_ _1\"></span>ico inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento in t<span class=\"_ _1\"></span>itoli di cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e sia della co<span class=\"_ _1\"></span>rrela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di tali tit<span class=\"_ _1\"></span>oli al merc<span class=\"_ _1\"></span>ato di rifer<span class=\"_ _1\"></span>imento.Il <span class=\"ff79 ls4 ws9d\">T<span class=\"_ _4\"></span>erminal V<span class=\"_ _0\"></span>alue <span class=\"ff71\">\u00e8 st<span class=\"_ _1\"></span>ato det<span class=\"_ _1\"></span>erminato con il m<span class=\"_ _1\"></span>eto<span class=\"_ _1\"></span>do della re<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>rpe<span class=\"_ _1\"></span>tua ad un t<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>o di cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a \u201cg\u201d di lungo p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do </span></span>e rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale, all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ultimo anno di proi<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>ione, di t<span class=\"_ _1\"></span>utti i f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa f<span class=\"_ _1\"></span>uturi atte<span class=\"_ _1\"></span>si.Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare <span class=\"ff79 ls5f ws7\">impa<span class=\"_ _1\"></span>irment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilan<span class=\"_ _1\"></span>cio.La <span class=\"ff79 ws127\">s<span class=\"_ _1\"></span>ensiti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>y analy<span class=\"_ _1\"></span>sis<span class=\"ff71\"> delle ip<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>si rile<span class=\"_ _1\"></span>vanti so<span class=\"_ _1\"></span>pra me<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>nate utiliz<span class=\"_ _2\"></span>zate pe<span class=\"_ _1\"></span>r la dete<span class=\"_ _1\"></span>rminazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l valore r<span class=\"_ _1\"></span>ecup<span class=\"_ _1\"></span>erab<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span></span></span>le, co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>ta s<span class=\"_ _1\"></span>ull<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iamento, non ha e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iato risult<span class=\"_ _1\"></span>ati dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nti sul valo<span class=\"_ _1\"></span>re recup<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>abile, anch<span class=\"_ _1\"></span>e a fronte di var<span class=\"_ _1\"></span>iazioni consistenti dei parametri.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__101-1": {
   "value": "8. <span class=\"_ _4\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 per diritto d\u2019uso La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019uso al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 e 2021 \u00e8 eviden<span class=\"_ _1\"></span>ziata n<span class=\"_ _1\"></span>el se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021C<span class=\"_ _0\"></span>osto Fondo V<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto Fondo V<span class=\"_ _0\"></span>alore (In migliaia di Euro)StoricoAmm.tonettoStoricoAmm.tonettoF<span class=\"_ _0\"></span>abbricati<span class=\"_ _7d\"> </span>833.408 <span class=\"_ _80\"> </span>355.907 <span class=\"_ _1d4\"> </span>477.501 <span class=\"_ _15d\"> </span>812.842 <span class=\"_ _80\"> </span>314.910 <span class=\"_ _80\"> </span>497.932 Veic<span class=\"_ _0\"></span>oli<span class=\"_ _e3\"> </span>5.220 <span class=\"_ _b4\"> </span>3.007 <span class=\"_ _173\"> </span>2.213 <span class=\"_ _ac\"> </span>4.334 <span class=\"_ _b5\"> </span>2.298 <span class=\"_ _b5\"> </span>2.036 Attrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _13d\"> </span>494 <span class=\"_ _ac\"> </span>484 <span class=\"_ _179\"> </span>10 <span class=\"_ _cf\"> </span>788 <span class=\"_ _ac\"> </span>709 <span class=\"_ _eb\"> </span>79 T<span class=\"_ _4\"></span>otale<span class=\"_ _a3\"> </span>839.122 <span class=\"_ _77\"> </span>359.398 <span class=\"_ _16e\"> </span>479.724 <span class=\"_ _173\"> </span>817.964 <span class=\"_ _77\"> </span>317.917 <span class=\"_ _77\"> </span>500.047 La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che se<span class=\"_ _1\"></span>gue rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso p<span class=\"_ _1\"></span>er g<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 2022<span class=\"_ _1\"></span> e 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _c9\"> </span>Decrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2022F<span class=\"_ _0\"></span>abbricati<span class=\"_ _221\"> </span>497.932<span class=\"_ _6d\"> </span>8.033<span class=\"_ _5e\"> </span>101.751<span class=\"_ _84\"> </span>(15.687)<span class=\"_ _1d4\"> </span>(114.528)<span class=\"_ _5e\"> </span>477.501Veic<span class=\"_ _0\"></span>oli<span class=\"_ _14b\"> </span>2.036<span class=\"_ _32\"> </span>4<span class=\"_ _6d\"> </span>1.648<span class=\"_ _1ef\"> </span>(37)<span class=\"_ _13b\"> </span>(1.438)<span class=\"_ _6d\"> </span>2.213Attrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _2a4\"> </span>79 <span class=\"_ _be\"> </span>- <span class=\"_ _62\"> </span>21 <span class=\"_ _65\"> </span>1 <span class=\"_ _a9\"> </span>(91) <span class=\"_ _eb\"> </span>10 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>500.047 <span class=\"_ _c5\"> </span>8.037 <span class=\"_ _77\"> </span>103.420 <span class=\"_ _1c5\"> </span>(15.723) <span class=\"_ _1ed\"> </span>(116.057) <span class=\"_ _77\"> </span>479.724 V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1a6\"> </span>Incrementi<span class=\"_ _c9\"> </span>Decrementi<span class=\"_ _a7\"> </span>Amm.ti31.12.2021F<span class=\"_ _0\"></span>abbricati<span class=\"_ _221\"> </span>472.291<span class=\"_ _173\"> </span>21.615<span class=\"_ _5e\"> </span>119.789<span class=\"_ _84\"> </span>(10.928)<span class=\"_ _1a8\"> </span>(104.835)<span class=\"_ _5e\"> </span>497.932Veic<span class=\"_ _0\"></span>oli<span class=\"_ _14b\"> </span>2.606<span class=\"_ _32\"> </span>4<span class=\"_ _179\"> </span>919<span class=\"_ _101\"> </span>(5)<span class=\"_ _1d9\"> </span>(1.488)<span class=\"_ _6d\"> </span>2.036Attrezzatur<span class=\"_ _0\"></span>e e altri beni<span class=\"_ _1e0\"> </span>343<span class=\"_ _be\"> </span>1<span class=\"_ _be\"> </span>2<span class=\"_ _2a1\"> </span>-<span class=\"_ _26\"> </span>(267)<span class=\"_ _cf\"> </span>79T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>475.240<span class=\"_ _13b\"> </span>21.620<span class=\"_ _84\"> </span>120.710<span class=\"_ _80\"> </span>(10.933)<span class=\"_ _263\"> </span>(106.590)<span class=\"_ _84\"> </span>500.047La voc<span class=\"_ _1\"></span>e Fabbric<span class=\"_ _1\"></span>ati include At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso re<span class=\"_ _1\"></span>lative p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a contrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di negozi (<span class=\"_ _1\"></span>pari a circa il 92% delle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso Fabbr<span class=\"_ _1\"></span>icati) e in misur<span class=\"_ _1\"></span>a resi<span class=\"_ _1\"></span>duale relati<span class=\"_ _1\"></span>ve a contr<span class=\"_ _1\"></span>atti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to di uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici, fores<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rie e altri spa<span class=\"_ _1\"></span>zi. I p<span class=\"_ _1\"></span>rincipali incre<span class=\"_ _1\"></span>menti re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trati n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o a nuovi co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>ti nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do, princ<span class=\"_ _1\"></span>ipalmente p<span class=\"_ _1\"></span>er i punti ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a, me<span class=\"_ _1\"></span>ntre i principali de<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>menti s<span class=\"_ _1\"></span>ono re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i a contrat<span class=\"_ _1\"></span>ti ter<span class=\"_ _1\"></span>minati in via anticipata o p<span class=\"_ _1\"></span>er i quali \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a contrat<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata una ridu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei can<span class=\"_ _1\"></span>oni di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto f<span class=\"_ _1\"></span>uturi. Da seg<span class=\"_ _1\"></span>nalare che ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019incr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto delle At<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritto d<span class=\"_ _2\"></span>\u2019uso \u2013 Fabbricat<span class=\"_ _1\"></span>i, e accanto<span class=\"_ _1\"></span>nati in contropar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ita al F<span class=\"_ _1\"></span>ondo per r<span class=\"_ _1\"></span>ischi e on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>uturi di ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e (<span class=\"_ _0\"></span>nota 21<span class=\"_ _6\"></span>), so<span class=\"_ _1\"></span>no inclusi i c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ti di ripris<span class=\"_ _1\"></span>tino l<span class=\"_ _1\"></span>ocali in af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to da te<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>i per c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, pari a Euro 69<span class=\"_ _1\"></span>9 migliaia nell<span class=\"_ _1\"></span>\u2019es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 2022 (p<span class=\"_ _1\"></span>ari a Euro 93<span class=\"_ _0\"></span>3 migliaia nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>e<span class=\"ls0 ws0\">-</span>serci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>). Inoltre<span class=\"_ _1\"></span>, si se<span class=\"_ _1\"></span>gnala che l<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lle Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso \u2013 Fabbric<span class=\"_ _1\"></span>ati includ<span class=\"_ _1\"></span>e i cos<span class=\"_ _1\"></span>ti iniziali dirett<span class=\"_ _1\"></span>i sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nuti nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 prin<span class=\"_ _1\"></span>cipalmente dalla s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Bras<span class=\"_ _1\"></span>il Roupa<span class=\"_ _1\"></span>s e Aces<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>rios Ltda<span class=\"_ _1\"></span>. (Euro 0,<span class=\"_ _0\"></span>7 milioni) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ottenim<span class=\"_ _1\"></span>ento di un pi\u00f9 ampio s<span class=\"_ _1\"></span>paz<span class=\"_ _1\"></span>io in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to in uno d<span class=\"_ _1\"></span>ei ne<span class=\"_ _1\"></span>gozi a San Paolo.Per mag<span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>i det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>ui flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>inanziari in us<span class=\"_ _1\"></span>cit<span class=\"_ _1\"></span>a relati<span class=\"_ _1\"></span>vi ai contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e si rimanda alle n<span class=\"_ _1\"></span>ote 2<span class=\"_ _0\"></span>4 Pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws0\"> e 34 Co<span class=\"_ _1\"></span>mpos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ne pe<span class=\"_ _1\"></span>r natura dell<span class=\"_ _1\"></span>e voci di cos<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico.</span>Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di informa<span class=\"ls0 ws0\">-</span>zione<span class=\"_ _1\"></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>ne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econ<span class=\"_ _1\"></span>omico e le<span class=\"_ _1\"></span>gale in cui ope<span class=\"_ _1\"></span>ra. Le fonti inte<span class=\"_ _1\"></span>rne s<span class=\"_ _1\"></span>ono rap<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ate dalle st<span class=\"_ _1\"></span>rateg<span class=\"_ _1\"></span>ie azi<span class=\"_ _1\"></span>endali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no cambiare o m<span class=\"_ _1\"></span>eno le d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ioni sulla loc<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i punti ven<span class=\"_ _1\"></span>dita<span class=\"_ _1\"></span>. Dalle analisi ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate no<span class=\"_ _1\"></span>n \u00e8 eme<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>a la ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rare <span class=\"ff79 ls5f ws7\">impa<span class=\"_ _1\"></span>irment<span class=\"_ _1\"></span></span> su tal<span class=\"_ _1\"></span>e voce di bilan<span class=\"_ _1\"></span>cio.24. P<span class=\"_ _5\"></span>assivit\u00e0 per<span class=\"ff79\"> leasing</span>Di se<span class=\"_ _1\"></span>guito si r<span class=\"_ _1\"></span>ipor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la movim<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuta n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>egli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1, sud<span class=\"ls0 ws0\">-</span>divi<span class=\"_ _1\"></span>sa tr<span class=\"_ _1\"></span>a quota co<span class=\"_ _1\"></span>rrente e n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nte.P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff78\">leasing</span>(In migliaia di Euro)<span class=\"_ _2b5\"> </span>non cor<span class=\"_ _0\"></span>renti<span class=\"_ _293\"> </span>corr<span class=\"_ _4\"></span>enti<span class=\"_ _21a\"> </span>T<span class=\"_ _4\"></span>otaleV<span class=\"_ _0\"></span>alore al 01.01.2022<span class=\"_ _2f\"> </span>487.230 <span class=\"_ _27\"> </span>110.012 <span class=\"_ _118\"> </span><span class=\"ff76\">597.242 </span>Differenza di c<span class=\"_ _0\"></span>onv<span class=\"_ _6\"></span>.ne<span class=\"_ _1de\"> </span>11.208 <span class=\"_ _f5\"> </span>1.805 <span class=\"_ _27\"> </span><span class=\"ff76\">13.013 </span>Incrementi <span class=\"_ _2c7\"> </span>101.956 <span class=\"_ _1e6\"> </span>- <span class=\"_ _177\"> </span><span class=\"ff76\">101.956 </span>Decrementi<span class=\"_ _24c\"> </span>(19.558) <span class=\"_ _1e6\"> </span>- <span class=\"_ _cf\"> </span><span class=\"ff76\">(19.558) </span>Rimborso delle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _10b\"> </span><span class=\"ff74\">- <span class=\"_ _101\"> </span>(114.610) <span class=\"_ _bf\"> </span><span class=\"ff76\">(114.610) </span></span>Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"ff74\"> pagati <span class=\"_ _291\"> </span>- <span class=\"_ _be\"> </span>(14.632) <span class=\"_ _cf\"> </span><span class=\"ff76\">(14.632) </span></span>Altri movimenti<span class=\"_ _145\"> </span>(112.099) <span class=\"_ _27\"> </span>124.011 <span class=\"_ _27\"> </span><span class=\"ff76\">11.912 </span>V<span class=\"_ _0\"></span>alore a fine periodo<span class=\"_ _2c8\"> </span>468.737 <span class=\"_ _be\"> </span>106.586 <span class=\"_ _177\"> </span>575.323 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff78\">leasing</span>(In migliaia di Euro)<span class=\"_ _2b5\"> </span>non cor<span class=\"_ _0\"></span>renti<span class=\"_ _293\"> </span>corr<span class=\"_ _4\"></span>enti<span class=\"_ _21a\"> </span>T<span class=\"_ _4\"></span>otaleV<span class=\"_ _0\"></span>alore al 01.01.2021<span class=\"_ _2f\"> </span>464.400<span class=\"_ _293\"> </span>103.509<span class=\"_ _65\"> </span><span class=\"ff76\">567.909</span>Differenza di c<span class=\"_ _0\"></span>onv<span class=\"_ _6\"></span>.ne<span class=\"_ _1de\"> </span>22.814<span class=\"_ _239\"> </span>5.371<span class=\"_ _c0\"> </span><span class=\"ff76\">28.185</span>Incrementi<span class=\"_ _156\"> </span>119.782<span class=\"_ _1f5\"> </span>-<span class=\"_ _65\"> </span><span class=\"ff76\">119.782</span>Decrementi<span class=\"_ _24c\"> </span>(11.276)<span class=\"_ _1f5\"> </span>-<span class=\"_ _146\"> </span><span class=\"ff76\">(11.276)</span>Rimborso delle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _10b\"> </span><span class=\"ff74\">-<span class=\"_ _1ad\"> </span>(100.669)<span class=\"_ _bc\"> </span><span class=\"ff76\">(100.669)</span></span>Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"ff74\"> pagati<span class=\"_ _92\"> </span>-<span class=\"_ _2a1\"> </span>(13.754)<span class=\"_ _1aa\"> </span><span class=\"ff76\">(13.754)</span></span>Altri movimenti<span class=\"_ _145\"> </span>(108.490)<span class=\"_ _293\"> </span>115.555<span class=\"_ _283\"> </span><span class=\"ff76\">7.065</span>V<span class=\"_ _0\"></span>alore a fine periodo<span class=\"_ _2c8\"> </span>487.230<span class=\"_ _2a1\"> </span>110.012<span class=\"_ _7a\"> </span>597.242L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>IBR me<span class=\"_ _1\"></span>dio pon<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ato applic<span class=\"_ _1\"></span>ato ai contrat<span class=\"_ _1\"></span>ti in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 \u00e8 st<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>l 2,79% (2,48% ne<span class=\"_ _1\"></span>l 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>). Co<span class=\"_ _1\"></span>n riferime<span class=\"_ _1\"></span>nto agli altri f<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in us<span class=\"_ _1\"></span>cita re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ai <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 34 Comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>er natura d<span class=\"_ _1\"></span>elle voci di cos<span class=\"_ _1\"></span>to di co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__103": {
   "value": "9. <span class=\"_ _4\"></span>Atti<span class=\"_ _0\"></span>vit\u00e0 immateriali a vita utile definitaLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita al 31 dicembre 2022 e 202<span class=\"_ _0\"></span>1 \u00e8 evid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to se<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e: 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _2a6\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021Fondo Fondo Amm.to Amm.to C<span class=\"_ _0\"></span>osto e Rid. di V<span class=\"_ _0\"></span>alore C<span class=\"_ _0\"></span>osto e Rid. di V<span class=\"_ _0\"></span>alore (In migliaia di Euro)Storicovalor<span class=\"_ _0\"></span>enettoStoricovalor<span class=\"_ _0\"></span>enettoDiritti di brevetto e di utilizzazione delle oper<span class=\"_ _0\"></span>e dell'ingegno<span class=\"_ _c6\"> </span>29.916 <span class=\"_ _d0\"> </span>28.831 <span class=\"_ _263\"> </span>1.085 <span class=\"_ _84\"> </span>29.019 <span class=\"_ _d0\"> </span>27.996 <span class=\"_ _77\"> </span>1.023 C<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _f2\"> </span>9.239 <span class=\"_ _77\"> </span>7.727 <span class=\"_ _263\"> </span>1.512 <span class=\"_ _173\"> </span>9.028 <span class=\"_ _1c5\"> </span>7.370 <span class=\"_ _77\"> </span>1.658 C<span class=\"_ _0\"></span>osti di sviluppo<span class=\"_ _e1\"> </span>95.323 <span class=\"_ _d0\"> </span>73.619 <span class=\"_ _1f2\"> </span>21.704 <span class=\"_ _84\"> </span>85.028 <span class=\"_ _d0\"> </span>63.928 <span class=\"_ _d0\"> </span>21.100 Altre <span class=\"_ _1b1\"> </span>23.714 <span class=\"_ _d0\"> </span>18.030 <span class=\"_ _263\"> </span>5.684 <span class=\"_ _82\"> </span>28.455 <span class=\"_ _d0\"> </span>22.155 <span class=\"_ _1c5\"> </span>6.300 Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita in cor<span class=\"_ _0\"></span>so<span class=\"_ _1e9\"> </span>4.918 <span class=\"_ _1ef\"> </span>- <span class=\"_ _263\"> </span>4.918 <span class=\"_ _13b\"> </span>3.342 <span class=\"_ _a5\"> </span>- <span class=\"_ _77\"> </span>3.342 T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>163.110 <span class=\"_ _cb\"> </span>128.207 <span class=\"_ _1a6\"> </span>34.903 <span class=\"_ _263\"> </span>154.872 <span class=\"_ _cb\"> </span>121.449 <span class=\"_ _1ed\"> </span>33.423 Le tab<span class=\"_ _1\"></span>elle ch<span class=\"_ _1\"></span>e seg<span class=\"_ _1\"></span>uono e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano la movime<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inita p<span class=\"_ _1\"></span>er gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>:V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1ca\"> </span>Incrementi<span class=\"_ _183\"> </span>Decrementi<span class=\"_ _16d\"> </span>Amm.ti31.12.2022Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _0\"></span>e dell'ingegno<span class=\"_ _1ad\"> </span>1.023 <span class=\"_ _b4\"> </span>(5) <span class=\"_ _1d9\"> </span>826 <span class=\"_ _1da\"> </span>(47) <span class=\"_ _80\"> </span>(712) <span class=\"_ _77\"> </span>1.085 C<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _2a7\"> </span>1.658 <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>211 <span class=\"_ _a5\"> </span>- <span class=\"_ _80\"> </span>(357)<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>1.512 C<span class=\"_ _0\"></span>osti di sviluppo<span class=\"_ _2a8\"> </span>21.100 <span class=\"_ _a5\"> </span>- <span class=\"_ _d0\"> </span>10.296 <span class=\"_ _b5\"> </span>(2) <span class=\"_ _1ed\"> </span>(9.690) <span class=\"_ _2a9\"> </span>21.704 Altre <span class=\"_ _2aa\"> </span>6.300 <span class=\"_ _a8\"> </span>52 <span class=\"_ _1d9\"> </span>607 <span class=\"_ _1f6\"> </span>(10) <span class=\"_ _1ed\"> </span>(1.265) <span class=\"_ _77\"> </span>5.684 Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita in cor<span class=\"_ _0\"></span>so<span class=\"_ _18\"> </span>3.342 <span class=\"_ _ab\"> </span>1 <span class=\"_ _d0\"> </span>11.928 <span class=\"_ _1f9\"> </span>(10.353) <span class=\"_ _a5\"> </span>- <span class=\"_ _77\"> </span>4.918 T<span class=\"_ _4\"></span>otale<span class=\"_ _1b1\"> </span>33.423 <span class=\"_ _b5\"> </span>48 <span class=\"_ _1ed\"> </span>23.868 <span class=\"_ _247\"> </span>(10.412) <span class=\"_ _247\"> </span>(12.024) <span class=\"_ _1ed\"> </span>34.903 V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza Rid. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _1ca\"> </span>Incrementi<span class=\"_ _183\"> </span>Decrementi<span class=\"_ _16d\"> </span>Amm.ti<span class=\"_ _1ed\"> </span>Riclass.di valor<span class=\"_ _0\"></span>e31.12.2021Diritti di brevetto e di utilizzazione delle opere dell'ingegno<span class=\"_ _20b\"> </span>2.034<span class=\"_ _26\"> </span>17<span class=\"_ _15d\"> </span>344<span class=\"_ _fa\"> </span>-<span class=\"_ _263\"> </span>(1.194)<span class=\"_ _26\"> </span>28<span class=\"_ _5e\"> </span>(206)<span class=\"_ _84\"> </span>1.023C<span class=\"_ _0\"></span>oncessioni, lic<span class=\"_ _0\"></span>enze e marchi<span class=\"_ _153\"> </span>1.686<span class=\"_ _fa\"> </span>-<span class=\"_ _75\"> </span>340<span class=\"_ _fa\"> </span>-<span class=\"_ _5e\"> </span>(368)<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _84\"> </span>1.658C<span class=\"_ _0\"></span>osti di sviluppo<span class=\"_ _226\"> </span>25.107<span class=\"_ _fa\"> </span>-<span class=\"_ _84\"> </span>6.178<span class=\"_ _6d\"> </span>(1)<span class=\"_ _1f2\"> </span>(10.184)<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _1a8\"> </span>21.100Altre <span class=\"_ _c1\"> </span>7.265<span class=\"_ _26\"> </span>74<span class=\"_ _15d\"> </span>285<span class=\"_ _fa\"> </span>-<span class=\"_ _263\"> </span>(1.324)<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _84\"> </span>6.300Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita in cor<span class=\"_ _0\"></span>so<span class=\"_ _1bd\"> </span>2.799<span class=\"_ _a5\"> </span>1<span class=\"_ _84\"> </span>7.497<span class=\"_ _16b\"> </span>(6.955)<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _84\"> </span>3.342T<span class=\"_ _4\"></span>otale<span class=\"_ _1e0\"> </span>38.891<span class=\"_ _16f\"> </span>92<span class=\"_ _263\"> </span>14.644<span class=\"_ _d0\"> </span>(6.956)<span class=\"_ _cc\"> </span>(13.070)<span class=\"_ _fe\"> </span>28<span class=\"_ _82\"> </span>(206)<span class=\"_ _263\"> </span>33.423Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a si increm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ano, al net<span class=\"_ _1\"></span>to del d<span class=\"_ _1\"></span>ecre<span class=\"_ _1\"></span>mento d<span class=\"_ _1\"></span>elle At<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 immate<span class=\"_ _1\"></span>riali a vit<span class=\"_ _1\"></span>a utile def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a in cor<span class=\"_ _1\"></span>so, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r nuovi inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imenti in co<span class=\"_ _1\"></span>sti di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo p<span class=\"_ _1\"></span>er app<span class=\"_ _1\"></span>licati<span class=\"_ _1\"></span>vi sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware<span class=\"ff71 ws85\"> (iscrit<span class=\"_ _1\"></span>ti n<span class=\"_ _1\"></span>ella voce \u201c<span class=\"_ _1\"></span>Cos<span class=\"_ _1\"></span>ti di s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>) e s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>er lice<span class=\"_ _1\"></span>nze di utiliz<span class=\"_ _2\"></span>zo </span>sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware<span class=\"ff71 ws85\"> (voce \u201cD<span class=\"_ _1\"></span>iritti di b<span class=\"_ _1\"></span>revet<span class=\"_ _1\"></span>to e di </span>utilizza<span class=\"_ _1\"></span>zione delle opere dell<span class=\"_ _1\"></span>\u2019ingegno\u201d<span class=\"_ _1\"></span>), al netto dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>ammor<span class=\"_ _1\"></span>tamento di periodo.La voc<span class=\"_ _1\"></span>e \u201ccosti di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo<span class=\"_ _1\"></span>\u201d comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>e preval<span class=\"_ _1\"></span>ente<span class=\"_ _1\"></span>mente la c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o degli ap<span class=\"_ _1\"></span>plica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tiv<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span><span class=\"ff79\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span><span class=\"ws6a\"> azie<span class=\"_ _1\"></span>ndali (SAP sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ma cont<span class=\"_ _1\"></span>abile, ERP ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione pro<span class=\"_ _1\"></span>duz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, sis<span class=\"_ _1\"></span>temi di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, co<span class=\"_ _1\"></span>sti di s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo de<span class=\"_ _1\"></span>lla </span>piatt<span class=\"_ _1\"></span>aforma informatic<span class=\"_ _1\"></span>a per il c<span class=\"_ _1\"></span>ommerci<span class=\"_ _1\"></span>o elet<span class=\"_ _1\"></span>tronic<span class=\"_ _1\"></span>o, di un nuovo sist<span class=\"_ _1\"></span>ema log<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ico/distributi<span class=\"_ _1\"></span>vo su piatt<span class=\"_ _1\"></span>aforma SA<span class=\"_ _1\"></span>P)<span class=\"_ _0\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, il Grup<span class=\"_ _1\"></span>po non p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dallo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o interno.La voc<span class=\"_ _1\"></span>e \u201caltre\u201d in<span class=\"_ _1\"></span>clude pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte il <span class=\"ff79\">Know \u2013 how</span>, derivante dalla v<span class=\"_ _1\"></span>alori<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a <span class=\"ff79\">fair value</span> delle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vit<span class=\"_ _1\"></span>\u00e0 acquis<span class=\"_ _1\"></span>ite nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ag<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne azi<span class=\"_ _1\"></span>endal<span class=\"_ _1\"></span>e con Ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>s S<span class=\"_ _1\"></span>.r<span class=\"_ _0\"></span>.l. e Aura 1 S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l., av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuta n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o del 2020 (par<span class=\"_ _1\"></span>i al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2022 ad un va<span class=\"_ _1\"></span>lore net<span class=\"_ _1\"></span>to di Euro 4.<span class=\"_ _4\"></span>187 migliai<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>); la voce \u201caltre<span class=\"_ _1\"></span>\u201d include anch<span class=\"_ _1\"></span>e il cosi<span class=\"_ _1\"></span>ddet<span class=\"_ _1\"></span>to<span class=\"ff79 ls2c wse8\"> key money<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws133\">, os<span class=\"_ _1\"></span>sia le so<span class=\"_ _1\"></span>mme </span></span>pagate p<span class=\"_ _1\"></span>er ot<span class=\"_ _1\"></span>tene<span class=\"_ _1\"></span>re la disp<span class=\"_ _1\"></span>onibilit<span class=\"_ _1\"></span>\u00e0 di immobili in lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ube<span class=\"_ _1\"></span>ntrando a c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti o<span class=\"_ _1\"></span>d otte<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do il re<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>so dei co<span class=\"_ _1\"></span>ndutt<span class=\"_ _1\"></span>ori, in mo<span class=\"_ _1\"></span>do da pote<span class=\"_ _1\"></span>r ott<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re nuovi c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti con i lo<span class=\"_ _1\"></span>cato<span class=\"_ _1\"></span>ri (p<span class=\"_ _1\"></span>ari al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2 ad un val<span class=\"_ _1\"></span>ore net<span class=\"_ _1\"></span>to di Euro 399 migliaia<span class=\"_ _0\"></span>). Nella tab<span class=\"_ _1\"></span>ella se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte si forni<span class=\"_ _1\"></span>sce il det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aglio, pe<span class=\"_ _1\"></span>r area ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afic<span class=\"_ _1\"></span>a, de<span class=\"_ _1\"></span>l valo<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>lla voce <span class=\"_ _1\"></span><span class=\"ff79 ls2c ws73\">key money</span><span class=\"ls4 ws0\"> al 3<span class=\"_ _4\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>: </span>(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 2021Eur<span class=\"_ _0\"></span>opa<span class=\"_ _25e\"> </span>399<span class=\"_ _1ee\"> </span>424Nord Americ<span class=\"_ _0\"></span>a<span class=\"_ _2ab\"> </span><span class=\"ws0\">-<span class=\"_ _1ee\"> </span>178</span>T<span class=\"_ _4\"></span>otale<span class=\"_ _e\"> </span>399 <span class=\"_ _6f\"> </span>602 Come pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>sto dalla pro<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dura di analisi de<span class=\"_ _1\"></span>gli indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span>, di cui il Gr<span class=\"_ _1\"></span>uppo si \u00e8 d<span class=\"_ _1\"></span>otato, a f<span class=\"_ _1\"></span>ine anno \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata valut<span class=\"_ _1\"></span>ata l<span class=\"_ _1\"></span>\u2019eventuale p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di indic<span class=\"_ _1\"></span>atori di <span class=\"ff79 ls5f ws7\">imp<span class=\"_ _1\"></span>airme<span class=\"_ _1\"></span>nt</span> rintrac<span class=\"_ _1\"></span>ciabili tramite fonti inte<span class=\"_ _1\"></span>rne o fonti e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>e di infor<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mazio<span class=\"_ _1\"></span>ne, anch<span class=\"_ _1\"></span>e in seg<span class=\"_ _1\"></span>uito alle ri<span class=\"_ _1\"></span>duzioni di v<span class=\"_ _1\"></span>alore re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trate al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2020 sulle Atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 immateriali a v<span class=\"_ _1\"></span>ita util<span class=\"_ _1\"></span>e def<span class=\"_ _1\"></span>inita e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e dall<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>cuzion<span class=\"_ _1\"></span>e deg<span class=\"_ _1\"></span>li <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 lsd ws75\">tes<span class=\"_ _1\"></span>t</span></span>. Tipic<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nte fonti es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rne po<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>ituite da mo<span class=\"_ _1\"></span>di<span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>iche ne<span class=\"_ _1\"></span>l conte<span class=\"_ _1\"></span>sto t<span class=\"_ _1\"></span>ecno<span class=\"_ _1\"></span>logic<span class=\"_ _1\"></span>o, econo<span class=\"_ _1\"></span>mico e le<span class=\"_ _1\"></span>gale in cui op<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a. Le fonti inter<span class=\"_ _1\"></span>ne son<span class=\"_ _1\"></span>o rappre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>entate dall<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>ategie azie<span class=\"_ _1\"></span>ndali che p<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>sono c<span class=\"_ _1\"></span>ambiare o me<span class=\"_ _1\"></span>no la de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inazion<span class=\"_ _1\"></span>e di utiliz<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>elle pro<span class=\"_ _1\"></span>priet<span class=\"_ _1\"></span>\u00e0 intell<span class=\"_ _1\"></span>ettuali e d<span class=\"_ _1\"></span>ei <span class=\"ff79 ws3c\">sof<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ware</span>, e p<span class=\"_ _1\"></span>er quanto riguarda i <span class=\"ff79 ls2c ws103\">key money<span class=\"_ _4\"></span><span class=\"ff71 ls4 wsf2\">, dal be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>icio e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico di Grup<span class=\"_ _1\"></span>po rico<span class=\"_ _1\"></span>nducibile alla zona ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vita dal n<span class=\"_ _1\"></span>egozio </span></span>per il qual<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ato so<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nuto t<span class=\"_ _1\"></span>ale one<span class=\"_ _1\"></span>re. Dalle anali<span class=\"_ _1\"></span>si ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate non \u00e8 e<span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>sa la n<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 di regis<span class=\"_ _1\"></span>trar<span class=\"_ _1\"></span>e <span class=\"ff79 ls5f ws7\">impairm<span class=\"_ _1\"></span>ent</span><span class=\"ls0 ws0\"> </span>n\u00e9 riv<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zioni su t<span class=\"_ _1\"></span>ali voc<span class=\"_ _1\"></span>i di bilancio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__105": {
   "value": "10. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 non c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle alt<span class=\"_ _1\"></span>re atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 non co<span class=\"_ _1\"></span>rrenti al 31 dicembre 2022 e al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1 \u00e8 e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>spetto se<span class=\"_ _1\"></span>guente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi ver<span class=\"_ _0\"></span>so Er<span class=\"_ _0\"></span>ario<span class=\"_ _275\"> </span>2.292 <span class=\"_ _1f7\"> </span>1.915 <span class=\"_ _282\"> </span>377 Altre attivit\u00e0 non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti <span class=\"_ _15c\"> </span>3.568 <span class=\"_ _1f7\"> </span>3.817 <span class=\"_ _283\"> </span>(249) T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>5.860 <span class=\"_ _282\"> </span>5.732 <span class=\"_ _b3\"> </span>128 I Crediti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o Erario s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>cono p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte alla quota n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nte de<span class=\"_ _1\"></span>l credit<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>er R<span class=\"_ _1\"></span>icerc<span class=\"_ _1\"></span>a e Svi<span class=\"ls0 ws0\">-</span>luppo, <span class=\"_ _20\"> </span><span class=\"ff79 ls48 wsd1\">d<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ign</span><span class=\"ls4 ws1a3\"> e ide<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>tica e<span class=\"_ _1\"></span>d innov<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e tec<span class=\"_ _1\"></span>nolog<span class=\"_ _1\"></span>ica no<span class=\"_ _1\"></span>nch\u00e9 alla quot<span class=\"_ _1\"></span>a non co<span class=\"_ _1\"></span>rrente de<span class=\"_ _1\"></span>l Credit<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale </span>deri<span class=\"_ _1\"></span>vante dalle e<span class=\"_ _1\"></span>roga<span class=\"_ _1\"></span>zioni lib<span class=\"_ _1\"></span>erali a s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tegn<span class=\"_ _1\"></span>o della cultur<span class=\"_ _1\"></span>a - c.d<span class=\"_ _1\"></span>. \u201c<span class=\"_ _4\"></span><span class=\"ff79 ls5f wseb\">Ar<span class=\"_ _1\"></span>t B<span class=\"_ _1\"></span>onus<span class=\"_ _2\"></span><span class=\"ff71 ls4 ws0\">\u201d<span class=\"_ _4\"></span>, di cui b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>icia la Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o.</span></span>La voc<span class=\"_ _1\"></span>e \u201caltre attiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d ac<span class=\"_ _1\"></span>coglie p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte, p<span class=\"_ _1\"></span>er Euro 2.75<span class=\"_ _0\"></span>7 migliaia (pari a Euro 3.0<span class=\"_ _1\"></span>91 migliaia al 3<span class=\"_ _4\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>), la quota a lungo dei co<span class=\"_ _1\"></span>ntributi a clie<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r alles<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nti negozi e<span class=\"_ _1\"></span>/o spazi p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>sonaliz<span class=\"_ _2\"></span>zati mo<span class=\"_ _1\"></span>nomarca e<span class=\"_ _1\"></span>, per Euro 81<span class=\"_ _6\"></span>1 migliaia (pari a Euro 726 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>) gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti re<span class=\"_ _1\"></span>lativi alla imp<span class=\"_ _1\"></span>uta<span class=\"_ _1\"></span>zione in quot<span class=\"_ _1\"></span>e cos<span class=\"_ _1\"></span>tanti dei co<span class=\"_ _1\"></span>ntratti at<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o ope<span class=\"_ _1\"></span>rativo d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti dagli inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>enti immob<span class=\"_ _1\"></span>iliari negli US<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>, co<span class=\"_ _1\"></span>me pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>to dai princip<span class=\"_ _1\"></span>i di riferim<span class=\"_ _1\"></span>ento.11. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 finanziarie non c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa voc<span class=\"_ _1\"></span>e \u201caltre attiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie non c<span class=\"_ _1\"></span>orre<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>, pari a Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _1\"></span>570 migliaia (<span class=\"_ _4\"></span>al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 E<span class=\"_ _0\"></span>uro 1<span class=\"_ _4\"></span>5.6<span class=\"_ _1\"></span>59 migliaia<span class=\"_ _4\"></span>), si riferis<span class=\"_ _1\"></span>ce a de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali, pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte per c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ivo in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>, contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in bas<span class=\"_ _1\"></span>e al criter<span class=\"_ _1\"></span>io del costo ammortiz<span class=\"_ _2\"></span>zato.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__106": {
   "value": "12. Rimanenze Le rimanen<span class=\"_ _1\"></span>ze di magaz<span class=\"_ _2\"></span>zino comp<span class=\"_ _1\"></span>rend<span class=\"_ _1\"></span>ono le s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021V<span class=\"_ _0\"></span>alore lor<span class=\"_ _0\"></span>do materie prime, sussidiarie e di consumo<span class=\"_ _130\"> </span>25.566 <span class=\"_ _171\"> </span>41.069 <span class=\"_ _1ad\"> </span>(15.503)Fondo svalutazione<span class=\"_ _2ac\"> </span>(2.781)<span class=\"_ _f5\"> </span>(4.010)<span class=\"_ _26a\"> </span>1.229 Materie prime, sussidiarie e di consumo<span class=\"_ _2ad\"> </span>22.785 <span class=\"_ _26a\"> </span>37.059 <span class=\"_ _cf\"> </span>(14.274)V<span class=\"_ _0\"></span>alore lor<span class=\"_ _0\"></span>do prodotti finiti e mer<span class=\"_ _0\"></span>ci<span class=\"_ _126\"> </span>317.965 <span class=\"_ _79\"> </span>309.359 <span class=\"_ _246\"> </span>8.606 Fondo svalutazione<span class=\"_ _2ae\"> </span>(65.427)<span class=\"_ _ee\"> </span>(71.852)<span class=\"_ _171\"> </span>6.425 Pr<span class=\"_ _4\"></span>odotti finiti e merci<span class=\"_ _95\"> </span>252.538 <span class=\"_ _e2\"> </span>237.507 <span class=\"_ _27\"> </span>15.031 T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>275.323 <span class=\"_ _e2\"> </span>274.566 <span class=\"_ _b3\"> </span>757 La var<span class=\"_ _1\"></span>iazion<span class=\"_ _1\"></span>e delle mate<span class=\"_ _1\"></span>rie pr<span class=\"_ _1\"></span>ime, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1, \u00e8 funzionale ai volumi di pro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o e il relati<span class=\"_ _1\"></span>vo fondo rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obso<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>nza di mate<span class=\"_ _1\"></span>rie prim<span class=\"_ _1\"></span>e (pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>llami e acce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ori) rite<span class=\"_ _1\"></span>nute non pi\u00f9 i<span class=\"_ _1\"></span>done<span class=\"_ _1\"></span>e ai piani produt<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi az<span class=\"_ _1\"></span>iendali<span class=\"_ _1\"></span>. Le giacen<span class=\"_ _1\"></span>ze di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>initi son<span class=\"_ _1\"></span>o in aumento di Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _1\"></span>03<span class=\"_ _0\"></span>1 migliaia rispe<span class=\"_ _1\"></span>tto al 31 dicembre 202<span class=\"_ _4\"></span>1 (<span class=\"_ _4\"></span>+6,<span class=\"_ _1\"></span>3%<span class=\"_ _4\"></span>). Per una miglio<span class=\"_ _1\"></span>re compre<span class=\"_ _1\"></span>nsio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lle modalit<span class=\"_ _1\"></span>\u00e0 di det<span class=\"_ _1\"></span>erminaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i fondi s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione s<span class=\"_ _1\"></span>opra p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sent<span class=\"_ _1\"></span>ati si riman<span class=\"_ _1\"></span>da alla nota 2 \u201c<span class=\"_ _1\"></span>Criteri di re<span class=\"_ _1\"></span>daz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>aragrafo Valutazi<span class=\"_ _1\"></span>oni discre<span class=\"_ _1\"></span>zi<span class=\"_ _1\"></span>onali, stim<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ili ed a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni signif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ative.Gli acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o (<span class=\"_ _4\"></span>utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi) net<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l fondo s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle riman<span class=\"_ _1\"></span>enze s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati i s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uenti (<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _4\"></span>1 al n<span class=\"_ _1\"></span>etto d<span class=\"_ _1\"></span>egli a<span class=\"_ _1\"></span>ccantonam<span class=\"_ _1\"></span>enti / (<span class=\"_ _0\"></span>utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i) legati a<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">busin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s</span> p<span class=\"_ _1\"></span>rofumi iscr<span class=\"_ _1\"></span>itti n<span class=\"_ _1\"></span>el R<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ato net<span class=\"_ _1\"></span>to da atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>va cessa<span class=\"_ _4\"></span>ta<span class=\"_ _0\"></span>):<span class=\"_ _4\"></span> V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Materie P<span class=\"_ _0\"></span>rime<span class=\"_ _f\"> </span>(1.229)<span class=\"_ _f5\"> </span>(1.260)<span class=\"_ _6f\"> </span>31Pr<span class=\"_ _4\"></span>odotti Finiti<span class=\"_ _35\"> </span>(7.475)<span class=\"_ _28d\"> </span>(6.930)<span class=\"_ _72\"> </span>(545)T<span class=\"_ _4\"></span>otale<span class=\"_ _2af\"> </span>(8.704) <span class=\"_ _284\"> </span>(8.190) <span class=\"_ _284\"> </span>(514)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__107": {
   "value": "13. Diritti di r<span class=\"_ _4\"></span>ecuper<span class=\"_ _4\"></span>o prodotti da clienti per r<span class=\"_ _6\"></span>esi Con rife<span class=\"_ _1\"></span>rimento al dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>so di cui ai \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i da contrat<span class=\"_ _1\"></span>ti con clie<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d, la v<span class=\"_ _0\"></span>oce \u201c<span class=\"_ _1\"></span>Dirit<span class=\"_ _1\"></span>ti di re<span class=\"_ _1\"></span>cupe<span class=\"_ _1\"></span>ro pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i da clienti per r<span class=\"_ _1\"></span>esi<span class=\"_ _2\"></span>\u201d \u00e8 pari a Euro 5.7<span class=\"_ _0\"></span>03 migliaia (pari a Euro 5.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>), ed includ<span class=\"_ _1\"></span>e la stima d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore di cos<span class=\"_ _1\"></span>to dei p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti, che s<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>sume s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uiti, valor<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata al mino<span class=\"_ _1\"></span>re tra il pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte valore di c<span class=\"_ _1\"></span>arico di ma<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _2\"></span>zino (stima del co<span class=\"_ _1\"></span>sto di p<span class=\"_ _1\"></span>rodu<span class=\"_ _1\"></span>zione) ed il valo<span class=\"_ _1\"></span>re net<span class=\"_ _1\"></span>to di reali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo, e diminuita di e<span class=\"_ _1\"></span>ventuali cos<span class=\"_ _1\"></span>ti futur<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r il loro recup<span class=\"_ _1\"></span>ero.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__108": {
   "value": "14. C<span class=\"_ _4\"></span>r<span class=\"_ _0\"></span>editi c<span class=\"_ _4\"></span>ommercialiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi commer<span class=\"_ _4\"></span>ciali<span class=\"_ _108\"> </span>98.069<span class=\"_ _250\"> </span>115.972<span class=\"_ _f3\"> </span>(17.903)Fondo svalutazione c<span class=\"_ _0\"></span>rediti<span class=\"_ _159\"> </span>(3.579)<span class=\"_ _f5\"> </span>(3.302)<span class=\"_ _72\"> </span>(277<span class=\"_ _1\"></span>)T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>94.490 <span class=\"_ _1cf\"> </span>112.670 <span class=\"_ _cf\"> </span>(18.180) I credit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali es<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>zialme<span class=\"_ _1\"></span>nte riferibili alle ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ls38 ws8b\">whole<span class=\"_ _1\"></span>sale</span> son<span class=\"_ _1\"></span>o in diminuzione r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021<span class=\"_ _6\"></span>; sono infr<span class=\"_ _1\"></span>uttife<span class=\"_ _1\"></span>ri di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si e hanno gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a inferio<span class=\"_ _1\"></span>re a 90 g<span class=\"_ _1\"></span>iorni. Il re<span class=\"_ _1\"></span>lativo fon<span class=\"_ _1\"></span>do s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne cre<span class=\"_ _1\"></span>diti \u00e8 ritenut<span class=\"_ _1\"></span>o congru<span class=\"_ _1\"></span>o per f<span class=\"_ _1\"></span>ronteg<span class=\"_ _2\"></span>giare eventuali ins<span class=\"_ _1\"></span>olve<span class=\"_ _1\"></span>nze<span class=\"_ _1\"></span>. Inoltre<span class=\"_ _1\"></span>, da evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziare che ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio s<span class=\"_ _1\"></span>ono st<span class=\"_ _1\"></span>ate reg<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>rate pe<span class=\"_ _1\"></span>rdite su cre<span class=\"_ _1\"></span>diti p<span class=\"_ _1\"></span>er Euro 384 mig<span class=\"_ _1\"></span>liaia a seguit<span class=\"_ _1\"></span>o di str<span class=\"_ _1\"></span>alcio (<span class=\"_ _0\"></span><span class=\"ff79 ls3a wsa\">write-<span class=\"_ _2\"></span>off<span class=\"_ _20\"> </span><span class=\"ff71 ls4 ws12c\">) di cre<span class=\"_ _1\"></span>diti co<span class=\"_ _1\"></span>mmerciali ine<span class=\"_ _1\"></span>sigib<span class=\"_ _1\"></span>ili.</span></span>La mov<span class=\"_ _1\"></span>iment<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l fondo s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>diti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 \u00e8 st<span class=\"_ _1\"></span>ata la s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente: V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _11\"> </span>Accantonamenti<span class=\"_ _84\"> </span>Utiliz<span class=\"_ _1\"></span>zi31.12.2022Fondo svalutazione c<span class=\"_ _0\"></span>rediti<span class=\"_ _4e\"> </span>3.302 <span class=\"_ _179\"> </span>84 <span class=\"_ _118\"> </span>850 <span class=\"_ _97\"> </span>(657) <span class=\"_ _b4\"> </span>3.579 Per l<span class=\"_ _1\"></span>\u2019analisi dei cre<span class=\"_ _1\"></span>diti comme<span class=\"_ _1\"></span>rciali sc<span class=\"_ _1\"></span>aduti no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 3 Ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>inanziari \u2013 R<span class=\"_ _1\"></span>ischio di credit<span class=\"_ _1\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__109-1": {
   "value": "La mov<span class=\"_ _1\"></span>iment<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l fondo s<span class=\"_ _1\"></span>valut<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>zione cre<span class=\"_ _1\"></span>diti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 \u00e8 st<span class=\"_ _1\"></span>ata la s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente: V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>iff. di V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _11\"> </span>Accantonamenti<span class=\"_ _84\"> </span>Utiliz<span class=\"_ _1\"></span>zi31.12.2022Fondo svalutazione c<span class=\"_ _0\"></span>rediti<span class=\"_ _4e\"> </span>3.302 <span class=\"_ _179\"> </span>84 <span class=\"_ _118\"> </span>850 <span class=\"_ _97\"> </span>(657) <span class=\"_ _b4\"> </span>3.579 Per l<span class=\"_ _1\"></span>\u2019analisi dei cre<span class=\"_ _1\"></span>diti comme<span class=\"_ _1\"></span>rciali sc<span class=\"_ _1\"></span>aduti no<span class=\"_ _1\"></span>n sv<span class=\"_ _1\"></span>alutati s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 3 Ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i ris<span class=\"_ _1\"></span>chi f<span class=\"_ _1\"></span>inanziari \u2013 R<span class=\"_ _1\"></span>ischio di credit<span class=\"_ _1\"></span>o.La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sintetiz<span class=\"_ _2\"></span>za gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti a Co<span class=\"_ _1\"></span>nto Economic<span class=\"_ _1\"></span>o e Patrimonio Ne<span class=\"_ _1\"></span>tto c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento a cias<span class=\"_ _1\"></span>cuna cate<span class=\"_ _1\"></span>goria di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a conto ec<span class=\"_ _4\"></span>onomico su strumenti finanziari:Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _21e\"> </span>(17.926) <span class=\"_ _e2\"> </span>(16.284) Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _11a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a patrimonio netto su strumenti finanziar<span class=\"_ _0\"></span>i: Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _2cb\"> </span>17.921 <span class=\"_ _e2\"> </span>(15.166) Interessi attivi/passi<span class=\"_ _0\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _0\"></span>ati sulle attivit\u00e0/passivit\u00e0 finanziarie non al FVTPL: Interessi attivi <span class=\"_ _2cc\"> </span>3.608 <span class=\"_ _1f7\"> </span>1.485 Interessi passivi<span class=\"_ _2cd\"> </span>2.683 <span class=\"_ _1f7\"> </span>2.844 Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _24c\"> </span><span class=\"ff74\">14.798 <span class=\"_ _27e\"> </span>13.881 </span>Spese e commissioni non inc<span class=\"_ _0\"></span>luse nel tasso di interesse effettivo: di competenza di passivit\u00e0 finanziarie <span class=\"_ _109\"> </span>1.033 <span class=\"_ _ed\"> </span>1.300 Interessi attivi matur<span class=\"_ _0\"></span>ati su strumenti finanziari sv<span class=\"_ _0\"></span>alutatiAc<span class=\"_ _0\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziarie:crediti/finanziamenti<span class=\"_ _1bf\"> </span>1.265 <span class=\"_ _141\"> </span>277",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__110-1": {
   "value": "15. C<span class=\"_ _4\"></span>r<span class=\"_ _0\"></span>editi tributariLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi ver<span class=\"_ _0\"></span>so Er<span class=\"_ _0\"></span>ario (<span class=\"_ _2\"></span>imposta sul valore ag<span class=\"_ _0\"></span>giunto e altre imposte)<span class=\"_ _6c\"> </span>22.289 <span class=\"_ _171\"> </span>21.495 <span class=\"_ _1f7\"> </span>794 Cr<span class=\"_ _0\"></span>editi ver<span class=\"_ _0\"></span>so Er<span class=\"_ _0\"></span>ario per imposte dirette<span class=\"_ _e6\"> </span>8.292 <span class=\"_ _ed\"> </span>6.017 <span class=\"_ _246\"> </span>2.275 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>30.581 <span class=\"_ _283\"> </span>27.512 <span class=\"_ _250\"> </span>3.069 I credit<span class=\"_ _1\"></span>i tribut<span class=\"_ _1\"></span>ari si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono prin<span class=\"_ _1\"></span>cipalmente a cr<span class=\"_ _1\"></span>editi p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ta sul v<span class=\"_ _1\"></span>alore ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iunto e crediti ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o er<span class=\"_ _1\"></span>ario pe<span class=\"_ _1\"></span>r im<span class=\"ls0 ws0\">-</span>pos<span class=\"_ _1\"></span>te sul re<span class=\"_ _1\"></span>ddito in r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto agli acco<span class=\"_ _1\"></span>nti ver<span class=\"_ _1\"></span>sati n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio, e e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nzian<span class=\"_ _1\"></span>o un increme<span class=\"_ _1\"></span>nto ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019e<span class=\"ls0 ws0\">-</span>serci<span class=\"_ _1\"></span>zio pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>, pari a Euro 3.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9 migliaia, relati<span class=\"_ _1\"></span>vo principalme<span class=\"_ _1\"></span>nte al cre<span class=\"_ _1\"></span>dito ver<span class=\"_ _1\"></span>so e<span class=\"_ _1\"></span>rario p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e sul re<span class=\"_ _1\"></span>ddito.27. Debiti tributariI debit<span class=\"_ _1\"></span>i tribut<span class=\"_ _1\"></span>ari, pari a Euro 25.<span class=\"_ _1\"></span>21<span class=\"_ _4\"></span>6 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 (Euro 25.732 migliaia al 3<span class=\"_ _6\"></span>1 di<span class=\"_ _1\"></span>cembre 2021<span class=\"_ _6\"></span>) rig<span class=\"_ _1\"></span>uardano debit<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r impos<span class=\"_ _1\"></span>te sul re<span class=\"_ _1\"></span>ddito di c<span class=\"_ _1\"></span>ompet<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio, impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a sul valo<span class=\"_ _1\"></span>re ag<span class=\"_ _1\"></span>giunto e<span class=\"_ _1\"></span>d altre impo<span class=\"_ _1\"></span>ste d<span class=\"_ _1\"></span>ovute dall<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo e si d<span class=\"_ _1\"></span>ecre<span class=\"_ _1\"></span>ment<span class=\"_ _1\"></span>ano, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>, di Euro 5<span class=\"_ _4\"></span>16 m<span class=\"_ _0\"></span>igliaia.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__111-1": {
   "value": "16. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>enti La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e delle alt<span class=\"_ _1\"></span>re atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corre<span class=\"_ _1\"></span>nti \u00e8 ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito ne<span class=\"_ _1\"></span>lla se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte tab<span class=\"_ _1\"></span>ella:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cr<span class=\"_ _0\"></span>editi diver<span class=\"_ _0\"></span>si <span class=\"_ _f\"> </span>24.875<span class=\"_ _229\"> </span>22.255<span class=\"_ _26a\"> </span>2.620Ratei attivi<span class=\"_ _2b0\"> </span>281<span class=\"_ _1ee\"> </span>253<span class=\"_ _1f8\"> </span>28Risconti attivi<span class=\"_ _24c\"> </span>9.040<span class=\"_ _272\"> </span>9.772<span class=\"_ _72\"> </span>(732)Strumenti derivati di copert<span class=\"_ _0\"></span>ura a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _c2\"> </span>7.251<span class=\"_ _1ee\"> </span>326<span class=\"_ _26a\"> </span>6.925T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>41.447 <span class=\"_ _283\"> </span>32.606 <span class=\"_ _250\"> </span>8.841 Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 la voce cre<span class=\"_ _1\"></span>diti di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si acc<span class=\"_ _1\"></span>oglie prin<span class=\"_ _1\"></span>cipalmente:\u2022 <span class=\"_ _125\"> </span> <span class=\"_ _3\"></span>credit<span class=\"_ _1\"></span>i ver<span class=\"_ _1\"></span>so le s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 di ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lle car<span class=\"_ _1\"></span>te di cr<span class=\"_ _1\"></span>edito p<span class=\"_ _1\"></span>er ve<span class=\"_ _1\"></span>ndite <span class=\"ff79 ws3c\">ret<span class=\"_ _1\"></span>ail</span> pari a Euro 1<span class=\"_ _4\"></span>5.<span class=\"_ _1\"></span>576 migliaia (<span class=\"_ _6\"></span>al 31 dicembre 202<span class=\"_ _4\"></span>1 Euro 1<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>359 mi<span class=\"_ _0\"></span>gliaia<span class=\"_ _0\"></span>);\u2022 <span class=\"_ _a2\"> </span> <span class=\"_ _11f\"></span>il cre<span class=\"_ _1\"></span>dito de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., pari a Euro 2,<span class=\"_ _1\"></span>3 milioni, ver<span class=\"_ _1\"></span>so la Re<span class=\"_ _1\"></span>gion<span class=\"_ _1\"></span>e T<span class=\"_ _4\"></span>osc<span class=\"_ _1\"></span>ana e il Minist<span class=\"_ _1\"></span>ero de<span class=\"_ _1\"></span>llo Sviluppo Econ<span class=\"_ _1\"></span>omico, relati<span class=\"_ _1\"></span>vo all<span class=\"_ _1\"></span>\u2019acconto pe<span class=\"_ _1\"></span>r gli Incenti<span class=\"_ _1\"></span>vi p<span class=\"_ _1\"></span>er la Cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a So<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>nibile (<span class=\"_ _1\"></span>proget<span class=\"_ _1\"></span>to I<span class=\"_ _1\"></span>-SUCCEED<span class=\"_ _0\"></span>), per i cui det<span class=\"_ _1\"></span>tagli s<span class=\"_ _1\"></span>i rimanda alla Rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla Ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, al paragr<span class=\"_ _1\"></span>afo \u201cFatti di r<span class=\"_ _1\"></span>ilievo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>anti<span class=\"_ _1\"></span>cipi a fornitor<span class=\"_ _1\"></span>i pari a Euro 2.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>5 migliaia (<span class=\"_ _4\"></span>al 31 dicembre 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>rano p<span class=\"_ _1\"></span>ari a Euro 2.<span class=\"_ _1\"></span>33<span class=\"_ _4\"></span>1 migliaia<span class=\"_ _0\"></span>).I risconti a<span class=\"_ _0\"></span>ttivi comprendono princi<span class=\"_ _0\"></span>palmente<span class=\"_ _0\"></span> contribu<span class=\"_ _0\"></span>ti a cl<span class=\"_ _0\"></span>ienti per al<span class=\"_ _0\"></span>lestimenti negozi e/<span class=\"_ _4\"></span>o spazi per<span class=\"_ _1\"></span>sonalizz<span class=\"_ _1\"></span>ati mo<span class=\"ls0 ws0\">-</span>nomarca p<span class=\"_ _1\"></span>er Euro 4.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>72 migliaia, premi as<span class=\"_ _1\"></span>sicur<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>03<span class=\"_ _4\"></span>1 mig<span class=\"_ _1\"></span>liaia ed in par<span class=\"_ _1\"></span>te re<span class=\"_ _1\"></span>sidual<span class=\"_ _1\"></span>e ad af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>i, non rie<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>tranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito del nuovo prin<span class=\"_ _1\"></span>cipio IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>02 migliaia. La voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _1\"></span>Strume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura a breve t<span class=\"_ _1\"></span>ermine<span class=\"_ _1\"></span>\u201d p<span class=\"_ _1\"></span>ari ad Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>251 migliai<span class=\"_ _0\"></span>a (Euro 3<span class=\"_ _4\"></span>26 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>) accoglie la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e al <span class=\"ff79\">fair value</span><span class=\"lsb ws112\"> (<span class=\"_ _4\"></span>valore equo<span class=\"_ _4\"></span>) dei contratti derivati (<span class=\"_ _6\"></span>componente di copertura<span class=\"_ _0\"></span>) in essere, </span>stip<span class=\"_ _1\"></span>ulati dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o per la ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio di camb<span class=\"_ _1\"></span>io sulle ve<span class=\"_ _1\"></span>ndite in div<span class=\"_ _1\"></span>ise di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>se dall<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>euro.17. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>ltre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie cor<span class=\"_ _1\"></span>renti<span class=\"_ _2\"></span>\u201d \u00e8 evide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>iata ne<span class=\"_ _1\"></span>l prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Strumenti derivati<span class=\"_ _ff\"> </span>256<span class=\"_ _1ee\"> </span>596<span class=\"_ _f5\"> </span>(340)Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _15f\"> </span>9.999<span class=\"_ _8a\"> </span>-<span class=\"_ _171\"> </span>9.999T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>10.255 <span class=\"_ _6f\"> </span>596 <span class=\"_ _21a\"> </span>9.659 La voc<span class=\"_ _1\"></span>e \u201c<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>ltre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie cor<span class=\"_ _1\"></span>renti<span class=\"_ _1\"></span>\u201d, pari a Euro 1<span class=\"_ _4\"></span>0.<span class=\"_ _1\"></span>255 migliaia al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2, si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>e per Euro 256 migliaia (Euro 5<span class=\"_ _0\"></span>96 migliaia al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>) alla valuta<span class=\"_ _1\"></span>zione al <span class=\"ff79\">fair value</span> deg<span class=\"_ _1\"></span>li str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la com<span class=\"ls0 ws0\">-</span>pone<span class=\"_ _1\"></span>nte non di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura, e p<span class=\"_ _1\"></span>er Euro 9.9<span class=\"_ _1\"></span>99 migliaia ad un inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>imento a<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>curativo p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>za Ramo I p<span class=\"_ _1\"></span>rontam<span class=\"_ _1\"></span>ente liquidabile<span class=\"_ _1\"></span>, ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uato dalla socie<span class=\"_ _1\"></span>t\u00e0 S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. in ottic<span class=\"_ _1\"></span>a di mo<span class=\"_ _1\"></span>derat<span class=\"_ _1\"></span>a dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ella ge<span class=\"_ _1\"></span>stio<span class=\"_ _1\"></span>ne della pro<span class=\"_ _1\"></span>pria ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__115": {
   "value": "18. Disponibilit\u00e0 liquide e mez<span class=\"_ _1\"></span>zi equ<span class=\"_ _1\"></span>iv<span class=\"_ _0\"></span>alenti La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Depositi bancari a br<span class=\"_ _0\"></span>eve<span class=\"_ _99\"> </span>91.042<span class=\"_ _229\"> </span>39.988<span class=\"_ _e2\"> </span>51.054Depositi bancari e postali a vista <span class=\"_ _13f\"> </span>298.571<span class=\"_ _250\"> </span>470.487<span class=\"_ _eb\"> </span>(171.916)Denaro e v<span class=\"_ _0\"></span>alori in cassa <span class=\"_ _89\"> </span>1.741<span class=\"_ _272\"> </span>1.321<span class=\"_ _1a7\"> </span>420T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>391.354 <span class=\"_ _e2\"> </span>511.796 <span class=\"_ _bf\"> </span>(120.442) I dep<span class=\"_ _1\"></span>ositi b<span class=\"_ _1\"></span>ancari a b<span class=\"_ _1\"></span>reve (<span class=\"_ _0\"></span><span class=\"ff79 lsb ws6\">time deposit<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws75\">) p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so g<span class=\"_ _1\"></span>li ist<span class=\"_ _1\"></span>ituti di rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e hanno sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze var<span class=\"_ _1\"></span>iabili tra un gio<span class=\"_ _1\"></span>rno e 2<span class=\"_ _0\"></span>4 me<span class=\"_ _1\"></span>si </span></span>e si car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _2\"></span>zano in ogni c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o per la p<span class=\"_ _1\"></span>ronta liqui<span class=\"_ _1\"></span>dabilit\u00e0 in as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di pe<span class=\"_ _1\"></span>nali. I dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i bancar<span class=\"_ _1\"></span>i e pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>no disp<span class=\"_ _1\"></span>onibilit\u00e0 t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e, de<span class=\"_ _1\"></span>tenute p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a fronte di pag<span class=\"_ _1\"></span>amenti immin<span class=\"_ _1\"></span>enti. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, la p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata que<span class=\"_ _1\"></span>lla di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una par<span class=\"_ _1\"></span>te co<span class=\"_ _1\"></span>nsis<span class=\"_ _1\"></span>tente d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>roprie ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa p<span class=\"_ _1\"></span>er att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento sul me<span class=\"_ _1\"></span>rcato in de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti ban<span class=\"_ _1\"></span>cari a bre<span class=\"_ _1\"></span>ve (<span class=\"_ _0\"></span><span class=\"ff79 lsb ws12c\">time deposit<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws99\">, oltre che p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>c<span class=\"ls0 ws0\">-</span></span></span>cend<span class=\"_ _1\"></span>ere pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>titi <span class=\"ff79 ls80 ws119\">int<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws7\">, regolat<span class=\"_ _1\"></span>i a condiz<span class=\"_ _1\"></span>ioni cor<span class=\"_ _1\"></span>renti di me<span class=\"_ _1\"></span>rcato, co<span class=\"_ _1\"></span>s\u00ec da conte<span class=\"_ _1\"></span>nere l<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla propria </span></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e debit<span class=\"_ _1\"></span>oria ver<span class=\"_ _1\"></span>so il s<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario.Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 con l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tivo di ave<span class=\"_ _1\"></span>re una ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e di cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a e liquidit\u00e0 p<span class=\"_ _1\"></span>i\u00f9 ef<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciente a li<span class=\"_ _1\"></span>vello di G<span class=\"_ _1\"></span>ruppo, la S<span class=\"_ _1\"></span>alva<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 inoltre e<span class=\"_ _1\"></span>ntrat<span class=\"_ _1\"></span>a in un contrat<span class=\"_ _1\"></span>to di <span class=\"ff79 ls5f ws7\">ca<span class=\"_ _1\"></span>shpo<span class=\"_ _1\"></span>oling</span> c<span class=\"_ _1\"></span>on alcune s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 cont<span class=\"_ _1\"></span>rollate.Se<span class=\"_ _1\"></span>mpre con l<span class=\"_ _2\"></span>\u2019intento di cont<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>re l<span class=\"_ _1\"></span>\u2019espo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>bitoria n<span class=\"_ _1\"></span>ei confro<span class=\"_ _1\"></span>nti del si<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2022, il Grupp<span class=\"_ _1\"></span>o ha ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuato rimbo<span class=\"_ _1\"></span>rsi anti<span class=\"_ _1\"></span>cipati pe<span class=\"_ _1\"></span>r tota<span class=\"_ _1\"></span>li Euro 85 milioni sui principali f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamenti a m<span class=\"_ _1\"></span>edio lungo te<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span>mine in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 il Grupp<span class=\"_ _1\"></span>o ha line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o non utiliz<span class=\"_ _2\"></span>zate p<span class=\"_ _1\"></span>er Euro 782.852 migliaia; al 3<span class=\"_ _6\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 le linee di credito n<span class=\"_ _1\"></span>on utiliz<span class=\"_ _2\"></span>zate ammont<span class=\"_ _1\"></span>avano a Euro 7<span class=\"_ _4\"></span>4<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>68<span class=\"_ _1\"></span>6 migliaia. Per mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si riman<span class=\"_ _1\"></span>da alla nota 20 Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti.Ai f<span class=\"_ _1\"></span>ini de<span class=\"_ _1\"></span>l rendic<span class=\"_ _1\"></span>onto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>olidato la voc<span class=\"_ _1\"></span>e disp<span class=\"_ _1\"></span>onibilit\u00e0 li<span class=\"_ _1\"></span>quide e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i equiv<span class=\"_ _1\"></span>alenti a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 si compone come<span class=\"_ _0\"></span> segue:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cassa e depositi bancari a vista<span class=\"_ _2b1\"> </span>300.312<span class=\"_ _21a\"> </span>471.808<span class=\"_ _20f\"> </span>(171.496)Depositi bancari a br<span class=\"_ _0\"></span>eve<span class=\"_ _99\"> </span>91.042<span class=\"_ _229\"> </span>39.988<span class=\"_ _e2\"> </span>51.054T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>391.354 <span class=\"_ _e2\"> </span>511.796 <span class=\"_ _bf\"> </span>(120.442) Di se<span class=\"_ _1\"></span>guito la ric<span class=\"_ _1\"></span>onciliazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 deri<span class=\"_ _1\"></span>vanti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento, co<span class=\"_ _1\"></span>s\u00ec com<span class=\"_ _1\"></span>e ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>l rendic<span class=\"_ _1\"></span>onto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o, per gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.Flusso di c<span class=\"_ _0\"></span>assaper rimborsi/ per interessi Nuovi V<span class=\"_ _0\"></span>alore al incassi pagati/D<span class=\"_ _1\"></span>ifferenza contr<span class=\"_ _0\"></span>atti di Altri mov<span class=\"_ _4\"></span>. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022capitaleincassatidi con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.neleasingnon di cassa31.12.2022Pr<span class=\"_ _4\"></span>estiti e finanziamenti non correnti<span class=\"_ _285\"> </span>63.516 <span class=\"_ _1ac\"> </span>(62.879)<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>(664) <span class=\"_ _80\"> </span>(637) <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>664 <span class=\"_ _1ef\"> </span>- Pr<span class=\"_ _4\"></span>estiti e finanziamenti correnti (ad esclusione degli scoperti bancari)<span class=\"_ _db\"> </span>75.604 <span class=\"_ _1d2\"> </span>(46.386) <span class=\"_ _80\"> </span>(637) <span class=\"_ _a8\"> </span>46 <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>637 <span class=\"_ _d0\"> </span>29.264 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> non corr<span class=\"_ _0\"></span>enti <span class=\"_ _67\"> </span>487.230 <span class=\"_ _62\"> </span>- <span class=\"_ _a5\"> </span>- <span class=\"_ _d0\"> </span>11.208 <span class=\"_ _c8\"> </span>101.956 <span class=\"_ _1a1\"> </span>(131.657) <span class=\"_ _c8\"> </span>468.737 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> corr<span class=\"_ _0\"></span>enti<span class=\"_ _226\"> </span>110.012 <span class=\"_ _247\"> </span>(114.610) <span class=\"_ _cb\"> </span>(14.632) <span class=\"_ _77\"> </span>1.805 <span class=\"_ _a5\"> </span>- <span class=\"_ _cc\"> </span>124.011 <span class=\"_ _c8\"> </span>106.586 T<span class=\"_ _4\"></span>otale passivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _c5\"> </span>736.362 <span class=\"_ _1c6\"> </span>(223.875) <span class=\"_ _247\"> </span>(15.933) <span class=\"_ _1ed\"> </span>12.422 <span class=\"_ _1ae\"> </span>101.956 <span class=\"_ _16d\"> </span>(6.345) <span class=\"_ _1ae\"> </span>604.587 Flusso di c<span class=\"_ _0\"></span>assaper rimborsi/ per interessi Nuovi V<span class=\"_ _0\"></span>alore al incassi pagati/D<span class=\"_ _1\"></span>ifferenza contr<span class=\"_ _0\"></span>atti di Altri mov<span class=\"_ _4\"></span>. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021capitaleincassatidi con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.neleasingnon di cassa31.12.2021Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _2b2\"> </span>279<span class=\"_ _1d9\"> </span>(291)<span class=\"_ _fa\"> </span>-<span class=\"_ _fe\"> </span>12<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-T<span class=\"_ _4\"></span>otale attivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _e2\"> </span>279<span class=\"_ _1da\"> </span>(291)<span class=\"_ _fa\"> </span>-<span class=\"_ _fe\"> </span>12<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-Pr<span class=\"_ _4\"></span>estiti e finanziamenti non correnti<span class=\"_ _26c\"> </span>129.302<span class=\"_ _d0\"> </span>(54.391)<span class=\"_ _16b\"> </span>(1.000)<span class=\"_ _5e\"> </span>(457)<span class=\"_ _119\"> </span>-<span class=\"_ _263\"> </span>(9.938)<span class=\"_ _1a8\"> </span>63.516Pr<span class=\"_ _4\"></span>estiti e finanziamenti correnti (ad esclusione degli scoperti bancari)<span class=\"_ _db\"> </span>56.698<span class=\"_ _1d0\"> </span>7.239<span class=\"_ _5e\"> </span>(486)<span class=\"_ _75\"> </span>730<span class=\"_ _fa\"> </span>-<span class=\"_ _16e\"> </span>11.423<span class=\"_ _1a8\"> </span>75.604P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> non corr<span class=\"_ _0\"></span>enti<span class=\"_ _1e6\"> </span>464.400<span class=\"_ _101\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _1a8\"> </span>22.814<span class=\"_ _1c4\"> </span>119.782<span class=\"_ _1a0\"> </span>(119.766)<span class=\"_ _1c4\"> </span>487.230P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> corr<span class=\"_ _0\"></span>enti<span class=\"_ _226\"> </span>103.509<span class=\"_ _c8\"> </span>(100.669)<span class=\"_ _1f2\"> </span>(13.754)<span class=\"_ _84\"> </span>5.371<span class=\"_ _fa\"> </span>-<span class=\"_ _1c4\"> </span>115.555<span class=\"_ _1c4\"> </span>110.012T<span class=\"_ _4\"></span>otale passivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _c5\"> </span>753.909<span class=\"_ _247\"> </span>(147.821)<span class=\"_ _cc\"> </span>(15.240)<span class=\"_ _263\"> </span>28.458<span class=\"_ _1f2\"> </span>119.782<span class=\"_ _2a9\"> </span>(2.726)<span class=\"_ _1f2\"> </span>736.362La col<span class=\"_ _1\"></span>onna Flus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa p<span class=\"_ _1\"></span>er rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>i di capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle Pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> corre<span class=\"_ _1\"></span>nti, \u00e8 pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntata al net<span class=\"_ _1\"></span>to dei p<span class=\"_ _1\"></span>roventi re<span class=\"_ _1\"></span>lativi all<span class=\"_ _1\"></span>e riduzi<span class=\"_ _1\"></span>oni di cano<span class=\"_ _1\"></span>ne ott<span class=\"_ _1\"></span>enute dalle n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>oni, pe<span class=\"_ _1\"></span>r rive<span class=\"_ _1\"></span>dere l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche dei co<span class=\"_ _1\"></span>ntratti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ropria ret<span class=\"_ _1\"></span>e distr<span class=\"_ _1\"></span>ibutiv<span class=\"_ _1\"></span>a, pari a Euro 2.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>90 mig<span class=\"_ _1\"></span>liaia per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 (Euro 6.785<span class=\"_ _0\"></span> migliaia nel 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>). La col<span class=\"_ _1\"></span>onna \u201c<span class=\"_ _0\"></span>Altri mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>nti non di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d include la ri<span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>bito tra qu<span class=\"_ _1\"></span>ota no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nte e quota c<span class=\"_ _1\"></span>orrente dei Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e Finanziame<span class=\"_ _1\"></span>nti e de<span class=\"_ _1\"></span>lle Pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si su Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e Finanziame<span class=\"_ _1\"></span>nti e sulle Pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws112\"> maturati n<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do, i proventi r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>i alle ridu<span class=\"_ _1\"></span>zioni di c<span class=\"_ _1\"></span>anone ot<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nute dalle ne<span class=\"_ _1\"></span>goziazioni, p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>vede<span class=\"_ _1\"></span>re le </span>condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>he dei co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla propria re<span class=\"_ _1\"></span>te dist<span class=\"_ _1\"></span>ributi<span class=\"_ _1\"></span>va, e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetto s<span class=\"_ _1\"></span>ulla Pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls0 ws0\"> </span>di alcuni cas<span class=\"_ _1\"></span>i di es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione anticipat<span class=\"_ _1\"></span>a di contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e o della co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione di una ridu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei can<span class=\"_ _1\"></span>oni di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to fut<span class=\"_ _1\"></span>uri.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__117": {
   "value": " La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Depositi bancari a br<span class=\"_ _0\"></span>eve<span class=\"_ _99\"> </span>91.042<span class=\"_ _229\"> </span>39.988<span class=\"_ _e2\"> </span>51.054Depositi bancari e postali a vista <span class=\"_ _13f\"> </span>298.571<span class=\"_ _250\"> </span>470.487<span class=\"_ _eb\"> </span>(171.916)Denaro e v<span class=\"_ _0\"></span>alori in cassa <span class=\"_ _89\"> </span>1.741<span class=\"_ _272\"> </span>1.321<span class=\"_ _1a7\"> </span>420T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>391.354 <span class=\"_ _e2\"> </span>511.796 <span class=\"_ _bf\"> </span>(120.442) I dep<span class=\"_ _1\"></span>ositi b<span class=\"_ _1\"></span>ancari a b<span class=\"_ _1\"></span>reve (<span class=\"_ _0\"></span><span class=\"ff79 lsb ws6\">time deposit<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws75\">) p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>so g<span class=\"_ _1\"></span>li ist<span class=\"_ _1\"></span>ituti di rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e hanno sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nze var<span class=\"_ _1\"></span>iabili tra un gio<span class=\"_ _1\"></span>rno e 2<span class=\"_ _0\"></span>4 me<span class=\"_ _1\"></span>si </span></span>e si car<span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>riz<span class=\"_ _2\"></span>zano in ogni c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o per la p<span class=\"_ _1\"></span>ronta liqui<span class=\"_ _1\"></span>dabilit\u00e0 in as<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a di pe<span class=\"_ _1\"></span>nali. I dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>i bancar<span class=\"_ _1\"></span>i e pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>no disp<span class=\"_ _1\"></span>onibilit\u00e0 t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>orane<span class=\"_ _1\"></span>e, de<span class=\"_ _1\"></span>tenute p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a fronte di pag<span class=\"_ _1\"></span>amenti immin<span class=\"_ _1\"></span>enti. Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, la p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a del G<span class=\"_ _1\"></span>ruppo \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata que<span class=\"_ _1\"></span>lla di utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are una par<span class=\"_ _1\"></span>te co<span class=\"_ _1\"></span>nsis<span class=\"_ _1\"></span>tente d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>roprie ecce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa p<span class=\"_ _1\"></span>er att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 di inve<span class=\"_ _1\"></span>stim<span class=\"_ _1\"></span>ento sul me<span class=\"_ _1\"></span>rcato in de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>siti ban<span class=\"_ _1\"></span>cari a bre<span class=\"_ _1\"></span>ve (<span class=\"_ _0\"></span><span class=\"ff79 lsb ws12c\">time deposit<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws99\">, oltre che p<span class=\"_ _1\"></span>er a<span class=\"_ _1\"></span>c<span class=\"ls0 ws0\">-</span></span></span>cend<span class=\"_ _1\"></span>ere pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>titi <span class=\"ff79 ls80 ws119\">int<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any<span class=\"_ _0\"></span><span class=\"ff71 ls4 ws7\">, regolat<span class=\"_ _1\"></span>i a condiz<span class=\"_ _1\"></span>ioni cor<span class=\"_ _1\"></span>renti di me<span class=\"_ _1\"></span>rcato, co<span class=\"_ _1\"></span>s\u00ec da conte<span class=\"_ _1\"></span>nere l<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla propria </span></span>esp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e debit<span class=\"_ _1\"></span>oria ver<span class=\"_ _1\"></span>so il s<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>ma banc<span class=\"_ _1\"></span>ario.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__116": {
   "value": "Ai f<span class=\"_ _1\"></span>ini de<span class=\"_ _1\"></span>l rendic<span class=\"_ _1\"></span>onto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o cons<span class=\"_ _1\"></span>olidato la voc<span class=\"_ _1\"></span>e disp<span class=\"_ _1\"></span>onibilit\u00e0 li<span class=\"_ _1\"></span>quide e me<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i equiv<span class=\"_ _1\"></span>alenti a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 si compone come<span class=\"_ _0\"></span> segue:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Cassa e depositi bancari a vista<span class=\"_ _2b1\"> </span>300.312<span class=\"_ _21a\"> </span>471.808<span class=\"_ _20f\"> </span>(171.496)Depositi bancari a br<span class=\"_ _0\"></span>eve<span class=\"_ _99\"> </span>91.042<span class=\"_ _229\"> </span>39.988<span class=\"_ _e2\"> </span>51.054T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>391.354 <span class=\"_ _e2\"> </span>511.796 <span class=\"_ _bf\"> </span>(120.442) Di se<span class=\"_ _1\"></span>guito la ric<span class=\"_ _1\"></span>onciliazi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l flu<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o dell<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 deri<span class=\"_ _1\"></span>vanti dalle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 di f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento, co<span class=\"_ _1\"></span>s\u00ec com<span class=\"_ _1\"></span>e ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>l rendic<span class=\"_ _1\"></span>onto f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>o, per gli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1.Flusso di c<span class=\"_ _0\"></span>assaper rimborsi/ per interessi Nuovi V<span class=\"_ _0\"></span>alore al incassi pagati/D<span class=\"_ _1\"></span>ifferenza contr<span class=\"_ _0\"></span>atti di Altri mov<span class=\"_ _4\"></span>. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022capitaleincassatidi con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.neleasingnon di cassa31.12.2022Pr<span class=\"_ _4\"></span>estiti e finanziamenti non correnti<span class=\"_ _285\"> </span>63.516 <span class=\"_ _1ac\"> </span>(62.879)<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>(664) <span class=\"_ _80\"> </span>(637) <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>664 <span class=\"_ _1ef\"> </span>- Pr<span class=\"_ _4\"></span>estiti e finanziamenti correnti (ad esclusione degli scoperti bancari)<span class=\"_ _db\"> </span>75.604 <span class=\"_ _1d2\"> </span>(46.386) <span class=\"_ _80\"> </span>(637) <span class=\"_ _a8\"> </span>46 <span class=\"_ _a5\"> </span>- <span class=\"_ _1d9\"> </span>637 <span class=\"_ _d0\"> </span>29.264 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> non corr<span class=\"_ _0\"></span>enti <span class=\"_ _67\"> </span>487.230 <span class=\"_ _62\"> </span>- <span class=\"_ _a5\"> </span>- <span class=\"_ _d0\"> </span>11.208 <span class=\"_ _c8\"> </span>101.956 <span class=\"_ _1a1\"> </span>(131.657) <span class=\"_ _c8\"> </span>468.737 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> corr<span class=\"_ _0\"></span>enti<span class=\"_ _226\"> </span>110.012 <span class=\"_ _247\"> </span>(114.610) <span class=\"_ _cb\"> </span>(14.632) <span class=\"_ _77\"> </span>1.805 <span class=\"_ _a5\"> </span>- <span class=\"_ _cc\"> </span>124.011 <span class=\"_ _c8\"> </span>106.586 T<span class=\"_ _4\"></span>otale passivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _c5\"> </span>736.362 <span class=\"_ _1c6\"> </span>(223.875) <span class=\"_ _247\"> </span>(15.933) <span class=\"_ _1ed\"> </span>12.422 <span class=\"_ _1ae\"> </span>101.956 <span class=\"_ _16d\"> </span>(6.345) <span class=\"_ _1ae\"> </span>604.587 Flusso di c<span class=\"_ _0\"></span>assaper rimborsi/ per interessi Nuovi V<span class=\"_ _0\"></span>alore al incassi pagati/D<span class=\"_ _1\"></span>ifferenza contr<span class=\"_ _0\"></span>atti di Altri mov<span class=\"_ _4\"></span>. V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2021capitaleincassatidi con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.neleasingnon di cassa31.12.2021Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti<span class=\"_ _2b2\"> </span>279<span class=\"_ _1d9\"> </span>(291)<span class=\"_ _fa\"> </span>-<span class=\"_ _fe\"> </span>12<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _fa\"> </span>-T<span class=\"_ _4\"></span>otale attivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _e2\"> </span>279<span class=\"_ _1da\"> </span>(291)<span class=\"_ _fa\"> </span>-<span class=\"_ _fe\"> </span>12<span class=\"_ _fa\"> </span>-<span class=\"_ _119\"> </span>-<span class=\"_ _fa\"> </span>-Pr<span class=\"_ _4\"></span>estiti e finanziamenti non correnti<span class=\"_ _26c\"> </span>129.302<span class=\"_ _d0\"> </span>(54.391)<span class=\"_ _16b\"> </span>(1.000)<span class=\"_ _5e\"> </span>(457)<span class=\"_ _119\"> </span>-<span class=\"_ _263\"> </span>(9.938)<span class=\"_ _1a8\"> </span>63.516Pr<span class=\"_ _4\"></span>estiti e finanziamenti correnti (ad esclusione degli scoperti bancari)<span class=\"_ _db\"> </span>56.698<span class=\"_ _1d0\"> </span>7.239<span class=\"_ _5e\"> </span>(486)<span class=\"_ _75\"> </span>730<span class=\"_ _fa\"> </span>-<span class=\"_ _16e\"> </span>11.423<span class=\"_ _1a8\"> </span>75.604P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> non corr<span class=\"_ _0\"></span>enti<span class=\"_ _1e6\"> </span>464.400<span class=\"_ _101\"> </span>-<span class=\"_ _fa\"> </span>-<span class=\"_ _1a8\"> </span>22.814<span class=\"_ _1c4\"> </span>119.782<span class=\"_ _1a0\"> </span>(119.766)<span class=\"_ _1c4\"> </span>487.230P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing</span> corr<span class=\"_ _0\"></span>enti<span class=\"_ _226\"> </span>103.509<span class=\"_ _c8\"> </span>(100.669)<span class=\"_ _1f2\"> </span>(13.754)<span class=\"_ _84\"> </span>5.371<span class=\"_ _fa\"> </span>-<span class=\"_ _1c4\"> </span>115.555<span class=\"_ _1c4\"> </span>110.012T<span class=\"_ _4\"></span>otale passivit\u00e0 da A<span class=\"_ _0\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _c5\"> </span>753.909<span class=\"_ _247\"> </span>(147.821)<span class=\"_ _cc\"> </span>(15.240)<span class=\"_ _263\"> </span>28.458<span class=\"_ _1f2\"> </span>119.782<span class=\"_ _2a9\"> </span>(2.726)<span class=\"_ _1f2\"> </span>736.362La col<span class=\"_ _1\"></span>onna Flus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa p<span class=\"_ _1\"></span>er rimb<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>i di capit<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>, relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle Pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span> corre<span class=\"_ _1\"></span>nti, \u00e8 pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntata al net<span class=\"_ _1\"></span>to dei p<span class=\"_ _1\"></span>roventi re<span class=\"_ _1\"></span>lativi all<span class=\"_ _1\"></span>e riduzi<span class=\"_ _1\"></span>oni di cano<span class=\"_ _1\"></span>ne ott<span class=\"_ _1\"></span>enute dalle n<span class=\"_ _1\"></span>egoziazi<span class=\"_ _1\"></span>oni, pe<span class=\"_ _1\"></span>r rive<span class=\"_ _1\"></span>dere l<span class=\"_ _1\"></span>e condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche dei co<span class=\"_ _1\"></span>ntratti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ropria ret<span class=\"_ _1\"></span>e distr<span class=\"_ _1\"></span>ibutiv<span class=\"_ _1\"></span>a, pari a Euro 2.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>90 mig<span class=\"_ _1\"></span>liaia per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 (Euro 6.785<span class=\"_ _0\"></span> migliaia nel 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>). La col<span class=\"_ _1\"></span>onna \u201c<span class=\"_ _0\"></span>Altri mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>nti non di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d include la ri<span class=\"_ _1\"></span>class<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l de<span class=\"_ _1\"></span>bito tra qu<span class=\"_ _1\"></span>ota no<span class=\"_ _1\"></span>n corre<span class=\"_ _1\"></span>nte e quota c<span class=\"_ _1\"></span>orrente dei Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e Finanziame<span class=\"_ _1\"></span>nti e de<span class=\"_ _1\"></span>lle Pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span>, gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si su Pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e Finanziame<span class=\"_ _1\"></span>nti e sulle Pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r lea<span class=\"_ _1\"></span>sing<span class=\"ff71 ls4 ws112\"> maturati n<span class=\"_ _1\"></span>el p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do, i proventi r<span class=\"_ _1\"></span>elativ<span class=\"_ _1\"></span>i alle ridu<span class=\"_ _1\"></span>zioni di c<span class=\"_ _1\"></span>anone ot<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nute dalle ne<span class=\"_ _1\"></span>goziazioni, p<span class=\"_ _1\"></span>er ri<span class=\"_ _1\"></span>vede<span class=\"_ _1\"></span>re le </span>condi<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>he dei co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla propria re<span class=\"_ _1\"></span>te dist<span class=\"_ _1\"></span>ributi<span class=\"_ _1\"></span>va, e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fetto s<span class=\"_ _1\"></span>ulla Pass<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span><span class=\"ls0 ws0\"> </span>di alcuni cas<span class=\"_ _1\"></span>i di es<span class=\"_ _1\"></span>tinz<span class=\"_ _1\"></span>ione anticipat<span class=\"_ _1\"></span>a di contr<span class=\"_ _1\"></span>atti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e o della co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione di una ridu<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei can<span class=\"_ _1\"></span>oni di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to fut<span class=\"_ _1\"></span>uri.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__118": {
   "value": "19. C<span class=\"_ _4\"></span>apitale sociale e riser<span class=\"_ _1\"></span>veIl capit<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>ociale de<span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>rato, sot<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>o e ver<span class=\"_ _1\"></span>sato de<span class=\"_ _1\"></span>lla Cap<span class=\"_ _1\"></span>ogrup<span class=\"_ _1\"></span>po al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 ammont<span class=\"_ _1\"></span>a a Euro 1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>879.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0, ed \u00e8 co<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uito da 1<span class=\"_ _0\"></span>68<span class=\"_ _1\"></span>.790.0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>0 azioni o<span class=\"_ _1\"></span>rdinarie de<span class=\"_ _1\"></span>l valore n<span class=\"_ _1\"></span>ominale di Euro 0,<span class=\"_ _4\"></span>10 cadauna. Nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022, non v<span class=\"_ _1\"></span>i so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate varia<span class=\"_ _1\"></span>zioni ne<span class=\"_ _1\"></span>l numero di a<span class=\"_ _1\"></span>zioni e<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e.La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va pe<span class=\"_ _1\"></span>r azio<span class=\"_ _1\"></span>ni propri<span class=\"_ _1\"></span>e, pari a Euro 58<span class=\"_ _1\"></span>.202 migliaia, \u00e8 comp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ta da num<span class=\"_ _1\"></span>ero 3.<span class=\"_ _1\"></span>37<span class=\"_ _0\"></span>5.<span class=\"_ _1\"></span>80<span class=\"_ _2\"></span>0 azioni d<span class=\"_ _1\"></span>ella Sal<span class=\"_ _1\"></span>vatore Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ac<span class=\"_ _1\"></span>quist<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>l 201<span class=\"_ _4\"></span>8 (<span class=\"_ _0\"></span>nr<span class=\"_ _4\"></span>. 1<span class=\"_ _4\"></span>4.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0), nel cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>el 201<span class=\"_ _4\"></span>9 (nr<span class=\"_ _6\"></span>. 1<span class=\"_ _4\"></span>36<span class=\"_ _1\"></span>.0<span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>0), nel cors<span class=\"_ _1\"></span>o del 2021 (<span class=\"_ _4\"></span>nr<span class=\"_ _4\"></span>. 62<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>63<span class=\"_ _4\"></span>) e n<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 (<span class=\"_ _0\"></span>nr<span class=\"_ _4\"></span>. 2.6<span class=\"_ _1\"></span>01<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>637), ad un pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo me<span class=\"_ _1\"></span>dio unitar<span class=\"_ _1\"></span>io di Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4.I ver<span class=\"_ _1\"></span>same<span class=\"_ _1\"></span>nti in conto c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale, par<span class=\"_ _1\"></span>i a Euro 2.9<span class=\"_ _1\"></span>95 migliaia, interam<span class=\"_ _1\"></span>ente rife<span class=\"_ _1\"></span>ribili alla Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o, son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati es<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uiti in un\u2019unica so<span class=\"_ _1\"></span>luzion<span class=\"_ _1\"></span>e nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 20<span class=\"_ _1\"></span>03 dalla controllante Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Finanziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e si s<span class=\"_ _1\"></span>ono ri<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i, per s<span class=\"_ _1\"></span>cis<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>e, nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o 20<span class=\"_ _1\"></span>07<span class=\"_ _6\"></span>.La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va leg<span class=\"_ _1\"></span>ale, p<span class=\"_ _1\"></span>ari a Euro 4.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>88 migliaia, inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte riferit<span class=\"_ _1\"></span>a alla so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o, si \u00e8 cos<span class=\"_ _1\"></span>tituit<span class=\"_ _1\"></span>a in anni pre<span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>enti. La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va st<span class=\"_ _1\"></span>raordinaria, p<span class=\"_ _1\"></span>ari ad Euro 570.585 migliaia, inte<span class=\"_ _1\"></span>rame<span class=\"_ _1\"></span>nte riferibil<span class=\"_ _1\"></span>e alla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o, \u00e8 cost<span class=\"_ _1\"></span>ituita c<span class=\"_ _1\"></span>on utili non dis<span class=\"_ _1\"></span>tribuiti; la varia<span class=\"_ _1\"></span>zione re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata det<span class=\"_ _1\"></span>erminat<span class=\"_ _1\"></span>a da un increme<span class=\"_ _1\"></span>nto di Euro 32.8<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 migliaia, rela<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tivo all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1 della Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. Il d<span class=\"_ _1\"></span>ecre<span class=\"_ _1\"></span>mento di Euro 56<span class=\"_ _1\"></span>.73<span class=\"_ _0\"></span>5 migliaia si riferi<span class=\"_ _1\"></span>sce alla dist<span class=\"_ _1\"></span>ribuzio<span class=\"_ _1\"></span>ne di div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi, delib<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ati nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022 da Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">cash f<span class=\"_ _1\"></span>low h<span class=\"_ _1\"></span>edge</span>, p<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>iva p<span class=\"_ _1\"></span>er Euro 7<span class=\"_ _4\"></span>.21<span class=\"_ _4\"></span>6 migliaia, \u00e8 dete<span class=\"_ _1\"></span>rminata dalla v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>egli s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inan<span class=\"ls0 ws0\">-</span>ziari def<span class=\"_ _1\"></span>initi c<span class=\"_ _1\"></span>ome <span class=\"ff79\">cash f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ow hedg<span class=\"_ _1\"></span>e</span> al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2, a fronte de<span class=\"_ _1\"></span>lle op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di co<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>l rischio di c<span class=\"_ _1\"></span>ambio e<span class=\"_ _1\"></span>d \u00e8 ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata al n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span>.La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di conver<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ne, ne<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>va p<span class=\"_ _1\"></span>er Euro 6.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>65 migliaia, rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>te le var<span class=\"_ _1\"></span>iazioni di v<span class=\"_ _1\"></span>alore de<span class=\"_ _1\"></span>lla quota di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o del pa<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>trimonio n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o delle s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>lidate, dov<span class=\"_ _1\"></span>ute alle v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ni dei t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>si di camb<span class=\"_ _1\"></span>io delle v<span class=\"_ _1\"></span>alute fun<span class=\"_ _1\"></span>zionali de<span class=\"_ _1\"></span>lle st<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>se soci<span class=\"_ _1\"></span>et\u00e0 r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o alla valuta di p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del b<span class=\"_ _1\"></span>ilancio con<span class=\"_ _1\"></span>solidato. La ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va utili indiv<span class=\"_ _1\"></span>isi, p<span class=\"_ _1\"></span>ari a Euro 1<span class=\"_ _4\"></span>38.<span class=\"_ _1\"></span>387 migliaia, re<span class=\"_ _1\"></span>cep<span class=\"_ _1\"></span>isce i r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ati patrimoniali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zati n<span class=\"_ _1\"></span>el te<span class=\"_ _1\"></span>mpo, te<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>do op<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>por<span class=\"_ _1\"></span>tunam<span class=\"_ _1\"></span>ente conto d<span class=\"_ _1\"></span>elle ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>e di cons<span class=\"_ _1\"></span>olidame<span class=\"_ _1\"></span>nto, in par<span class=\"_ _1\"></span>ticolar<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>utile non re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato sulle r<span class=\"_ _1\"></span>imanen<span class=\"_ _1\"></span>ze. T<span class=\"_ _4\"></span>ale rise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a, nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, ri<span class=\"_ _1\"></span>sente d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ef<span class=\"_ _1\"></span>fetto di p<span class=\"_ _1\"></span>i\u00f9 fatto<span class=\"_ _1\"></span>ri: si increme<span class=\"_ _1\"></span>nta di Euro 45.<span class=\"_ _1\"></span>847 migliaia per ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to della patr<span class=\"_ _1\"></span>imonializ<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, al ne<span class=\"_ _1\"></span>tto d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>ultato de<span class=\"_ _1\"></span>lla so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o alloc<span class=\"_ _1\"></span>ato alla rise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va s<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>ordinaria e pe<span class=\"_ _1\"></span>r Euro 47<span class=\"_ _4\"></span>1 migliaia pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti minori; si de<span class=\"_ _1\"></span>crem<span class=\"_ _1\"></span>enta di Euro 6<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>07 migliaia per e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fetto dell<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>lla par<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cipazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. nel c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>ciale de<span class=\"_ _1\"></span>lla Ferr<span class=\"_ _1\"></span>agamo Japan K<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>., che pas<span class=\"_ _1\"></span>sa dal 71<span class=\"_ _4\"></span>,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>% all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>89,<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>3% de<span class=\"_ _1\"></span>l relati<span class=\"_ _1\"></span>vo capit<span class=\"_ _1\"></span>ale s<span class=\"_ _1\"></span>ociale<span class=\"_ _1\"></span>, av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuto att<span class=\"_ _1\"></span>raver<span class=\"_ _1\"></span>so la s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>scri<span class=\"_ _1\"></span>zione di n<span class=\"_ _1\"></span>. 5.0<span class=\"_ _2\"></span>00 nu<span class=\"_ _1\"></span>ove azio<span class=\"_ _1\"></span>ni della contro<span class=\"_ _1\"></span>llata giapp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r i cui det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li si veda la Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e al paragr<span class=\"_ _1\"></span>afo \u201cFatti di r<span class=\"_ _1\"></span>ilievo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>\u201d e la nota 4 \u201cAg<span class=\"_ _1\"></span>greg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni di impres<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>d acquis<span class=\"_ _1\"></span>ti di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>ze di minoran<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>l presente Bilancio<span class=\"_ _0\"></span> Consolidato.Le voci \u201caltre rise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>\u201d e \u201cef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to IA<span class=\"_ _1\"></span>S 19 <span class=\"ff79 ls4a ws73\">equit<span class=\"_ _1\"></span>y<span class=\"_ _24\"></span></span>\u201d pe<span class=\"_ _1\"></span>r un total<span class=\"_ _1\"></span>e net<span class=\"_ _1\"></span>to di Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>01<span class=\"_ _4\"></span>8 migliaia compre<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2022 i valo<span class=\"_ _1\"></span>ri iscr<span class=\"_ _1\"></span>itti a f<span class=\"_ _1\"></span>ronte de<span class=\"_ _1\"></span>lle dif<span class=\"_ _1\"></span>feren<span class=\"_ _1\"></span>ze di valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one richie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e dai principi IFR<span class=\"_ _1\"></span>S risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to ai princip<span class=\"_ _1\"></span>i loc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo. T<span class=\"_ _4\"></span>ale vo<span class=\"_ _1\"></span>ce acco<span class=\"_ _1\"></span>glie la ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>va di <span class=\"ff79\">Stock Grant</span> per i due p<span class=\"_ _1\"></span>iani di incenti<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione al <span class=\"ff79 ls38 ws8b\">top</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff79 ls47 ws9\">management</span> </span>in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re alla data de<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2, pe<span class=\"_ _1\"></span>r Euro 5.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>3 migliaia, per i c<span class=\"_ _1\"></span>ui dett<span class=\"_ _1\"></span>agli s<span class=\"_ _1\"></span>i rimanda alla not<span class=\"_ _1\"></span>a 4<span class=\"_ _1\"></span>0 Pagamenti bas<span class=\"_ _1\"></span>ati su azi<span class=\"_ _1\"></span>oni. L<span class=\"_ _6\"></span>\u2019<span class=\"_ _1\"></span>increm<span class=\"_ _1\"></span>ento di Euro 1<span class=\"_ _0\"></span>.0<span class=\"_ _1\"></span>83 migliaia si riferi<span class=\"_ _1\"></span>sce alla v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione at<span class=\"_ _1\"></span>tuariale de<span class=\"_ _1\"></span>i piani a be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re in alcune s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o.Gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i son<span class=\"_ _1\"></span>o al net<span class=\"_ _1\"></span>to deg<span class=\"_ _1\"></span>li ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali ove applic<span class=\"_ _1\"></span>abili.Le variaz<span class=\"_ _1\"></span>ioni ne<span class=\"_ _1\"></span>lle compo<span class=\"_ _1\"></span>nenti d<span class=\"_ _1\"></span>el patrim<span class=\"_ _1\"></span>onio net<span class=\"_ _1\"></span>to av<span class=\"_ _2\"></span>venute ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi 2022 e 2021 sono evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziate nei re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti. Di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o si ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta una t<span class=\"_ _1\"></span>avola di det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>aglio relati<span class=\"_ _1\"></span>va alle ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>ve ed ut<span class=\"_ _1\"></span>ili indiv<span class=\"_ _1\"></span>isi:Riserve formate Riserva con<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>sione (In migliaia di Euro)con utilicambi<span class=\"_ _c5\"> </span>Altre riserve<span class=\"_ _21a\"> </span>T<span class=\"_ _6\"></span>otale31 dicembr<span class=\"_ _0\"></span>e 2022Riserva azioni proprie<span class=\"_ _21e\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _1ad\"> </span>(58.202) <span class=\"_ _1ad\"> </span>(58.202) Ver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>amenti in conto capit<span class=\"_ _0\"></span>ale<span class=\"_ _241\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>2.995 <span class=\"_ _d4\"> </span>2.995 Riserva Legale<span class=\"_ _e4\"> </span>4.188 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>4.188 Riserva straor<span class=\"_ _0\"></span>dinaria<span class=\"_ _2a5\"> </span>570.585 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _146\"> </span>570.585 Riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _1ec\"> </span></span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>7.216 <span class=\"_ _d4\"> </span>7.216 Riserva di con<span class=\"_ _0\"></span>versione<span class=\"_ _f1\"> </span>- <span class=\"_ _27\"> </span>(6.865) <span class=\"_ _267\"> </span>- <span class=\"_ _225\"> </span>(6.865) Utili indivisi<span class=\"_ _e5\"> </span>138.387 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _1aa\"> </span>138.387 Altre riserve<span class=\"_ _4d\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>7.018 <span class=\"_ _d4\"> </span>7.018 T<span class=\"_ _4\"></span>otale<span class=\"_ _2d\"> </span>713.160 <span class=\"_ _be\"> </span>(6.865) <span class=\"_ _118\"> </span>(40.973) <span class=\"_ _118\"> </span>665.322 31 dicembr<span class=\"_ _0\"></span>e 2021Riserva azioni proprie<span class=\"_ _21e\"> </span>- <span class=\"_ _273\"> </span>- <span class=\"_ _1ad\"> </span>(15.532) <span class=\"_ _1ad\"> </span>(15.532) Ver<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>amenti in conto capit<span class=\"_ _0\"></span>ale<span class=\"_ _241\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>2.995 <span class=\"_ _d4\"> </span>2.995 Riserva Legale<span class=\"_ _e4\"> </span>4.188 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _d4\"> </span>4.188 Riserva straor<span class=\"_ _0\"></span>dinaria<span class=\"_ _2a5\"> </span>594.520 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _146\"> </span>594.520 Riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _1ec\"> </span></span>- <span class=\"_ _267\"> </span>- <span class=\"_ _225\"> </span>(6.404) <span class=\"_ _225\"> </span>(6.404) Riserva di con<span class=\"_ _0\"></span>versione<span class=\"_ _f1\"> </span>- <span class=\"_ _177\"> </span>(10.418) <span class=\"_ _267\"> </span>- <span class=\"_ _1ad\"> </span>(10.418) Utili indivisi<span class=\"_ _2b3\"> </span>98.676 <span class=\"_ _273\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _153\"> </span>98.676 Altre riserve<span class=\"_ _4d\"> </span>- <span class=\"_ _267\"> </span>- <span class=\"_ _1f7\"> </span>762 <span class=\"_ _282\"> </span>762 T<span class=\"_ _4\"></span>otale<span class=\"_ _2d\"> </span>697.384 <span class=\"_ _101\"> </span>(10.418) <span class=\"_ _118\"> </span>(18.179) <span class=\"_ _118\"> </span>668.787",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__119": {
   "value": "20. P<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>estiti e finanziamentiSi ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito un d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio de<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i e dei f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti c<span class=\"_ _1\"></span>orrenti e n<span class=\"_ _1\"></span>on corr<span class=\"_ _1\"></span>enti:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti finanziari verso banche a medio lungo ter<span class=\"_ _0\"></span>mine<span class=\"_ _27f\"> </span>- <span class=\"_ _171\"> </span>63.516<span class=\"_ _7a\"> </span>(63.516)Debiti finanziari verso banche a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _bd\"> </span>29.264<span class=\"_ _299\"> </span>75.604<span class=\"_ _7a\"> </span>(46.340)T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>29.264 <span class=\"_ _1cf\"> </span>139.120 <span class=\"_ _bf\"> </span>(109.856) Nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, alla luce d<span class=\"_ _1\"></span>ella ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a gen<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>a dal Grupp<span class=\"_ _1\"></span>o e dell<span class=\"_ _1\"></span>e migliorate c<span class=\"_ _1\"></span>ondiz<span class=\"_ _1\"></span>ioni gene<span class=\"_ _1\"></span>rali de<span class=\"_ _1\"></span>l mer<span class=\"ls0 ws0\">-</span>cato de<span class=\"_ _1\"></span>l cre<span class=\"_ _1\"></span>dito, si \u00e8 proc<span class=\"_ _1\"></span>eduto al r<span class=\"_ _1\"></span>imbor<span class=\"_ _1\"></span>so anticip<span class=\"_ _1\"></span>ato dei pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>titi a s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a non c<span class=\"_ _1\"></span>orrenti (<span class=\"ff79\">term loan<span class=\"_ _0\"></span><span class=\"ff71\">), acces<span class=\"_ _1\"></span>i dal 2020, </span></span>quando, in cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>gli ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lla pande<span class=\"_ _1\"></span>mia da Covid<span class=\"_ _1\"></span>-<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>9, il Gruppo ave<span class=\"_ _1\"></span>va rite<span class=\"_ _1\"></span>nuto opp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tuno r<span class=\"_ _1\"></span>affo<span class=\"_ _1\"></span>rz<span class=\"_ _1\"></span>are ulterio<span class=\"_ _1\"></span>rment<span class=\"_ _1\"></span>e la propria s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria proce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ndo co<span class=\"_ _1\"></span>n un increme<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>lle linee <span class=\"ff79 ws3c\">co<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d</span><span class=\"lsb ws94\"> con contropa<span class=\"_ _0\"></span>rti </span>diver<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cate<span class=\"_ _1\"></span>. In continuit<span class=\"_ _1\"></span>\u00e0 con il pas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ato \u00e8 st<span class=\"_ _1\"></span>ata utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata una par<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>onsis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nte delle p<span class=\"_ _1\"></span>roprie e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nze di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r acce<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>re prestiti <span class=\"ff79 ls80 ws119\">inte<span class=\"_ _1\"></span>rcom<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _4\"></span><span class=\"ff71 ls4 ws75\">, re<span class=\"_ _1\"></span>golati a co<span class=\"_ _1\"></span>ndizio<span class=\"_ _1\"></span>ni corre<span class=\"_ _1\"></span>nti di merc<span class=\"_ _1\"></span>ato. Al 31 dicembre 2022 non s<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto in es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ere a li<span class=\"ls0 ws0\">-</span></span></span>vello di Gr<span class=\"_ _1\"></span>uppo pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>titi a s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a (<span class=\"_ _0\"></span><span class=\"ff79\">term loan<span class=\"ff71\">) utiliz<span class=\"_ _1\"></span>zati, b<span class=\"_ _1\"></span>ench\u00e9 r<span class=\"_ _1\"></span>imanga in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re un ammont<span class=\"_ _1\"></span>are rite<span class=\"_ _1\"></span>nuto congr<span class=\"_ _1\"></span>uo di </span></span>linee di cre<span class=\"_ _1\"></span>dito utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>abili in cas<span class=\"_ _1\"></span>o di ne<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0. I f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamenti e l<span class=\"_ _1\"></span>e linee di cre<span class=\"_ _1\"></span>dito co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e al Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o regolati a ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o variabile<span class=\"_ _1\"></span>. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019in<span class=\"_ _1\"></span>debit<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto \u00e8 parame<span class=\"_ _1\"></span>trato al t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di me<span class=\"_ _1\"></span>rcato di p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>odo (<span class=\"_ _2\"></span>gene<span class=\"_ _1\"></span>ralme<span class=\"_ _1\"></span>nte euribo<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>/libo<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>/sofr o il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di rife<span class=\"_ _1\"></span>rimento s<span class=\"_ _1\"></span>ul merc<span class=\"_ _1\"></span>ato interban<span class=\"_ _1\"></span>cario s<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>cif<span class=\"_ _1\"></span>ico de<span class=\"_ _1\"></span>lla valuta in cui il f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziamento \u00e8 d<span class=\"_ _1\"></span>enominato) pi\u00f9 uno <span class=\"_ _2\"></span><span class=\"ff79 ls4 ws3c\">spread<span class=\"ff71 ws6b\"> dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ziato sulla bas<span class=\"_ _1\"></span>e della t<span class=\"_ _1\"></span>ipolo<span class=\"_ _1\"></span>gia di linea di cre<span class=\"_ _1\"></span>dito. I mar<span class=\"_ _1\"></span>gini applic<span class=\"_ _1\"></span>abili son<span class=\"_ _1\"></span>o in linea con i mig<span class=\"_ _1\"></span>liori </span></span>standard<span class=\"ff71 ls0 ws2d\"> di m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rc<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>o. </span>Gli strumenti d<span class=\"_ _0\"></span>i finanziamen<span class=\"_ _0\"></span>to utilizzati sono rappresentati da<span class=\"_ _4\"></span>: i) <span class=\"_ _20\"> </span> <span class=\"_ _45\"></span>line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o mes<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e a dispo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione ne<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>a e nel p<span class=\"_ _1\"></span>aes<span class=\"_ _1\"></span>e di res<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a della singola s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 p<span class=\"_ _1\"></span>er s<span class=\"_ _1\"></span>opp<span class=\"_ _1\"></span>erire a ne<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ces<span class=\"_ _1\"></span>sit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e a breve s<span class=\"_ _1\"></span>cad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a coll<span class=\"_ _1\"></span>egate alla ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tione de<span class=\"_ _1\"></span>l cap<span class=\"_ _1\"></span>ital<span class=\"_ _1\"></span>e circolante, a re<span class=\"_ _1\"></span>voc<span class=\"_ _1\"></span>a (<span class=\"_ _4\"></span><span class=\"ff79 ws3c\">unco<span class=\"_ _1\"></span>mmitte<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span><span class=\"ff71 ls48 wsd1\">);</span></span>ii) <span class=\"_ _3\"></span> <span class=\"_ _1c2\"></span>linee di cr<span class=\"_ _1\"></span>edito a b<span class=\"_ _1\"></span>reve e me<span class=\"_ _1\"></span>dio<span class=\"_ _1\"></span>-lungo te<span class=\"_ _1\"></span>rmine <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted</span>, ne<span class=\"_ _1\"></span>lla forma <span class=\"ff79 ws3c\">revol<span class=\"_ _1\"></span>ving <span class=\"_ _24\"></span></span><span class=\"ls0 ws0\">o</span><span class=\"ff79\"> te<span class=\"_ _1\"></span>rm loan</span>, negoziate su b<span class=\"_ _1\"></span>ase bilateral<span class=\"_ _1\"></span>e dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">committ<span class=\"_ _1\"></span>ed</span><span class=\"ls5 ws127\"> hanno una dur<span class=\"_ _1\"></span>ata re<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>dua mas<span class=\"_ _1\"></span>sima di quarantot<span class=\"_ _1\"></span>to m<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span> e una durata r<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dua </span>media p<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>a di ventiquat<span class=\"_ _1\"></span>tro me<span class=\"_ _1\"></span>si. Le line<span class=\"_ _1\"></span>e di credit<span class=\"_ _1\"></span>o e la relati<span class=\"_ _1\"></span>va att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria sono di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uite fra i pr<span class=\"_ _1\"></span>incipali ist<span class=\"_ _1\"></span>ituti banc<span class=\"_ _1\"></span>ari naz<span class=\"_ _1\"></span>ionali e interna<span class=\"_ _1\"></span>zionali. A<span class=\"_ _1\"></span>lla data di chius<span class=\"_ _1\"></span>ura del p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente bilan<span class=\"_ _1\"></span>cio non s<span class=\"_ _1\"></span>ono in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi sulle line<span class=\"_ _1\"></span>e <span class=\"ff79 ls4 ws3c\">commit<span class=\"_ _1\"></span>ted</span><span class=\"lsb wsa\"> mentre quelli<span class=\"_ _0\"></span> presenti sulle l<span class=\"_ _0\"></span>inee <span class=\"ff79 ls4 ws3c\">uncommitte<span class=\"_ _1\"></span>d</span><span class=\"lsd wse\"> sono inferiori all\u2019a<span class=\"_ _0\"></span>nno.</span></span>Per ulteri<span class=\"_ _1\"></span>ore det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>lio dei d<span class=\"_ _1\"></span>ebiti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ver<span class=\"_ _1\"></span>so b<span class=\"_ _1\"></span>anche, i f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>di accordati p<span class=\"_ _1\"></span>er il G<span class=\"_ _1\"></span>ruppo e g<span class=\"_ _1\"></span>li utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i delle lin<span class=\"_ _1\"></span>ee di cre<span class=\"_ _1\"></span>dito, suddivise per tipologia, sono cos\u00ec rappr<span class=\"_ _0\"></span>esentati:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _71\"> </span>31 dicembre 2021(In migliaia di Euro)<span class=\"_ _124\"> </span>A<span class=\"_ _0\"></span>ccor<span class=\"_ _4\"></span>dato<span class=\"_ _204\"> </span>Utilizzato<span class=\"_ _97\"> </span>Acc<span class=\"_ _0\"></span>ordato<span class=\"_ _82\"> </span>UtilizzatoLinee C<span class=\"_ _4\"></span>ommitted<span class=\"_ _2b4\"> </span>365.000 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e2\"> </span>442.072 <span class=\"_ _16f\"> </span>89.785 Revolving<span class=\"_ _199\"> </span>365.000 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e2\"> </span>356.505 <span class=\"_ _a5\"> </span>4.218 T<span class=\"_ _4\"></span>erm Loan<span class=\"_ _11a\"> </span>- <span class=\"_ _1cf\"> </span>- <span class=\"_ _119\"> </span>85.567 <span class=\"_ _fe\"> </span>85.567 Linee a Revoc<span class=\"_ _0\"></span>a<span class=\"_ _2b5\"> </span>447.058 <span class=\"_ _25\"> </span>29.206 <span class=\"_ _1e2\"> </span>438.596 <span class=\"_ _fe\"> </span>49.197 T<span class=\"_ _4\"></span>otale<span class=\"_ _87\"> </span>812.058 <span class=\"_ _75\"> </span>29.206 <span class=\"_ _b9\"> </span>880.668 <span class=\"_ _13b\"> </span>138.982 Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio de<span class=\"_ _1\"></span>lla comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zione e v<span class=\"_ _1\"></span>ariazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla posi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>inanziaria net<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 espos<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>ndo lo s<span class=\"_ _1\"></span>chema d<span class=\"_ _1\"></span>ella Comunic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione Con<span class=\"_ _1\"></span>sob n<span class=\"_ _1\"></span>. DEM/60<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4293 del 28 luglio 20<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6, integrato d<span class=\"_ _0\"></span>al Richi<span class=\"_ _0\"></span>amo d<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>Attenzione di Consob n.<span class=\"_ _1\"></span>5/2<span class=\"_ _4\"></span>1.<span class=\"_ _4\"></span> V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021A<span class=\"_ _1\"></span>. Disponibilit\u00e0 liquide<span class=\"_ _2b6\"> </span>300.312 <span class=\"_ _79\"> </span>471.808 <span class=\"_ _ea\"> </span>(171.496) B. Mezzi equivalenti a disponibilit\u00e0 liquide <span class=\"_ _290\"> </span>91.042 <span class=\"_ _171\"> </span>39.988 <span class=\"_ _153\"> </span>51.054 C. Altr<span class=\"_ _0\"></span>e attivit\u00e0 finanziarie cor<span class=\"_ _0\"></span>renti <span class=\"_ _e7\"> </span>10.255 <span class=\"_ _6f\"> </span>596 <span class=\"_ _d4\"> </span>9.659 D. Liquidit\u00e0 (A+B+C)<span class=\"_ _95\"> </span>401.609 <span class=\"_ _e2\"> </span>512.392 <span class=\"_ _bf\"> </span>(110.783) E. Debito finanziario corr<span class=\"_ _4\"></span>ente (<span class=\"_ _2\"></span>inclusi gli st<span class=\"_ _1\"></span>rumenti di debito)<span class=\"_ _2b7\"> </span>30.360 <span class=\"_ _171\"> </span>53.955 <span class=\"_ _1ad\"> </span>(23.595) F<span class=\"_ _6\"></span>. Parte c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>ente del debito finanziario non cor<span class=\"_ _0\"></span>rente * <span class=\"_ _de\"> </span>106.586 <span class=\"_ _79\"> </span>132.174 <span class=\"_ _1ad\"> </span>(25.588) G. Indebitamento finanziario cor<span class=\"_ _0\"></span>rente (E+F) <span class=\"_ _221\"> </span>136.946 <span class=\"_ _e2\"> </span>186.129 <span class=\"_ _cf\"> </span>(49.183) H. Indebitamento finanziario cor<span class=\"_ _0\"></span>rente netto (G-D) <span class=\"_ _169\"> </span>(264.663) <span class=\"_ _146\"> </span>(326.263) <span class=\"_ _27\"> </span>61.600 I. Debito finanziario non corr<span class=\"_ _4\"></span>ente (<span class=\"_ _1\"></span>esclusi gli st<span class=\"_ _1\"></span>rumenti di debito)*<span class=\"_ _28c\"> </span>468.737 <span class=\"_ _79\"> </span>550.746 <span class=\"_ _1ad\"> </span>(82.009) J. Strumenti di debito<span class=\"_ _109\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- K. Debiti commerciali e altri debiti c<span class=\"_ _0\"></span>orrenti <span class=\"_ _223\"> </span>- <span class=\"_ _295\"> </span>- <span class=\"_ _273\"> </span>- L. Indebitamento finanziario non corr<span class=\"_ _0\"></span>ente (I+J+K) <span class=\"_ _17b\"> </span>468.737 <span class=\"_ _e2\"> </span>550.746 <span class=\"_ _cf\"> </span>(82.009) M. Indebitamento finanziario netto (H+L) <span class=\"_ _2b8\"> </span>204.074 <span class=\"_ _1cf\"> </span>224.483 <span class=\"_ _118\"> </span>(20.409) *  <span class=\"_ _6\"></span>Al 31 dic<span class=\"_ _0\"></span>embre 2022, la voc<span class=\"_ _0\"></span>e P<span class=\"_ _4\"></span>arte corr<span class=\"_ _0\"></span>ente del debito finanziario non corr<span class=\"_ _4\"></span>ente si riferisce per Eur<span class=\"_ _0\"></span>o 14.931 migliaia a P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79 ws0\">leasing</span> corr<span class=\"_ _0\"></span>enti verso parti cor<span class=\"_ _0\"></span>relate (Eur<span class=\"_ _4\"></span>o 15.956 migliaia al 31 dicembre 2021). A<span class=\"_ _0\"></span>l 31 dicembr<span class=\"_ _0\"></span>e 2022, la voce Debito finanziario non c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>ente si riferisce per E<span class=\"_ _0\"></span>uro 85.042 migliaia a P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79 ws0\">leasing</span> non corr<span class=\"_ _0\"></span>enti ver<span class=\"_ _0\"></span>so parti corr<span class=\"_ _4\"></span>elate (<span class=\"_ _1\"></span>Eur<span class=\"_ _0\"></span>o 88.034 migliaia al 31 dicembr<span class=\"_ _0\"></span>e 2021). P<span class=\"_ _0\"></span>er maggiori dettagli si rimanda alla nota 43 \u201cOper<span class=\"_ _0\"></span>azioni con P<span class=\"_ _4\"></span>arti Cor<span class=\"_ _0\"></span>relate\u201d.L<span class=\"_ _0\"></span>imitazioni all\u2019uso delle risorse finanziarie In gene<span class=\"_ _1\"></span>rale le line<span class=\"_ _1\"></span>e <span class=\"ff79 ws3c\">commit<span class=\"_ _1\"></span>ted</span> at<span class=\"_ _1\"></span>tualment<span class=\"_ _1\"></span>e in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o, sia nella forma <span class=\"ff79 ws3c\">re<span class=\"_ _1\"></span>volving</span> che <span class=\"ff79\">t<span class=\"_ _1\"></span>erm loan</span>, non richi<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>dono il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">co<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ant</span><span class=\"ls5 wsc\"> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari. </span>Fa ecce<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>ne il contrat<span class=\"_ _1\"></span>to di f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iamento s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>to in data 24 luglio 2020 con Intesa S<span class=\"_ _1\"></span>anpaol<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. dove \u00e8 pre<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>sente un <span class=\"ff79 ls48 wsd1\">c<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>nant</span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziario di ver<span class=\"_ _1\"></span>ifi<span class=\"_ _1\"></span>ca de<span class=\"_ _1\"></span>l rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to tr<span class=\"_ _1\"></span>a Inde<span class=\"_ _1\"></span>bitam<span class=\"_ _1\"></span>ento/(<span class=\"ff79 lsc ws5\">surplus<span class=\"_ _0\"></span><span class=\"ff71 ls4 wsf1\">) Finanziario N<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o <span class=\"ff79 lsd ws75\">adjusted</span><span class=\"ls80 ws8\"> ed<span class=\"_ _1\"></span> EBIT<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span></span></span></span>DA <span class=\"ff79 lsc ws5\">res<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>ed</span><span class=\"ls4 ws6\"> (EBITDA non inclusivo d<span class=\"_ _1\"></span>egli impat<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dall<span class=\"_ _1\"></span>\u2019intro<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l principio c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e IFRS1<span class=\"_ _4\"></span>6) da rilevar<span class=\"_ _1\"></span>si </span>annualmente<span class=\"_ _1\"></span>, ampiamente ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ato al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2.Cove<span class=\"_ _1\"></span>nant<span class=\"ff71 ls4 wsa7\"> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no inoltre p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>enti in alcuni co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i di f<span class=\"_ _1\"></span>inanziame<span class=\"_ _1\"></span>nto loc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 a<span class=\"_ _1\"></span>siatiche<span class=\"_ _1\"></span>, ancorch\u00e9 </span>si trat<span class=\"_ _1\"></span>ti di line<span class=\"_ _1\"></span>e a revoc<span class=\"_ _1\"></span>a <span class=\"ff79 ws3c\">uncommit<span class=\"_ _1\"></span>ted</span><span class=\"ls0\">. </span>Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 i c<span class=\"ff79 ls48 wsd1\">ov<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ant</span> f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>i e non f<span class=\"_ _1\"></span>inanziari s<span class=\"_ _1\"></span>ono r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ati da tut<span class=\"_ _1\"></span>te le s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__121": {
   "value": "21. F<span class=\"_ _0\"></span>ondi per rischi ed oneriDi se<span class=\"_ _1\"></span>guito si fo<span class=\"_ _1\"></span>rnisce il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio e la mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>ntaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla voce in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to:V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _e0\"> </span>Acc<span class=\"_ _0\"></span>ant.<span class=\"_ _26\"> </span>Utilizzi31.12.2022C<span class=\"_ _0\"></span>ontenziosi legali<span class=\"_ _aa\"> </span>3.282<span class=\"_ _284\"> </span>3<span class=\"_ _bf\"> </span>3.118<span class=\"_ _b9\"> </span>(1.846)<span class=\"_ _bf\"> </span>4.557Diver<span class=\"_ _0\"></span>si<span class=\"_ _1c\"> </span>17.450<span class=\"_ _ea\"> </span>(424)<span class=\"_ _bf\"> </span>1.628 <span class=\"_ _6d\"> </span>(1.960)<span class=\"_ _b2\"> </span>16.694T<span class=\"_ _4\"></span>otale<span class=\"_ _2b9\"> </span>20.732 <span class=\"_ _1ef\"> </span>(421) <span class=\"_ _c6\"> </span>4.746 <span class=\"_ _a8\"> </span>(3.806) <span class=\"_ _6d\"> </span>21.251 I conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i leg<span class=\"_ _1\"></span>ali compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o acc<span class=\"_ _1\"></span>antonamenti a f<span class=\"_ _1\"></span>ronte di probab<span class=\"_ _1\"></span>ili pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e a proce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti intent<span class=\"_ _1\"></span>ati nei co<span class=\"_ _1\"></span>nfronti della C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo e a<span class=\"_ _1\"></span>lcuni proce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti riguardanti le s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>ntrollate, o<span class=\"_ _1\"></span>ltre a controve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ie di lavoro riferite s<span class=\"_ _1\"></span>ia a conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i che a s<span class=\"_ _1\"></span>time di impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti tran<span class=\"_ _1\"></span>satt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o di sos<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la compo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione in fa<span class=\"_ _1\"></span>se pre<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntenz<span class=\"_ _1\"></span>ios<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>l fondo r<span class=\"_ _1\"></span>elativo ai co<span class=\"_ _1\"></span>nten<span class=\"_ _1\"></span>ziosi l<span class=\"_ _1\"></span>egali s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>sce pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte alla chiusura av<span class=\"_ _2\"></span>venut<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di alcuni c<span class=\"_ _1\"></span>onten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i e/o controver<span class=\"_ _1\"></span>sie le<span class=\"_ _1\"></span>gali e de<span class=\"_ _1\"></span>l lavoro riferibili alla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo e a<span class=\"_ _1\"></span>d alcune so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate. Gli ac<span class=\"_ _1\"></span>cantonam<span class=\"_ _1\"></span>enti s<span class=\"_ _1\"></span>ono relat<span class=\"_ _1\"></span>ivi p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a controve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>e del lavoro e le<span class=\"_ _1\"></span>gali s<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l cors<span class=\"_ _0\"></span>o de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _4\"></span>eserci<span class=\"_ _0\"></span>zio<span class=\"_ _4\"></span> 2022<span class=\"_ _0\"></span>.Il fondo p<span class=\"_ _1\"></span>er ris<span class=\"_ _1\"></span>chi e one<span class=\"_ _1\"></span>ri dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i compre<span class=\"_ _1\"></span>nde pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte accanto<span class=\"_ _1\"></span>namenti a fro<span class=\"_ _1\"></span>nte di probab<span class=\"_ _1\"></span>ili pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0, t<span class=\"_ _1\"></span>ra cui la principal<span class=\"_ _1\"></span>e \u00e8 relativ<span class=\"_ _1\"></span>a ai cos<span class=\"_ _1\"></span>ti di ripr<span class=\"_ _1\"></span>istin<span class=\"_ _1\"></span>o loc<span class=\"_ _1\"></span>ali in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to da te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>zi cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli obblig<span class=\"_ _1\"></span>hi contrat<span class=\"_ _1\"></span>tuali pres<span class=\"_ _1\"></span>enti n<span class=\"_ _1\"></span>ei relat<span class=\"_ _1\"></span>ivi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to (Euro 1<span class=\"_ _0\"></span>6.61<span class=\"_ _4\"></span>9 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>33<span class=\"_ _0\"></span>1 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>). L<span class=\"_ _6\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ccanto<span class=\"_ _1\"></span>namento di p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _0\"></span>.628 migliaia ai costi di r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tino lo<span class=\"_ _1\"></span>cali. Per quanto riguarda le pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, per l<span class=\"_ _1\"></span>e quali non son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti, si rimanda alla Rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione \u201c<span class=\"_ _1\"></span>Fatti di rilie<span class=\"_ _1\"></span>vo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio - Verific<span class=\"_ _1\"></span>he e conte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali e doganali<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__120": {
   "value": "21. F<span class=\"_ _0\"></span>ondi per rischi ed oneriDi se<span class=\"_ _1\"></span>guito si fo<span class=\"_ _1\"></span>rnisce il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio e la mov<span class=\"_ _1\"></span>ime<span class=\"_ _1\"></span>ntaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla voce in o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to:V<span class=\"_ _0\"></span>alore al D<span class=\"_ _1\"></span>ifferenza V<span class=\"_ _0\"></span>alore al (In migliaia di Euro)01.01.2022di con<span class=\"_ _0\"></span>v<span class=\"_ _4\"></span>.ne<span class=\"_ _e0\"> </span>Acc<span class=\"_ _0\"></span>ant.<span class=\"_ _26\"> </span>Utilizzi31.12.2022C<span class=\"_ _0\"></span>ontenziosi legali<span class=\"_ _aa\"> </span>3.282<span class=\"_ _284\"> </span>3<span class=\"_ _bf\"> </span>3.118<span class=\"_ _b9\"> </span>(1.846)<span class=\"_ _bf\"> </span>4.557Diver<span class=\"_ _0\"></span>si<span class=\"_ _1c\"> </span>17.450<span class=\"_ _ea\"> </span>(424)<span class=\"_ _bf\"> </span>1.628 <span class=\"_ _6d\"> </span>(1.960)<span class=\"_ _b2\"> </span>16.694T<span class=\"_ _4\"></span>otale<span class=\"_ _2b9\"> </span>20.732 <span class=\"_ _1ef\"> </span>(421) <span class=\"_ _c6\"> </span>4.746 <span class=\"_ _a8\"> </span>(3.806) <span class=\"_ _6d\"> </span>21.251 I conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i leg<span class=\"_ _1\"></span>ali compre<span class=\"_ _1\"></span>ndon<span class=\"_ _1\"></span>o acc<span class=\"_ _1\"></span>antonamenti a f<span class=\"_ _1\"></span>ronte di probab<span class=\"_ _1\"></span>ili pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 c<span class=\"_ _1\"></span>onne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e a proce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti intent<span class=\"_ _1\"></span>ati nei co<span class=\"_ _1\"></span>nfronti della C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo e a<span class=\"_ _1\"></span>lcuni proce<span class=\"_ _1\"></span>dime<span class=\"_ _1\"></span>nti riguardanti le s<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 co<span class=\"_ _1\"></span>ntrollate, o<span class=\"_ _1\"></span>ltre a controve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ie di lavoro riferite s<span class=\"_ _1\"></span>ia a conten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i che a s<span class=\"_ _1\"></span>time di impo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti tran<span class=\"_ _1\"></span>satt<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i che le so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o preve<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span>o di sos<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>ere p<span class=\"_ _1\"></span>er la compo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione in fa<span class=\"_ _1\"></span>se pre<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntenz<span class=\"_ _1\"></span>ios<span class=\"_ _1\"></span>a. L<span class=\"_ _6\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo de<span class=\"_ _1\"></span>l fondo r<span class=\"_ _1\"></span>elativo ai co<span class=\"_ _1\"></span>nten<span class=\"_ _1\"></span>ziosi l<span class=\"_ _1\"></span>egali s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>sce pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte alla chiusura av<span class=\"_ _2\"></span>venut<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do di alcuni c<span class=\"_ _1\"></span>onten<span class=\"_ _1\"></span>zios<span class=\"_ _1\"></span>i e/o controver<span class=\"_ _1\"></span>sie le<span class=\"_ _1\"></span>gali e de<span class=\"_ _1\"></span>l lavoro riferibili alla C<span class=\"_ _1\"></span>apog<span class=\"_ _1\"></span>ruppo e a<span class=\"_ _1\"></span>d alcune so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 contro<span class=\"_ _1\"></span>llate. Gli ac<span class=\"_ _1\"></span>cantonam<span class=\"_ _1\"></span>enti s<span class=\"_ _1\"></span>ono relat<span class=\"_ _1\"></span>ivi p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte a controve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>e del lavoro e le<span class=\"_ _1\"></span>gali s<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>l cors<span class=\"_ _0\"></span>o de<span class=\"_ _0\"></span>ll\u2019<span class=\"_ _4\"></span>eserci<span class=\"_ _0\"></span>zio<span class=\"_ _4\"></span> 2022<span class=\"_ _0\"></span>.Il fondo p<span class=\"_ _1\"></span>er ris<span class=\"_ _1\"></span>chi e one<span class=\"_ _1\"></span>ri dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>i compre<span class=\"_ _1\"></span>nde pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte accanto<span class=\"_ _1\"></span>namenti a fro<span class=\"_ _1\"></span>nte di probab<span class=\"_ _1\"></span>ili pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0, t<span class=\"_ _1\"></span>ra cui la principal<span class=\"_ _1\"></span>e \u00e8 relativ<span class=\"_ _1\"></span>a ai cos<span class=\"_ _1\"></span>ti di ripr<span class=\"_ _1\"></span>istin<span class=\"_ _1\"></span>o loc<span class=\"_ _1\"></span>ali in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to da te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>zi cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati in rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e agli obblig<span class=\"_ _1\"></span>hi contrat<span class=\"_ _1\"></span>tuali pres<span class=\"_ _1\"></span>enti n<span class=\"_ _1\"></span>ei relat<span class=\"_ _1\"></span>ivi c<span class=\"_ _1\"></span>ontratt<span class=\"_ _1\"></span>i di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to (Euro 1<span class=\"_ _0\"></span>6.61<span class=\"_ _4\"></span>9 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>33<span class=\"_ _0\"></span>1 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>). L<span class=\"_ _6\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ccanto<span class=\"_ _1\"></span>namento di p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>do si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _0\"></span>.628 migliaia ai costi di r<span class=\"_ _1\"></span>ipris<span class=\"_ _1\"></span>tino lo<span class=\"_ _1\"></span>cali. Per quanto riguarda le pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>oten<span class=\"_ _1\"></span>ziali a livello di G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, per l<span class=\"_ _1\"></span>e quali non son<span class=\"_ _1\"></span>o st<span class=\"_ _1\"></span>ati ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nti, si rimanda alla Rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e sulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e, se<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ione \u201c<span class=\"_ _1\"></span>Fatti di rilie<span class=\"_ _1\"></span>vo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio - Verific<span class=\"_ _1\"></span>he e conte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali e doganali<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__122": {
   "value": "22. P<span class=\"_ _5\"></span>assivit\u00e0 per benefici ai dipendentiLa t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che se<span class=\"_ _1\"></span>gue mo<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>a la comp<span class=\"_ _1\"></span>osiz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici p<span class=\"_ _1\"></span>er i dip<span class=\"_ _1\"></span>ende<span class=\"_ _1\"></span>nti al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 ed al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021P<span class=\"_ _4\"></span>assivit\u00e0 per benefici definiti ai dipendenti<span class=\"_ _2ba\"> </span>7.513 <span class=\"_ _1f7\"> </span>8.846 <span class=\"_ _2a1\"> </span>(1.333) Altre passivit\u00e0 per benefici ai dipendenti <span class=\"_ _a6\"> </span>68 <span class=\"_ _141\"> </span>124 <span class=\"_ _21b\"> </span>(56) T<span class=\"_ _4\"></span>otale <span class=\"_ _1e7\"> </span>7.581 <span class=\"_ _b3\"> </span>8.970 <span class=\"_ _32\"> </span>(1.389)<span class=\"_ _1\"></span> La voc<span class=\"_ _1\"></span>e \u201cpassi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d rico<span class=\"_ _1\"></span>mpren<span class=\"_ _1\"></span>de il valo<span class=\"_ _1\"></span>re del TFR de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e le altre pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti di alcune so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 es<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o.La mov<span class=\"_ _1\"></span>iment<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>initi a dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti p<span class=\"_ _1\"></span>er il 2022 e 202<span class=\"_ _0\"></span>1 \u00e8 illust<span class=\"_ _1\"></span>rata n<span class=\"_ _1\"></span>el pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gu<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>te: 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _2a6\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021P<span class=\"_ _4\"></span>assivit\u00e0 P<span class=\"_ _4\"></span>assivit\u00e0 Obblig. per Fair v<span class=\"_ _4\"></span>alue per benefici Obblig. per Fair v<span class=\"_ _4\"></span>alue<span class=\"ff76\"> </span>per benefici benefici delle attivit\u00e0 definiti a benefici delle attivit\u00e0 definiti a (In migliaia di Euro)a dip.del pianodip.a dip.del pianodip.V<span class=\"_ _0\"></span>alore al 01.01<span class=\"_ _2a8\"> </span>15.220 <span class=\"_ _16d\"> </span>(6.374) <span class=\"_ _d0\"> </span>8.846 <span class=\"_ _84\"> </span>16.173 <span class=\"_ _1d2\"> </span>(4.460) <span class=\"_ _1ed\"> </span>11.713 P<span class=\"_ _0\"></span>assivit\u00e0 dismesse<span class=\"_ _103\"> </span>- <span class=\"_ _a5\"> </span>- <span class=\"_ _b9\"> </span><span class=\"ff76\">- <span class=\"_ _97\"> </span></span>(509) <span class=\"_ _a5\"> </span>- <span class=\"_ _80\"> </span>(509) C<span class=\"_ _0\"></span>osto relativ<span class=\"_ _0\"></span>o alle prestazioni di la<span class=\"_ _4\"></span>voro corr<span class=\"_ _4\"></span>enti<span class=\"_ _28c\"> </span>426 <span class=\"_ _1ef\"> </span>- <span class=\"_ _82\"> </span><span class=\"ff76\">426 <span class=\"_ _2bb\"> </span></span>606 <span class=\"_ _a5\"> </span>- <span class=\"_ _1da\"> </span><span class=\"ff76\">606 </span>Oneri/(proventi) finanziari<span class=\"_ _c2\"> </span>183 <span class=\"_ _1f6\"> </span>(89) <span class=\"_ _97\"> </span><span class=\"ff76\">94 <span class=\"_ _26\"> </span></span>115 <span class=\"_ _1da\"> </span>(71) <span class=\"_ _1fb\"> </span><span class=\"ff76\">44 </span>Var<span class=\"_ _0\"></span>iazioni incluse nel risultato netto del per<span class=\"_ _0\"></span>iodo<span class=\"_ _93\"> </span>609 <span class=\"_ _1d0\"> </span>(89) <span class=\"_ _5e\"> </span>520 <span class=\"_ _26\"> </span>721 <span class=\"_ _1d0\"> </span>(<span class=\"_ _1\"></span>71) <span class=\"_ _1da\"> </span>650 Rendimento delle attivit\u00e0 a servizio del piano<span class=\"_ _22f\"> </span>- <span class=\"_ _1da\"> </span>517 <span class=\"_ _5e\"> </span><span class=\"ff76\">517 <span class=\"_ _177\"> </span></span>- <span class=\"_ _80\"> </span>(185) <span class=\"_ _208\"> </span><span class=\"ff76\">(185)<span class=\"_ _1\"></span> </span>P<span class=\"_ _0\"></span>erdita /(profitto) attuariale deriv<span class=\"_ _0\"></span>ante da:- ipotesi finanziarie<span class=\"_ _2bc\"> </span>(1.835) <span class=\"_ _a5\"> </span>- <span class=\"_ _1f9\"> </span><span class=\"ff76\">(1.835) <span class=\"_ _15d\"> </span></span>(621) <span class=\"_ _a5\"> </span>- <span class=\"_ _208\"> </span><span class=\"ff76\">(621) </span>- ipotesi demografiche<span class=\"_ _207\"> </span>17 <span class=\"_ _a5\"> </span>- <span class=\"_ _173\"> </span><span class=\"ff76\">17 <span class=\"_ _15d\"> </span></span>(226) <span class=\"_ _a5\"> </span>- <span class=\"_ _208\"> </span><span class=\"ff76\">(226) </span>- rettifiche basate sull'esperienza<span class=\"_ _2bd\"> </span>5 <span class=\"_ _a5\"> </span>- <span class=\"_ _16f\"> </span><span class=\"ff76\">5 <span class=\"_ _97\"> </span></span>(418) <span class=\"_ _1ef\"> </span>- <span class=\"_ _208\"> </span><span class=\"ff76\">(418) </span>Differenza di c<span class=\"_ _0\"></span>onver<span class=\"_ _4\"></span>sione<span class=\"_ _2be\"> </span>180 <span class=\"_ _1da\"> </span>(33) <span class=\"_ _82\"> </span><span class=\"ff76\">147 <span class=\"_ _26\"> </span></span>363 <span class=\"_ _7f\"> </span>(190) <span class=\"_ _1da\"> </span><span class=\"ff76\">173 </span>Var<span class=\"_ _0\"></span>iazioni incluse nelle altre c<span class=\"_ _4\"></span>omponenti del conto economic<span class=\"_ _4\"></span>o complessivo<span class=\"_ _103\"> </span>(1.633<span class=\"_ _0\"></span>) <span class=\"_ _1da\"> </span>484 <span class=\"_ _c8\"> </span>(1.149) <span class=\"_ _173\"> </span>(902) <span class=\"_ _80\"> </span>(375) <span class=\"_ _1d2\"> </span>(1.277) C<span class=\"_ _0\"></span>ontributi versati dal datore di l<span class=\"_ _0\"></span>avor<span class=\"_ _0\"></span>o<span class=\"_ _134\"> </span>(91) <span class=\"_ _a8\"> </span>89 <span class=\"_ _13b\"> </span><span class=\"ff76\">(2) <span class=\"_ _177\"> </span></span>- <span class=\"_ _80\"> </span>(359) <span class=\"_ _208\"> </span><span class=\"ff76\">(359) </span>Benefici erogati<span class=\"_ _223\"> </span>(473) <span class=\"_ _80\"> </span>(229) <span class=\"_ _16e\"> </span><span class=\"ff76\">(702) <span class=\"_ _75\"> </span></span>(263<span class=\"_ _0\"></span>) <span class=\"_ _1ed\"> </span>(1.109) <span class=\"_ _1d2\"> </span><span class=\"ff76\">(1.372) </span>Altre v<span class=\"_ _0\"></span>ariazioni<span class=\"_ _23e\"> </span>(564) <span class=\"_ _80\"> </span>(140) <span class=\"_ _16e\"> </span>(<span class=\"_ _1\"></span>704) <span class=\"_ _97\"> </span>(263) <span class=\"_ _1d2\"> </span>(1.468) <span class=\"_ _16d\"> </span>(1.731) V<span class=\"_ _0\"></span>alore alla fine del periodo<span class=\"_ _27a\"> </span>13.632 <span class=\"_ _16d\"> </span>(6.119) <span class=\"_ _16b\"> </span>7.513 <span class=\"_ _80\"> </span>15.220 <span class=\"_ _16d\"> </span>(6.374) <span class=\"_ _16a\"> </span>8.846 La pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi a dipe<span class=\"_ _1\"></span>ndent<span class=\"_ _1\"></span>i di Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. \u00e8 pari a Euro 5.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>0 mig<span class=\"_ _1\"></span>liaia, in diminuzio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne di Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>023 migliaia ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1.<span class=\"_ _0\"></span> Le principali a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie us<span class=\"_ _1\"></span>ate nella d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>l tratt<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nto di f<span class=\"_ _1\"></span>ine rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to sono di s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uito illust<span class=\"_ _1\"></span>rate:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021T<span class=\"_ _4\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _fb\"> </span>2,88%<span class=\"_ _b3\"> </span>2,86%T<span class=\"_ _4\"></span>asso annuo di attualizzazione<span class=\"_ _2bf\"> </span>3,18%<span class=\"_ _b3\"> </span>0,45%T<span class=\"_ _4\"></span>asso di inflazione<span class=\"_ _a0\"> </span>2,00%<span class=\"_ _b3\"> </span>1,50%Per quanto riguarda le ip<span class=\"_ _1\"></span>otes<span class=\"_ _1\"></span>i demo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche u<span class=\"_ _1\"></span>tiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi de<span class=\"_ _1\"></span>lla <span class=\"_ _1a2\"></span><span class=\"ls0 ws0\"> </span>Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., pe<span class=\"_ _1\"></span>r il ta<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>o di mor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>alit\u00e0 \u00e8 s<span class=\"_ _1\"></span>tato p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>o a riferim<span class=\"_ _1\"></span>ento que<span class=\"_ _1\"></span>llo della p<span class=\"_ _1\"></span>opo<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne italiana ril<span class=\"_ _1\"></span>e<span class=\"ls0 ws0\">-</span>vato dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IS<span class=\"_ _1\"></span>T<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>T del 20<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>0, ridot<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l 25%, dis<span class=\"_ _1\"></span>tinto p<span class=\"_ _1\"></span>er et<span class=\"_ _1\"></span>\u00e0 e se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so; mentre il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di pro<span class=\"_ _1\"></span>babilit<span class=\"_ _1\"></span>\u00e0 di uscit<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 lavorativ<span class=\"_ _1\"></span>a \u00e8 st<span class=\"_ _1\"></span>ato st<span class=\"_ _1\"></span>imato pari al 5,<span class=\"_ _1\"></span>26% annuo. La pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi dell<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 n<span class=\"_ _1\"></span>on italian<span class=\"_ _1\"></span>e del Gr<span class=\"_ _1\"></span>uppo s<span class=\"_ _1\"></span>i riferis<span class=\"_ _1\"></span>ce a Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Japan KK<span class=\"_ _1\"></span>, Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Ret<span class=\"_ _1\"></span>ail T<span class=\"_ _6\"></span>ai<span class=\"_ _1\"></span>wan Limite<span class=\"_ _1\"></span>d, Fer<span class=\"_ _1\"></span>ragamo Franc<span class=\"_ _1\"></span>e S.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>., Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Monte<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>arlo S<span class=\"_ _1\"></span>AM, Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Be<span class=\"_ _1\"></span>lgique S<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>, Fer<span class=\"_ _1\"></span>ragamo Me<span class=\"_ _1\"></span>xico S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>de R<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>L.<span class=\"_ _1\"></span>de C<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>V<span class=\"_ _0\"></span>., Ferrag<span class=\"_ _1\"></span>amo Us<span class=\"_ _1\"></span>a Inc., F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo (<span class=\"_ _1\"></span>Thailand) L<span class=\"_ _1\"></span>imited, F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo (Suiss<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>) SA<span class=\"_ _1\"></span>, e<span class=\"_ _1\"></span>d \u00e8 pari a Euro 2.<span class=\"_ _1\"></span>203 migliaia, in diminuzione di Euro 3<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>0 mig<span class=\"_ _1\"></span>liaia rispe<span class=\"_ _1\"></span>tto al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. Il v<span class=\"_ _1\"></span>alore \u00e8 e<span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>so al net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l <span class=\"ff79 ls0 ws0\">fair </span>value<span class=\"_ _1\"></span><span class=\"ff71 ls4 ws0\"> delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 al ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>io del pian<span class=\"_ _1\"></span>o, cost<span class=\"_ _1\"></span>ituite pre<span class=\"_ _1\"></span>vale<span class=\"_ _1\"></span>nteme<span class=\"_ _1\"></span>nte da poli<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ze as<span class=\"_ _1\"></span>sicurat<span class=\"_ _1\"></span>ive.</span>Le principali a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziarie us<span class=\"_ _1\"></span>ate nella d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minazion<span class=\"_ _1\"></span>e del v<span class=\"_ _1\"></span>alore at<span class=\"_ _1\"></span>tuale de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici ai dipe<span class=\"_ _1\"></span>n<span class=\"ls0 ws0\">-</span>denti s<span class=\"_ _1\"></span>ono di se<span class=\"_ _1\"></span>guito illu<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ate:31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021T<span class=\"_ _4\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _102\"> </span>1,86% - 6,02%<span class=\"_ _a8\"> </span>1,78% - 5,50%T<span class=\"_ _4\"></span>asso annuo di attualizzazione<span class=\"_ _f\"> </span>0,95% - 9,00%<span class=\"_ _a8\"> </span>0,33% - 8,01%Per quanto riguarda le ip<span class=\"_ _1\"></span>otes<span class=\"_ _1\"></span>i demo<span class=\"_ _1\"></span>graf<span class=\"_ _1\"></span>iche u<span class=\"_ _1\"></span>tiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>initi de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 non it<span class=\"_ _1\"></span>aliane del G<span class=\"_ _1\"></span>ruppo, il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di mo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>talit<span class=\"_ _1\"></span>\u00e0 pre<span class=\"_ _1\"></span>so a rife<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>nto \u00e8 quello <span class=\"ff79 ws3c\">st<span class=\"_ _1\"></span>andard</span> per o<span class=\"_ _1\"></span>gni pop<span class=\"_ _1\"></span>ola<span class=\"_ _1\"></span>zione l<span class=\"_ _1\"></span>ocal<span class=\"_ _1\"></span>e intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ata, di<span class=\"_ _1\"></span>stinto p<span class=\"_ _1\"></span>er et<span class=\"_ _1\"></span>\u00e0 e s<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so; mentre p<span class=\"_ _1\"></span>er il t<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so di rot<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>onale s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate s<span class=\"_ _1\"></span>timate le fr<span class=\"_ _1\"></span>eque<span class=\"_ _1\"></span>nze annue sulla bas<span class=\"_ _1\"></span>e dei s<span class=\"_ _1\"></span>ingoli dati azie<span class=\"_ _1\"></span>ndali. Vie<span class=\"_ _1\"></span>ne di se<span class=\"_ _1\"></span>guito rie<span class=\"_ _1\"></span>pilo<span class=\"_ _1\"></span>gata un<span class=\"_ _1\"></span>\u2019analisi quantitativa d<span class=\"_ _1\"></span>ella se<span class=\"_ _1\"></span>nsit<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er le a<span class=\"_ _1\"></span>ssun<span class=\"_ _1\"></span>zioni sig<span class=\"_ _1\"></span>nif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ve al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 ed al 31 dicembre 202<span class=\"_ _4\"></span>1 p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbliga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici a dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti della S<span class=\"_ _1\"></span>alvat<span class=\"_ _1\"></span>ore Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., che rapp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019inci<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iore sul v<span class=\"_ _1\"></span>alore tot<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>lle obb<span class=\"_ _1\"></span>ligaz<span class=\"_ _1\"></span>ioni pe<span class=\"_ _1\"></span>r be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici de<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>initi a dipe<span class=\"_ _1\"></span>ndenti: 2022<span class=\"_ _262\"> </span>2021(In migliaia di Euro)<span class=\"_ _27f\"> </span>V<span class=\"_ _4\"></span>ar<span class=\"_ _0\"></span>. %<span class=\"_ _209\"> </span>Incrementi<span class=\"_ _1a6\"> </span>Decrementi<span class=\"_ _1d0\"> </span>Incrementi<span class=\"_ _1ed\"> </span>DecrementiT<span class=\"_ _4\"></span>asso annuo di attualizzazione<span class=\"_ _2c0\"> </span>+/- 0,5% <span class=\"_ _179\"> </span>(192) <span class=\"_ _ea\"> </span>203 <span class=\"_ _146\"> </span>(276) <span class=\"_ _cf\"> </span>295 T<span class=\"_ _4\"></span>asso di mortalit\u00e0<span class=\"_ _2a7\"> </span>+/- 0,025% <span class=\"_ _d4\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _d4\"> </span>(1) <span class=\"_ _ee\"> </span>1 T<span class=\"_ _4\"></span>asso di rotazione del per<span class=\"_ _0\"></span>sonale<span class=\"_ _262\"> </span>+/- 0,5% <span class=\"_ _ee\"> </span>7 <span class=\"_ _177\"> </span>(8) <span class=\"_ _153\"> </span>(27) <span class=\"_ _27\"> </span>29 Le analisi di se<span class=\"_ _1\"></span>nsiti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 so<span class=\"_ _1\"></span>pra rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuate ipoti<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zan<span class=\"_ _1\"></span>do camb<span class=\"_ _1\"></span>iamenti r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>voli nell<span class=\"_ _1\"></span>e as<span class=\"_ _1\"></span>sunzio<span class=\"_ _1\"></span>ni chiave nei due p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>di po<span class=\"_ _1\"></span>sti a c<span class=\"_ _1\"></span>onfronto. Il numero m<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>o dei dip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>denti (in te<span class=\"_ _1\"></span>rmini di <span class=\"ff79 ls4 ws0\">full t<span class=\"_ _1\"></span>ime equivale<span class=\"_ _1\"></span>nt<span class=\"ff71\">) per cate<span class=\"_ _1\"></span>goria \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla se<span class=\"_ _1\"></span>guente:</span></span>(Full time equiv<span class=\"_ _0\"></span>alent<span class=\"ff76\">)<span class=\"_ _2c1\"> </span>2022<span class=\"_ _1b6\"> </span>2021</span>Dirigenti, quadri e <span class=\"ff77\">store managers<span class=\"_ _231\"> </span></span>719 <span class=\"_ _141\"> </span>758 Impiegati<span class=\"_ _2c2\"> </span>2.603 <span class=\"_ _1f7\"> </span>2.498 Operai<span class=\"_ _2c3\"> </span>286 <span class=\"_ _141\"> </span>255 P<span class=\"_ _0\"></span>ersonale interinale<span class=\"_ _2c4\"> </span>92 <span class=\"_ _64\"> </span>50 T<span class=\"_ _4\"></span>otale<span class=\"_ _2c5\"> </span>3.700 <span class=\"_ _b3\"> </span>3.561 L<span class=\"_ _6\"></span>\u2019organico me<span class=\"_ _1\"></span>dio \u00e8 in aume<span class=\"_ _1\"></span>nto risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nizzativa.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__123": {
   "value": "Il numero m<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>o dei dip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>denti (in te<span class=\"_ _1\"></span>rmini di <span class=\"ff79 ls4 ws0\">full t<span class=\"_ _1\"></span>ime equivale<span class=\"_ _1\"></span>nt<span class=\"ff71\">) per cate<span class=\"_ _1\"></span>goria \u00e8 rip<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato nella t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla se<span class=\"_ _1\"></span>guente:</span></span>(Full time equiv<span class=\"_ _0\"></span>alent<span class=\"ff76\">)<span class=\"_ _2c1\"> </span>2022<span class=\"_ _1b6\"> </span>2021</span>Dirigenti, quadri e <span class=\"ff77\">store managers<span class=\"_ _231\"> </span></span>719 <span class=\"_ _141\"> </span>758 Impiegati<span class=\"_ _2c2\"> </span>2.603 <span class=\"_ _1f7\"> </span>2.498 Operai<span class=\"_ _2c3\"> </span>286 <span class=\"_ _141\"> </span>255 P<span class=\"_ _0\"></span>ersonale interinale<span class=\"_ _2c4\"> </span>92 <span class=\"_ _64\"> </span>50 T<span class=\"_ _4\"></span>otale<span class=\"_ _2c5\"> </span>3.700 <span class=\"_ _b3\"> </span>3.561 L<span class=\"_ _6\"></span>\u2019organico me<span class=\"_ _1\"></span>dio \u00e8 in aume<span class=\"_ _1\"></span>nto risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte pe<span class=\"_ _1\"></span>r il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nizzativa.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__124": {
   "value": "23. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 non c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti per passivit\u00e0 differite<span class=\"_ _22a\"> </span>15.298 <span class=\"_ _171\"> </span>15.106 <span class=\"_ _1f7\"> </span>192 Altri debiti<span class=\"_ _2c6\"> </span>1.830 <span class=\"_ _141\"> </span>350 <span class=\"_ _246\"> </span>1.480 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>17.128 <span class=\"_ _283\"> </span>15.456 <span class=\"_ _250\"> </span>1.672 La voc<span class=\"_ _1\"></span>e Deb<span class=\"_ _1\"></span>iti pe<span class=\"_ _1\"></span>r pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dif<span class=\"_ _1\"></span>ferite (<span class=\"_ _1\"></span>pari a Euro 1<span class=\"_ _4\"></span>5<span class=\"_ _1\"></span>.29<span class=\"_ _1\"></span>8 migliaia al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 202<span class=\"_ _1\"></span>2) si riferisc<span class=\"_ _1\"></span>e principalm<span class=\"_ _1\"></span>ente alla lineari<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei co<span class=\"_ _1\"></span>ntributi ric<span class=\"_ _1\"></span>evut<span class=\"_ _1\"></span>i dai loc<span class=\"_ _1\"></span>atori a fro<span class=\"_ _1\"></span>nte dei co<span class=\"_ _1\"></span>sti s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tenut<span class=\"_ _1\"></span>i per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>alles<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span>nto dei ne<span class=\"_ _1\"></span>gozi. Al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 la voce \u201cAltri deb<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>\u201d si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>ce: pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>.4<span class=\"_ _1\"></span>62 migliaia all<span class=\"_ _1\"></span>\u2019is<span class=\"_ _1\"></span>crizi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l deb<span class=\"_ _1\"></span>ito ver<span class=\"_ _1\"></span>so l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mmini<span class=\"ls0 ws0\">-</span>str<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e per il p<span class=\"_ _1\"></span>iano di incenti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione di m<span class=\"_ _1\"></span>edio<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>lungo termine c<span class=\"_ _1\"></span>on pagam<span class=\"_ _1\"></span>enti ba<span class=\"_ _1\"></span>sati su azio<span class=\"_ _1\"></span>ni, den<span class=\"_ _1\"></span>ominato \u201c<span class=\"ff79 ls4 ws87\">Sp<span class=\"_ _1\"></span>ecial Award <span class=\"ff71\">2022-<span class=\"_ _4\"></span>2026\u201d<span class=\"_ _0\"></span>, per la par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e che pre<span class=\"_ _1\"></span>vede la re<span class=\"_ _1\"></span>gola<span class=\"_ _1\"></span>zione p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa, p<span class=\"_ _1\"></span>er i cui d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli si </span></span>rimanda alla not<span class=\"_ _1\"></span>a 4<span class=\"_ _1\"></span>0 Pagamenti b<span class=\"_ _1\"></span>asat<span class=\"_ _1\"></span>i su azi<span class=\"_ _1\"></span>oni; e per Euro 254, migliaia a de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali ric<span class=\"_ _1\"></span>evut<span class=\"_ _1\"></span>i pe<span class=\"_ _1\"></span>r contrat<span class=\"_ _1\"></span>ti di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to at<span class=\"_ _1\"></span>tivo (Euro 294 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 2021<span class=\"_ _6\"></span>).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__126": {
   "value": "25. Debiti c<span class=\"_ _0\"></span>ommer<span class=\"_ _4\"></span>cialiSi ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a di se<span class=\"_ _1\"></span>guito il d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio de<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti comm<span class=\"_ _1\"></span>erciali:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti commer<span class=\"_ _0\"></span>ciali<span class=\"_ _2c9\"> </span>172.592<span class=\"_ _21a\"> </span>180.751<span class=\"_ _1cf\"> </span>(8.159)Anticipi da clienti<span class=\"_ _8d\"> </span>1.424<span class=\"_ _272\"> </span>3.041<span class=\"_ _c0\"> </span>(1.617)T<span class=\"_ _4\"></span>otale<span class=\"_ _1df\"> </span>174.016 <span class=\"_ _e2\"> </span>183.792 <span class=\"_ _32\"> </span>(9.776) I debit<span class=\"_ _1\"></span>i comme<span class=\"_ _1\"></span>rciali non pro<span class=\"_ _1\"></span>ducono inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ssi e s<span class=\"_ _1\"></span>ono in pr<span class=\"_ _1\"></span>evale<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a rego<span class=\"_ _1\"></span>lati a 60/9<span class=\"_ _1\"></span>0 gi<span class=\"_ _1\"></span>orni. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e valor<span class=\"_ _1\"></span>e include i de<span class=\"_ _1\"></span>biti re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i al normale s<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span>lgimento d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019attiv<span class=\"_ _1\"></span>it\u00e0 co<span class=\"_ _1\"></span>mmerciale da p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te dell<span class=\"_ _1\"></span>e soci<span class=\"_ _1\"></span>et\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo, in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019acquisto di mate<span class=\"_ _1\"></span>rie prim<span class=\"_ _1\"></span>e, comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti e i cos<span class=\"_ _1\"></span>ti pe<span class=\"_ _1\"></span>r le lavora<span class=\"_ _1\"></span>zioni<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__127": {
   "value": "26. P<span class=\"_ _5\"></span>assivit\u00e0 per r<span class=\"_ _4\"></span>esiCon rife<span class=\"_ _1\"></span>rimento al dirit<span class=\"_ _1\"></span>to di re<span class=\"_ _1\"></span>so di cui ai \u201c<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i da contrat<span class=\"_ _1\"></span>ti con clie<span class=\"_ _1\"></span>nti<span class=\"_ _1\"></span>\u201d, la v<span class=\"_ _0\"></span>oce \u201c<span class=\"_ _1\"></span>Pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r res<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d risult<span class=\"_ _1\"></span>a pari a Euro 1<span class=\"_ _0\"></span>0.<span class=\"_ _4\"></span>100 migliaia al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 (Euro 9.3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>0 migliaia al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>) e si rifer<span class=\"_ _1\"></span>isce alla p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 ne<span class=\"_ _1\"></span>i confronti dei clie<span class=\"_ _1\"></span>nti pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ammontare dei re<span class=\"_ _1\"></span>si di pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti che s<span class=\"_ _1\"></span>i stima s<span class=\"_ _1\"></span>aranno re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ituiti.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__129": {
   "value": "28. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>enti La comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e altre pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 corr<span class=\"_ _1\"></span>enti \u00e8 ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel pro<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o seg<span class=\"_ _1\"></span>uente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Debiti diver<span class=\"_ _0\"></span>si<span class=\"_ _10a\"> </span>62.674 <span class=\"_ _27e\"> </span>34.089 <span class=\"_ _153\"> </span>28.585 Debiti verso istituti pr<span class=\"_ _4\"></span>evidenziali<span class=\"_ _117\"> </span>5.406 <span class=\"_ _1f7\"> </span>4.621 <span class=\"_ _282\"> </span>785 Ratei passivi<span class=\"_ _2c6\"> </span>987 <span class=\"_ _141\"> </span>763 <span class=\"_ _282\"> </span>224 Risconti passivi<span class=\"_ _35\"> </span>2.582 <span class=\"_ _1f7\"> </span>4.250 <span class=\"_ _225\"> </span>(1.668) Strumenti derivati di copert<span class=\"_ _0\"></span>ura<span class=\"_ _5c\"> </span>6.186 <span class=\"_ _171\"> </span>15.206 <span class=\"_ _225\"> </span>(9.020) T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>77.835 <span class=\"_ _283\"> </span>58.929 <span class=\"_ _225\"> </span>18.906 La voc<span class=\"_ _1\"></span>e \u201cdebiti dive<span class=\"_ _1\"></span>rsi<span class=\"_ _2\"></span>\u201d accog<span class=\"_ _1\"></span>lie principalm<span class=\"_ _1\"></span>ente il de<span class=\"_ _1\"></span>bito de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o nei c<span class=\"_ _1\"></span>onfronti de<span class=\"_ _1\"></span>i dipen<span class=\"_ _1\"></span>denti p<span class=\"_ _1\"></span>er co<span class=\"_ _1\"></span>mpet<span class=\"_ _1\"></span>enze maturate e non anc<span class=\"_ _1\"></span>ora liquidate alla dat<span class=\"_ _1\"></span>a di chiusura d<span class=\"_ _1\"></span>el bilancio (Euro 33.6<span class=\"_ _1\"></span>49 migliaia, in aumento ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto al v<span class=\"_ _1\"></span>alore del 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 202<span class=\"_ _4\"></span>1 p<span class=\"_ _1\"></span>ari a Euro 28.438 migliaia<span class=\"_ _4\"></span>). La vo<span class=\"_ _1\"></span>ce acc<span class=\"_ _1\"></span>oglie il de<span class=\"_ _1\"></span>bito p<span class=\"_ _1\"></span>er IRE<span class=\"_ _1\"></span>S ver<span class=\"_ _1\"></span>so la co<span class=\"_ _1\"></span>ntrollante Fer<span class=\"_ _1\"></span>ragamo Finanziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _0\"></span>9.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>06 mig<span class=\"_ _1\"></span>liaia (<span class=\"_ _4\"></span>al 3<span class=\"_ _0\"></span>1 dicembre 2021 era un credito di Euro 2.<span class=\"_ _1\"></span>567 migliaia)<span class=\"_ _0\"></span>, di pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tinen<span class=\"_ _1\"></span>za della S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. maturato nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito del c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olidato f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale na<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e.La voc<span class=\"_ _1\"></span>e debit<span class=\"_ _1\"></span>i ver<span class=\"_ _1\"></span>so is<span class=\"_ _1\"></span>tituti p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>ziali acco<span class=\"_ _1\"></span>glie de<span class=\"_ _1\"></span>biti ver<span class=\"_ _1\"></span>so i<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>uti di prev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a, liquidati ne<span class=\"_ _1\"></span>l me<span class=\"_ _1\"></span>se suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo alla chiusura, re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i ai comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>i spe<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>anti ai dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti. La voc<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati di cop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tura e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al valo<span class=\"_ _1\"></span>re equo (<span class=\"ff79\">fair value<span class=\"_ _4\"></span><span class=\"ff71\">) alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio d<span class=\"_ _1\"></span>egli </span></span>str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati (<span class=\"_ _0\"></span>compon<span class=\"_ _1\"></span>ente di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura<span class=\"_ _0\"></span>), in es<span class=\"_ _1\"></span>sere<span class=\"_ _1\"></span>, st<span class=\"_ _1\"></span>ipulati dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e del ri<span class=\"_ _1\"></span>schio di c<span class=\"_ _1\"></span>am<span class=\"ls0 ws0\">-</span>bio. Per mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>ori det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si rimanda alla not<span class=\"_ _1\"></span>a 30 Strum<span class=\"_ _1\"></span>enti f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari e valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne al <span class=\"ff79\">fair value.</span>29. <span class=\"_ _4\"></span>Alt<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e passivit\u00e0 finanziarie c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _4\"></span>entiLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della voc<span class=\"_ _1\"></span>e altre pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziari<span class=\"_ _1\"></span>e corre<span class=\"_ _1\"></span>nti \u00e8 evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>ziata ne<span class=\"_ _1\"></span>l pros<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _157\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _16b\"> </span>31 dic<span class=\"_ _0\"></span>embre 20212022 vs 2021Strumenti derivati a br<span class=\"_ _0\"></span>eve termine<span class=\"_ _1c\"> </span>1.096 <span class=\"_ _141\"> </span>513 <span class=\"_ _282\"> </span>583 T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>1.096 <span class=\"_ _6f\"> </span>513 <span class=\"_ _282\"> </span>583 La voc<span class=\"_ _1\"></span>e str<span class=\"_ _1\"></span>umenti de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ati a breve t<span class=\"_ _1\"></span>ermine ac<span class=\"_ _1\"></span>coglie p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte il <span class=\"ff79\">fair value</span><span class=\"ls8 wsb6\"> degli strumenti<span class=\"_ _0\"></span> finanziari derivati </span>aventi <span class=\"ff79 wseb\">m<span class=\"_ _1\"></span>ark to market<span class=\"ff71\"> negati<span class=\"_ _1\"></span>vo alla data di chiusur<span class=\"_ _1\"></span>a dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o. Per mag<span class=\"_ _1\"></span>gior d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>aglio s<span class=\"_ _1\"></span>i rinvia alla succ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>va not<span class=\"_ _1\"></span>a </span></span>30 Strume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari e v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zione al <span class=\"ff79\">fair value</span><span class=\"ls0\">. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__131": {
   "value": "30. Strumenti finanziari e valutazione al <span class=\"ff79\">fair v<span class=\"_ _4\"></span>alue</span>La clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ottica d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 9 \u00e8 tras<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ale a dive<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e voci di bilan<span class=\"_ _1\"></span>cio. Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>i ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla che pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nta il valo<span class=\"_ _1\"></span>re cont<span class=\"_ _1\"></span>abile de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>, per c<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>goria di appar<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nen<span class=\"_ _1\"></span>za, pos<span class=\"_ _1\"></span>to a confro<span class=\"_ _1\"></span>nto con i cor<span class=\"_ _1\"></span>risp<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>nti valo<span class=\"_ _1\"></span>ri e<span class=\"_ _1\"></span>qui al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022 e al 31 dicembre 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.Classific<span class=\"_ _4\"></span>azione degli st<span class=\"_ _1\"></span>rumenti finanziari e r<span class=\"_ _0\"></span>appr<span class=\"_ _4\"></span>esentazione del loro <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue</span>A<span class=\"_ _4\"></span>TTIVI<span class=\"_ _0\"></span>T<span class=\"_ _4\"></span>\u00c0 FINANZIARIE31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021V<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileV<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileQuotaQuota nonQuotaQuota non(In migliaia di Euro) cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue  cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue Attivit\u00e0 finanziarie al <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff74 ls36 ws84\"> con<span class=\"_ _1\"></span></span><span class=\"ff74\"> </span></span>variazioni imputate a c<span class=\"_ _0\"></span>onto economic<span class=\"_ _0\"></span>oDerivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _272\"> </span>256 <span class=\"_ _be\"> </span>- <span class=\"_ _c5\"> </span>256 <span class=\"_ _118\"> </span>596 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>596 Attivit\u00e0 v<span class=\"_ _0\"></span>alutate al costo ammortizzatoCr<span class=\"_ _0\"></span>editi vs carte di cr<span class=\"_ _0\"></span>edito<span class=\"_ _d3\"> </span>15.576 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>15.576 <span class=\"_ _16f\"> </span>12.359 <span class=\"_ _be\"> </span>- <span class=\"_ _1da\"> </span>12.359 Cr<span class=\"_ _0\"></span>editi vs clienti<span class=\"_ _12b\"> </span>94.490 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>94.490 <span class=\"_ _97\"> </span>112.670 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>112.670 Depositi cauzionali<span class=\"_ _27d\"> </span>- <span class=\"_ _1da\"> </span>15.570 <span class=\"_ _16a\"> </span>15.570 <span class=\"_ _246\"> </span>- <span class=\"_ _1da\"> </span>15.659 <span class=\"_ _1f6\"> </span>15.659 Altre attivit\u00e0 finanziarie c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti <span class=\"_ _54\"> </span>9.999 <span class=\"_ _be\"> </span>- <span class=\"_ _81\"> </span>9.999 <span class=\"_ _d4\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _ee\"> </span>391.354 <span class=\"_ _be\"> </span>- <span class=\"_ _16d\"> </span>391.354 <span class=\"_ _97\"> </span>511.796 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>511.796 Attivit\u00e0 finanziarie al <span class=\"ff77\">fair v<span class=\"_ _0\"></span>alue<span class=\"ff74\"> con v<span class=\"_ _0\"></span>ariazioni </span></span>imputate a conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _0\"></span>omplessivo <span class=\"_ _273\"> </span> <span class=\"_ _c\"> </span> Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a <span class=\"_ _23b\"> </span>7.251 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>7.251 <span class=\"_ _cf\"> </span>326 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>326 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>518.926 <span class=\"_ _1d0\"> </span>15.570 <span class=\"_ _1ac\"> </span>534.496 <span class=\"_ _173\"> </span>637.747 <span class=\"_ _1d0\"> </span>15.659 <span class=\"_ _77\"> </span>653.406 P<span class=\"_ _4\"></span>ASSIVIT<span class=\"_ _6\"></span>\u00c0 FINANZIARIE 31 dicembr<span class=\"_ _0\"></span>e 2022<span class=\"_ _262\"> </span>31 dicembr<span class=\"_ _0\"></span>e 2021V<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileV<span class=\"_ _0\"></span>alore c<span class=\"_ _0\"></span>ontabileQuotaQuota nonQuotaQuota non(In migliaia di Euro) cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue  cor<span class=\"_ _0\"></span>rentecor<span class=\"_ _0\"></span>renteFair V<span class=\"_ _4\"></span>alue P<span class=\"_ _4\"></span>assivit\u00e0 valutate al costo ammortizzatoDebiti verso for<span class=\"_ _0\"></span>nitori e acc<span class=\"_ _0\"></span>onti <span class=\"_ _295\"> </span>174.016 <span class=\"_ _be\"> </span>- <span class=\"_ _16d\"> </span>174.016 <span class=\"_ _15d\"> </span>183.792 <span class=\"_ _be\"> </span>- <span class=\"_ _80\"> </span>183.792 Debiti verso banche <span class=\"_ _178\"> </span>29.264 <span class=\"_ _be\"> </span>- <span class=\"_ _16a\"> </span>29.264 <span class=\"_ _16f\"> </span>75.604 <span class=\"_ _1da\"> </span>63.516 <span class=\"_ _80\"> </span>139.120 Debiti verso azionisti per di<span class=\"_ _0\"></span>videndi<span class=\"_ _bb\"> </span>2 <span class=\"_ _be\"> </span>- <span class=\"_ _fa\"> </span>2 <span class=\"_ _d4\"> </span>- <span class=\"_ _be\"> </span>- <span class=\"_ _be\"> </span>- Depositi cauzionali <span class=\"_ _c1\"> </span>171 <span class=\"_ _ac\"> </span>254 <span class=\"_ _b4\"> </span>425 <span class=\"_ _32\"> </span>96 <span class=\"_ _ac\"> </span>294 <span class=\"_ _ac\"> </span>390 P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _db\"> </span></span>106.586 <span class=\"_ _80\"> </span>468.737 <span class=\"_ _15d\"> </span><span class=\"lsc8 ws10b\">n<span class=\"_ _24\"></span>/a<span class=\"_ _1\"></span>*<span class=\"_ _b4\"> </span></span>110.012 <span class=\"_ _80\"> </span>487.230 <span class=\"_ _61\"> </span><span class=\"lsc8 ws10b\">n<span class=\"_ _2\"></span>/a<span class=\"_ _2\"></span>*</span>P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al f<span class=\"ff77\">air value</span> con variazioni imputate a conto ec<span class=\"_ _0\"></span>onomicoDerivati - c<span class=\"_ _0\"></span>omponente non di copertur<span class=\"_ _4\"></span>a<span class=\"_ _171\"> </span>1.096 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>1.096 <span class=\"_ _cf\"> </span>513 <span class=\"_ _be\"> </span>- <span class=\"_ _ac\"> </span>513 P<span class=\"_ _4\"></span>assivit\u00e0 finanziarie al <span class=\"ff77\">fair value</span> con variazioni imputate a conto ec<span class=\"_ _0\"></span>onomico c<span class=\"_ _0\"></span>omplessivoDerivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _64\"> </span>6.186 <span class=\"_ _be\"> </span>- <span class=\"_ _83\"> </span>6.186 <span class=\"_ _16f\"> </span>15.206 <span class=\"_ _be\"> </span>- <span class=\"_ _1f6\"> </span>15.206 T<span class=\"_ _4\"></span>otale<span class=\"_ _2a5\"> </span>317.321 <span class=\"_ _77\"> </span>468.991 <span class=\"_ _1d2\"> </span>210.989 <span class=\"_ _13b\"> </span>385.223 <span class=\"_ _208\"> </span>551.040 <span class=\"_ _77\"> </span>339.021 *In applicazione del principio IFRS16 alla P<span class=\"_ _4\"></span>assivit\u00e0 per <span class=\"ff79\">leasing</span> non si applica il c<span class=\"_ _0\"></span>alcolo del<span class=\"ff79\"> fair v<span class=\"_ _0\"></span>alue<span class=\"ff71\">.</span></span>La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla evi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>zia che la gran p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere \u00e8 r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntat<span class=\"_ _1\"></span>a da pos<span class=\"_ _1\"></span>te f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>ia<span class=\"ls0 ws0\">-</span>rie atti<span class=\"_ _1\"></span>ve e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ve a breve<span class=\"_ _1\"></span>, ad e<span class=\"_ _1\"></span>cce<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>elle p<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g</span>; in c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>dera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della lo<span class=\"_ _1\"></span>ro natura, pe<span class=\"_ _1\"></span>r la mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>lle po<span class=\"_ _1\"></span>ste<span class=\"_ _1\"></span>, il valor<span class=\"_ _1\"></span>e contab<span class=\"_ _1\"></span>ile \u00e8 cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rato una ragio<span class=\"_ _1\"></span>nevol<span class=\"_ _1\"></span>e appros<span class=\"_ _1\"></span>sima<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore e<span class=\"_ _1\"></span>quo.In tutti g<span class=\"_ _1\"></span>li altri c<span class=\"_ _1\"></span>asi, la det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el val<span class=\"_ _1\"></span>ore equ<span class=\"_ _1\"></span>o av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iene s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ondo me<span class=\"_ _1\"></span>tod<span class=\"_ _1\"></span>olog<span class=\"_ _1\"></span>ie clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>icab<span class=\"_ _1\"></span>ili nel Li<span class=\"_ _1\"></span>vello 2 de<span class=\"_ _1\"></span>lla gerarchia de<span class=\"_ _1\"></span>i livelli di s<span class=\"_ _1\"></span>ignif<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 dei dati ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati nella de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del <span class=\"ff79\">fair value</span> cos\u00ec co<span class=\"_ _1\"></span>me def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>a dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS 1<span class=\"_ _0\"></span>3. Il Grupp<span class=\"_ _1\"></span>o fa rico<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o a mod<span class=\"_ _1\"></span>elli inter<span class=\"_ _1\"></span>ni di valuta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente utiliz<span class=\"_ _2\"></span>zati ne<span class=\"_ _1\"></span>lla pratic<span class=\"_ _1\"></span>a f<span class=\"_ _1\"></span>inanziar<span class=\"_ _1\"></span>ia, sulla bas<span class=\"_ _1\"></span>e di pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zi for<span class=\"_ _1\"></span>niti dagli op<span class=\"_ _1\"></span>erato<span class=\"_ _1\"></span>ri di merc<span class=\"_ _1\"></span>ato o di quot<span class=\"_ _1\"></span>azioni r<span class=\"_ _1\"></span>ilevate s<span class=\"_ _1\"></span>u merc<span class=\"_ _1\"></span>ati att<span class=\"_ _1\"></span>ivi p<span class=\"_ _1\"></span>er m<span class=\"_ _1\"></span>ez<span class=\"_ _2\"></span>zo di primari <span class=\"ff79 ls5f ws7\">info<span class=\"_ _1\"></span>-p<span class=\"_ _1\"></span>rovid<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s</span><span class=\"ls0\">.</span>Per la dete<span class=\"_ _1\"></span>rminazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l <span class=\"ff79\">fair value</span> dei deri<span class=\"_ _1\"></span>vati v<span class=\"_ _1\"></span>iene ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato un mod<span class=\"_ _1\"></span>ello di <span class=\"ff79 ls3a wsa\">pric<span class=\"_ _1\"></span>ing</span> bas<span class=\"_ _1\"></span>ato sui valo<span class=\"_ _1\"></span>ri di merc<span class=\"_ _1\"></span>ato de<span class=\"_ _1\"></span>i ta<span class=\"_ _1\"></span>ssi di inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e e dei rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>ti di c<span class=\"_ _1\"></span>ambio ril<span class=\"_ _1\"></span>evabili alla dat<span class=\"_ _1\"></span>a di valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne.Per la voce re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>a ai \u201cD<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ositi c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionali<span class=\"_ _1\"></span>\u201d il val<span class=\"_ _1\"></span>ore cont<span class=\"_ _1\"></span>abile \u00e8 s<span class=\"_ _1\"></span>tato c<span class=\"_ _1\"></span>onsi<span class=\"_ _1\"></span>derato una r<span class=\"_ _1\"></span>agione<span class=\"_ _1\"></span>vole app<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>simazi<span class=\"_ _1\"></span>one del v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo. Non ci s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate v<span class=\"_ _1\"></span>ariazi<span class=\"_ _1\"></span>oni nei m<span class=\"_ _1\"></span>etodi v<span class=\"_ _1\"></span>alutati<span class=\"_ _1\"></span>vi a<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>ati ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to ai pr<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nti es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i, n\u00e9 tra<span class=\"_ _1\"></span>sfer<span class=\"_ _1\"></span>i<span class=\"ls0 ws0\">-</span>menti da un Li<span class=\"_ _1\"></span>vello a un altro d<span class=\"_ _1\"></span>ella ger<span class=\"_ _1\"></span>archia delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o p<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 v<span class=\"_ _1\"></span>alutate al v<span class=\"_ _1\"></span>alore e<span class=\"_ _1\"></span>quo.Il Grupp<span class=\"_ _1\"></span>o ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tua il calco<span class=\"_ _1\"></span>lo de<span class=\"_ _1\"></span>l <span class=\"ff79 ls2c ws9d\">non-pe<span class=\"_ _1\"></span>rformance</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls3a wsa\">ris<span class=\"_ _1\"></span>k</span></span>, cio\u00e8 d<span class=\"_ _1\"></span>el ris<span class=\"_ _1\"></span>chio che una de<span class=\"_ _1\"></span>lle par<span class=\"_ _1\"></span>ti no<span class=\"_ _1\"></span>n onori i p<span class=\"_ _1\"></span>ropri imp<span class=\"_ _1\"></span>egni contrat<span class=\"_ _1\"></span>tuali pe<span class=\"_ _1\"></span>r ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>to di un pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e <span class=\"ff79 ls66 ws127\">de<span class=\"_ _1\"></span>fault<span class=\"_ _1\"></span></span> prima de<span class=\"_ _1\"></span>lla sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nza d<span class=\"_ _1\"></span>el de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ato, sia con rife<span class=\"_ _1\"></span>rimento al r<span class=\"_ _1\"></span>ischio de<span class=\"_ _1\"></span>lla contropa<span class=\"_ _0\"></span>rte (<span class=\"_ _0\"></span><span class=\"ff79 ls4 ws12f\">Credit V<span class=\"_ _0\"></span>alue Adjustme<span class=\"_ _1\"></span>nt<span class=\"ff71\">: C<span class=\"_ _1\"></span>VA)<span class=\"_ _0\"></span>, sia al propr<span class=\"_ _1\"></span>io rischi<span class=\"_ _1\"></span>o di inademp<span class=\"_ _1\"></span>imento (<span class=\"ff79\">Debt Risk A<span class=\"_ _1\"></span>djustme<span class=\"_ _1\"></span>nt</span><span class=\"ls41 ws181\">:<span class=\"_ _2\"></span> D<span class=\"_ _1\"></span>VA<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </span></span></span>applic<span class=\"_ _1\"></span>andol<span class=\"_ _1\"></span>o al valore di m<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>ato del p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio pri<span class=\"_ _1\"></span>vo di rischio. T<span class=\"_ _4\"></span>ali ag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iust<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti, data la tip<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>gia di str<span class=\"_ _1\"></span>umenti deri<span class=\"_ _1\"></span>vati pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>enti in po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tafogli<span class=\"_ _1\"></span>o rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntati e<span class=\"_ _1\"></span>sclu<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente da ve<span class=\"_ _1\"></span>ndite o da ac<span class=\"_ _1\"></span>quisti di v<span class=\"_ _1\"></span>aluta a t<span class=\"_ _1\"></span>ermine t<span class=\"_ _1\"></span>ramite con<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tratti <span class=\"ff79 ls2c ws9d\">for<span class=\"_ _1\"></span>ward</span><span class=\"ls4 ws2d\">, la relativa sc<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a, comp<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>a nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito dei d<span class=\"_ _1\"></span>odici m<span class=\"_ _1\"></span>esi, e i <span class=\"ff79 ls5d ws9f\">ra<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span></span><span class=\"lsb ws11f\"> sia delle contr<span class=\"_ _0\"></span>oparti con cui sono<span class=\"_ _0\"></span> </span></span>stati stipulati<span class=\"_ _0\"></span> i contra<span class=\"_ _0\"></span>tti sia del Gruppo<span class=\"_ _0\"></span>, risultano n<span class=\"_ _0\"></span>on signi<span class=\"_ _0\"></span>fic<span class=\"_ _1\"></span>ativi.Si se<span class=\"_ _1\"></span>gnala inoltre ch<span class=\"_ _1\"></span>e, sulla ba<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>gli acco<span class=\"_ _1\"></span>rdi ISDA <span class=\"ff79 ls2e ws0\">Master A<span class=\"_ _0\"></span>greemen<span class=\"_ _0\"></span>t<span class=\"ff71 ls4 wsd6\"> e degli acco<span class=\"_ _1\"></span>rdi quadro es<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>enti co<span class=\"_ _1\"></span>n le contro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>par<span class=\"_ _1\"></span>ti con l<span class=\"_ _1\"></span>e quali vengono s<span class=\"_ _1\"></span>tipulati co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i deri<span class=\"_ _1\"></span>vati, \u00e8 in gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e pos<span class=\"_ _1\"></span>sibil<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uare la comp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne (<span class=\"ff79 ls5f ws7\">net<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span></span><span class=\"ls0 wse1\">)<span class=\"_ _1\"></span> di </span>tutt<span class=\"_ _1\"></span>e le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 e pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 f<span class=\"_ _1\"></span>inanziarie in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e originate da t<span class=\"_ _1\"></span>ali str<span class=\"_ _1\"></span>umenti d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vati.La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sintetiz<span class=\"_ _2\"></span>za gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti a Co<span class=\"_ _1\"></span>nto Economic<span class=\"_ _1\"></span>o e Patrimonio Ne<span class=\"_ _1\"></span>tto c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento a cias<span class=\"_ _1\"></span>cuna cate<span class=\"_ _1\"></span>goria di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a conto ec<span class=\"_ _4\"></span>onomico su strumenti finanziari:Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _21e\"> </span>(17.926) <span class=\"_ _e2\"> </span>(16.284) Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _11a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a patrimonio netto su strumenti finanziar<span class=\"_ _0\"></span>i: Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _2cb\"> </span>17.921 <span class=\"_ _e2\"> </span>(15.166) Interessi attivi/passi<span class=\"_ _0\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _0\"></span>ati sulle attivit\u00e0/passivit\u00e0 finanziarie non al FVTPL: Interessi attivi <span class=\"_ _2cc\"> </span>3.608 <span class=\"_ _1f7\"> </span>1.485 Interessi passivi<span class=\"_ _2cd\"> </span>2.683 <span class=\"_ _1f7\"> </span>2.844 Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _24c\"> </span><span class=\"ff74\">14.798 <span class=\"_ _27e\"> </span>13.881 </span>Spese e commissioni non inc<span class=\"_ _0\"></span>luse nel tasso di interesse effettivo: di competenza di passivit\u00e0 finanziarie <span class=\"_ _109\"> </span>1.033 <span class=\"_ _ed\"> </span>1.300 Interessi attivi matur<span class=\"_ _0\"></span>ati su strumenti finanziari sv<span class=\"_ _0\"></span>alutatiAc<span class=\"_ _0\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziarie:crediti/finanziamenti<span class=\"_ _1bf\"> </span>1.265 <span class=\"_ _141\"> </span>277",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__133-1": {
   "value": "La t<span class=\"_ _1\"></span>abe<span class=\"_ _1\"></span>lla sintetiz<span class=\"_ _2\"></span>za gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti a Co<span class=\"_ _1\"></span>nto Economic<span class=\"_ _1\"></span>o e Patrimonio Ne<span class=\"_ _1\"></span>tto c<span class=\"_ _1\"></span>on riferim<span class=\"_ _1\"></span>ento a cias<span class=\"_ _1\"></span>cuna cate<span class=\"_ _1\"></span>goria di str<span class=\"_ _1\"></span>umenti f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re pe<span class=\"_ _1\"></span>r il Grupp<span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a conto ec<span class=\"_ _4\"></span>onomico su strumenti finanziari:Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _21e\"> </span>(17.926) <span class=\"_ _e2\"> </span>(16.284) Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _11a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) Utili netti/(P<span class=\"_ _0\"></span>erdite nette) rilev<span class=\"_ _0\"></span>ati a patrimonio netto su strumenti finanziar<span class=\"_ _0\"></span>i: Derivati - c<span class=\"_ _0\"></span>omponente di copertur<span class=\"_ _4\"></span>a<span class=\"_ _2cb\"> </span>17.921 <span class=\"_ _e2\"> </span>(15.166) Interessi attivi/passi<span class=\"_ _0\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _0\"></span>ati sulle attivit\u00e0/passivit\u00e0 finanziarie non al FVTPL: Interessi attivi <span class=\"_ _2cc\"> </span>3.608 <span class=\"_ _1f7\"> </span>1.485 Interessi passivi<span class=\"_ _2cd\"> </span>2.683 <span class=\"_ _1f7\"> </span>2.844 Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _24c\"> </span><span class=\"ff74\">14.798 <span class=\"_ _27e\"> </span>13.881 </span>Spese e commissioni non inc<span class=\"_ _0\"></span>luse nel tasso di interesse effettivo: di competenza di passivit\u00e0 finanziarie <span class=\"_ _109\"> </span>1.033 <span class=\"_ _ed\"> </span>1.300 Interessi attivi matur<span class=\"_ _0\"></span>ati su strumenti finanziari sv<span class=\"_ _0\"></span>alutatiAc<span class=\"_ _0\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziarie:crediti/finanziamenti<span class=\"_ _1bf\"> </span>1.265 <span class=\"_ _141\"> </span>277La voc<span class=\"_ _1\"></span>e intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i include p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti banc<span class=\"_ _1\"></span>ari a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e e in par<span class=\"_ _1\"></span>te da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti ban<span class=\"_ _1\"></span>cari a<span class=\"_ _1\"></span> medi<span class=\"_ _1\"></span>o e lungo ter<span class=\"_ _1\"></span>mine.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__135": {
   "value": "31. Ric<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>vi da c<span class=\"_ _0\"></span>ontr<span class=\"_ _4\"></span>atti con clienti Neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>ercizi chiu<span class=\"_ _1\"></span>si al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 i ricavi da contr<span class=\"_ _1\"></span>atti co<span class=\"_ _1\"></span>n clienti ammo<span class=\"_ _1\"></span>ntano ri<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>mente a Euro 1<span class=\"_ _0\"></span>.248.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>07 migliaia e ad Euro 1<span class=\"_ _0\"></span>.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>33.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>59 migliaia. Ne<span class=\"_ _1\"></span>i prosp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ti di se<span class=\"_ _1\"></span>guito si e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia la disag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne delle p<span class=\"_ _1\"></span>rincipali c<span class=\"_ _1\"></span>ategori<span class=\"_ _1\"></span>e dei ric<span class=\"_ _1\"></span>avi prove<span class=\"_ _1\"></span>nienti dai co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>i con clie<span class=\"_ _1\"></span>nti in base al c<span class=\"_ _1\"></span>anale di ve<span class=\"_ _1\"></span>ndita e<span class=\"_ _1\"></span>d alla su<span class=\"_ _1\"></span>ddiv<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>e per ar<span class=\"_ _1\"></span>ea ge<span class=\"_ _1\"></span>ograf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>. 2022T<span class=\"_ _4\"></span>otale Ricavi da (In migliaia di Euro)<span class=\"_ _14e\"> </span><span class=\"ff78\">Retail<span class=\"_ _a5\"> </span>Wholesale<span class=\"_ _19\"> </span></span>Lic<span class=\"_ _0\"></span>enze e prestazionicontr<span class=\"_ _0\"></span>atti con clientiEur<span class=\"_ _0\"></span>opa<span class=\"_ _117\"> </span>145.889 <span class=\"_ _1aa\"> </span>115.944 <span class=\"_ _153\"> </span>14.012 <span class=\"_ _27\"> </span>275.845 Nord Americ<span class=\"_ _0\"></span>a<span class=\"_ _2ce\"> </span><span class=\"ws0\">282.078 <span class=\"_ _153\"> </span>94.721 <span class=\"_ _282\"> </span>327 <span class=\"_ _27\"> </span>377.126 </span>Giappone<span class=\"_ _92\"> </span>101.215 <span class=\"_ _91\"> </span>94 <span class=\"_ _267\"> </span>- <span class=\"_ _27\"> </span>101.309 Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _a6\"> </span>308.941 <span class=\"_ _153\"> </span>97.719 <span class=\"_ _1f7\"> </span>369 <span class=\"_ _27\"> </span>407.029 C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _1fe\"> </span>68.657 <span class=\"_ _2a1\"> </span>18.759 <span class=\"_ _282\"> </span>182 <span class=\"_ _21a\"> </span>87.598 T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>906.780 <span class=\"_ _177\"> </span>327.237 <span class=\"_ _225\"> </span>14.890 <span class=\"_ _114\"> </span>1.248.907 2021T<span class=\"_ _4\"></span>otale Ricavi da (In migliaia di Euro)<span class=\"_ _14e\"> </span><span class=\"ff78\">Retail<span class=\"_ _a5\"> </span>Wholesale<span class=\"_ _19\"> </span></span>Lic<span class=\"_ _0\"></span>enze e prestazionicontr<span class=\"_ _0\"></span>atti con clientiEur<span class=\"_ _0\"></span>opa<span class=\"_ _5c\"> </span>99.098 <span class=\"_ _1aa\"> </span>110.782 <span class=\"_ _d4\"> </span>7.174 <span class=\"_ _27\"> </span>217.054 Nord Americ<span class=\"_ _0\"></span>a<span class=\"_ _2ce\"> </span><span class=\"ws0\">235.189 <span class=\"_ _153\"> </span>85.741 <span class=\"_ _282\"> </span>267 <span class=\"_ _27\"> </span>321.197 </span>Giappone<span class=\"_ _2cf\"> </span>90.300 <span class=\"_ _283\"> </span>(156) <span class=\"_ _273\"> </span>- <span class=\"_ _21a\"> </span>90.144 Asia P<span class=\"_ _4\"></span>acifico<span class=\"_ _a6\"> </span>349.810 <span class=\"_ _153\"> </span>86.183 <span class=\"_ _1f7\"> </span>229 <span class=\"_ _27\"> </span>436.222 C<span class=\"_ _0\"></span>entro e Sud Americ<span class=\"_ _0\"></span>a<span class=\"_ _1fe\"> </span>55.118 <span class=\"_ _2a1\"> </span>13.348 <span class=\"_ _91\"> </span>76 <span class=\"_ _21a\"> </span>68.542 T<span class=\"_ _4\"></span>otale<span class=\"_ _1d6\"> </span>829.515 <span class=\"_ _177\"> </span>295.898 <span class=\"_ _250\"> </span>7.746 <span class=\"_ _62\"> </span>1.133.159 Il Grupp<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>a l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>informativa s<span class=\"_ _1\"></span>ulla disag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>reg<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei ri<span class=\"_ _1\"></span>cavi s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uen<span class=\"_ _1\"></span>do un appro<span class=\"_ _1\"></span>ccio quali-<span class=\"_ _1\"></span>quantitat<span class=\"_ _1\"></span>ivo. La te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tica di r<span class=\"_ _1\"></span>ileva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dei ric<span class=\"_ _1\"></span>avi, p<span class=\"_ _1\"></span>er le ve<span class=\"_ _1\"></span>ndite di b<span class=\"_ _1\"></span>eni, sia at<span class=\"_ _1\"></span>traver<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o il canale <span class=\"ff79 ws3c\">ret<span class=\"_ _1\"></span>ail</span> che <span class=\"ff79 ls38 ws8b\">wholesale</span>, av<span class=\"_ _2\"></span>vie<span class=\"_ _1\"></span>ne ne<span class=\"_ _1\"></span>l mome<span class=\"_ _1\"></span>nto in cui il controllo d<span class=\"_ _1\"></span>el b<span class=\"_ _1\"></span>ene \u00e8 s<span class=\"_ _1\"></span>tato t<span class=\"_ _1\"></span>ras<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>o al cliente, ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>almente al m<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span>nto della co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>gna; mentre per l<span class=\"_ _1\"></span>e licen<span class=\"_ _1\"></span>ze e pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>oni, la rilev<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i av<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iene in ba<span class=\"_ _1\"></span>se alla te<span class=\"_ _1\"></span>mpis<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>a di erog<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne del s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi<span class=\"_ _1\"></span>o ai clienti.La voc<span class=\"_ _1\"></span>e \u201cL<span class=\"_ _1\"></span>icen<span class=\"_ _1\"></span>ze e pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>\u201d includ<span class=\"_ _1\"></span>e le <span class=\"ff79 ls5f ws7\">royaltie<span class=\"_ _1\"></span>s</span> d<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>vanti dal contr<span class=\"_ _1\"></span>atto di lice<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a con il gr<span class=\"_ _1\"></span>uppo Marcho<span class=\"_ _1\"></span>n per la produ<span class=\"_ _1\"></span>zione e di<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne di occhiali a marchio \u201c<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o\u201d e dal co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di licen<span class=\"_ _1\"></span>za co<span class=\"_ _1\"></span>n il grupp<span class=\"_ _1\"></span>o Time<span class=\"_ _1\"></span>x per la p<span class=\"_ _1\"></span>rodu<span class=\"_ _1\"></span>zione e di<span class=\"_ _1\"></span>strib<span class=\"_ _1\"></span>uzio<span class=\"_ _1\"></span>ne di orolo<span class=\"_ _1\"></span>gi a marchio \u201c<span class=\"_ _1\"></span>Sa<span class=\"_ _1\"></span>lvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>. Dal mes<span class=\"_ _1\"></span>e di otto<span class=\"_ _1\"></span>bre 202<span class=\"_ _0\"></span>1 la voce includ<span class=\"_ _1\"></span>e anche le <span class=\"ff79 ls5f ws7\">royalt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s</span> der<span class=\"_ _1\"></span>ivanti dal co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o di licen<span class=\"_ _1\"></span>za co<span class=\"_ _1\"></span>n il gruppo Inte<span class=\"_ _1\"></span>r Par<span class=\"_ _1\"></span>fums Inc<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r la pro<span class=\"_ _1\"></span>duzion<span class=\"_ _1\"></span>e e dist<span class=\"_ _1\"></span>ribuz<span class=\"_ _1\"></span>ione di profumi a marchio \u201c<span class=\"_ _1\"></span>Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _1\"></span>\u201d<span class=\"_ _0\"></span>. I ricavi p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">royalt<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s</span> so<span class=\"_ _1\"></span>no cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati in bas<span class=\"_ _1\"></span>e allo st<span class=\"_ _1\"></span>ato di avan<span class=\"_ _1\"></span>zam<span class=\"_ _1\"></span>ento delle ve<span class=\"_ _1\"></span>ndite de<span class=\"_ _1\"></span>l lice<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>ario.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__139": {
   "value": "33. C<span class=\"_ _6\"></span>osto del venduto e costi oper<span class=\"_ _6\"></span>ativiIl cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto e i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sono st<span class=\"_ _1\"></span>ati ri<span class=\"ls0 ws0\">-</span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte pari ad Euro 1.<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>43.03<span class=\"_ _1\"></span>0 migliaia ed Euro 1<span class=\"_ _0\"></span>.01<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>.725 migliaia e prese<span class=\"_ _1\"></span>ntano la s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021C<span class=\"_ _0\"></span>osto del venduto<span class=\"_ _108\"> </span>350.693 <span class=\"_ _79\"> </span>354.576 <span class=\"_ _225\"> </span>(3.883) C<span class=\"_ _0\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _27a\"> </span>49.263 <span class=\"_ _27e\"> </span>40.908 <span class=\"_ _d4\"> </span>8.355 C<span class=\"_ _0\"></span>osti di vendita e distribuzione<span class=\"_ _2b1\"> </span>453.167 <span class=\"_ _79\"> </span>407.844 <span class=\"_ _153\"> </span>45.323 C<span class=\"_ _0\"></span>osti di comunicazione e di mar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>ting<span class=\"_ _2ce\"> </span><span class=\"ff74\">92.064 <span class=\"_ _27e\"> </span>66.379 <span class=\"_ _153\"> </span>25.685 </span>C<span class=\"_ _0\"></span>osti generali e amministr<span class=\"_ _0\"></span>ativi<span class=\"_ _1d7\"> </span>168.819 <span class=\"_ _128\"> </span>126.304 <span class=\"_ _2a1\"> </span>42.515 Altri costi oper<span class=\"_ _0\"></span>ativi<span class=\"_ _121\"> </span>29.024 <span class=\"_ _27e\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305 L<span class=\"_ _6\"></span>\u2019 incre<span class=\"_ _1\"></span>mento d<span class=\"_ _1\"></span>el 1<span class=\"_ _4\"></span>2,<span class=\"_ _1\"></span>2% de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _6\"></span>, in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te influ<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019apprez<span class=\"_ _2\"></span>zame<span class=\"_ _1\"></span>nto nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>le princip<span class=\"_ _1\"></span>ali valute, \u00e8 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte ricon<span class=\"_ _1\"></span>ducibile alla cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i (<span class=\"_ _6\"></span>+<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>0,2%), al<span class=\"_ _0\"></span>la progre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a normali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e, a par<span class=\"_ _1\"></span>tire dal t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zo trime<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tre, alle a<span class=\"_ _1\"></span>zioni ch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls47 ws9\">management</span> ha iniziato a intra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pren<span class=\"_ _1\"></span>dere p<span class=\"_ _1\"></span>er la re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla str<span class=\"_ _1\"></span>ategia di rilanci<span class=\"_ _1\"></span>o del <span class=\"ff79 ls5d ws9f\">b<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>d</span>; a t<span class=\"_ _1\"></span>al riguard<span class=\"_ _1\"></span>o si se<span class=\"_ _1\"></span>gnalano i mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di comunic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e <span class=\"ff79 ls3a wsa\">marketing<span class=\"_ _1\"></span></span> e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zativ<span class=\"_ _1\"></span>a. In ag<span class=\"_ _1\"></span>giunt<span class=\"_ _1\"></span>a nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 2022, i contr<span class=\"_ _1\"></span>ibuti rice<span class=\"_ _1\"></span>vut<span class=\"_ _1\"></span>i, sia a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gno de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019occupazio<span class=\"_ _1\"></span>ne sia pe<span class=\"_ _1\"></span>r le rine<span class=\"_ _1\"></span>goziazio<span class=\"_ _1\"></span>ni dei c<span class=\"_ _1\"></span>anoni di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati inferiori r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente; alcun<span class=\"_ _1\"></span>e tipol<span class=\"_ _1\"></span>ogie di co<span class=\"_ _1\"></span>sto e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano gi\u00e0 un aumento l<span class=\"_ _1\"></span>egato alla s<span class=\"_ _1\"></span>pinta in<span class=\"ls0 ws0\">-</span>flat<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a, com<span class=\"_ _1\"></span>e le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di tras<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o e i cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ener<span class=\"_ _1\"></span>gia.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__138": {
   "value": "33. C<span class=\"_ _6\"></span>osto del venduto e costi oper<span class=\"_ _6\"></span>ativiIl cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto e i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sono st<span class=\"_ _1\"></span>ati ri<span class=\"ls0 ws0\">-</span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte pari ad Euro 1.<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>43.03<span class=\"_ _1\"></span>0 migliaia ed Euro 1<span class=\"_ _0\"></span>.01<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>.725 migliaia e prese<span class=\"_ _1\"></span>ntano la s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021C<span class=\"_ _0\"></span>osto del venduto<span class=\"_ _108\"> </span>350.693 <span class=\"_ _79\"> </span>354.576 <span class=\"_ _225\"> </span>(3.883) C<span class=\"_ _0\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _27a\"> </span>49.263 <span class=\"_ _27e\"> </span>40.908 <span class=\"_ _d4\"> </span>8.355 C<span class=\"_ _0\"></span>osti di vendita e distribuzione<span class=\"_ _2b1\"> </span>453.167 <span class=\"_ _79\"> </span>407.844 <span class=\"_ _153\"> </span>45.323 C<span class=\"_ _0\"></span>osti di comunicazione e di mar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>ting<span class=\"_ _2ce\"> </span><span class=\"ff74\">92.064 <span class=\"_ _27e\"> </span>66.379 <span class=\"_ _153\"> </span>25.685 </span>C<span class=\"_ _0\"></span>osti generali e amministr<span class=\"_ _0\"></span>ativi<span class=\"_ _1d7\"> </span>168.819 <span class=\"_ _128\"> </span>126.304 <span class=\"_ _2a1\"> </span>42.515 Altri costi oper<span class=\"_ _0\"></span>ativi<span class=\"_ _121\"> </span>29.024 <span class=\"_ _27e\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305 L<span class=\"_ _6\"></span>\u2019 incre<span class=\"_ _1\"></span>mento d<span class=\"_ _1\"></span>el 1<span class=\"_ _4\"></span>2,<span class=\"_ _1\"></span>2% de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _6\"></span>, in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te influ<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019apprez<span class=\"_ _2\"></span>zame<span class=\"_ _1\"></span>nto nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>le princip<span class=\"_ _1\"></span>ali valute, \u00e8 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte ricon<span class=\"_ _1\"></span>ducibile alla cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i (<span class=\"_ _6\"></span>+<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>0,2%), al<span class=\"_ _0\"></span>la progre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a normali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e, a par<span class=\"_ _1\"></span>tire dal t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zo trime<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tre, alle a<span class=\"_ _1\"></span>zioni ch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls47 ws9\">management</span> ha iniziato a intra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pren<span class=\"_ _1\"></span>dere p<span class=\"_ _1\"></span>er la re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla str<span class=\"_ _1\"></span>ategia di rilanci<span class=\"_ _1\"></span>o del <span class=\"ff79 ls5d ws9f\">b<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>d</span>; a t<span class=\"_ _1\"></span>al riguard<span class=\"_ _1\"></span>o si se<span class=\"_ _1\"></span>gnalano i mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di comunic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e <span class=\"ff79 ls3a wsa\">marketing<span class=\"_ _1\"></span></span> e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zativ<span class=\"_ _1\"></span>a. In ag<span class=\"_ _1\"></span>giunt<span class=\"_ _1\"></span>a nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 2022, i contr<span class=\"_ _1\"></span>ibuti rice<span class=\"_ _1\"></span>vut<span class=\"_ _1\"></span>i, sia a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gno de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019occupazio<span class=\"_ _1\"></span>ne sia pe<span class=\"_ _1\"></span>r le rine<span class=\"_ _1\"></span>goziazio<span class=\"_ _1\"></span>ni dei c<span class=\"_ _1\"></span>anoni di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati inferiori r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente; alcun<span class=\"_ _1\"></span>e tipol<span class=\"_ _1\"></span>ogie di co<span class=\"_ _1\"></span>sto e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano gi\u00e0 un aumento l<span class=\"_ _1\"></span>egato alla s<span class=\"_ _1\"></span>pinta in<span class=\"ls0 ws0\">-</span>flat<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a, com<span class=\"_ _1\"></span>e le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di tras<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o e i cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ener<span class=\"_ _1\"></span>gia.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__137": {
   "value": "33. C<span class=\"_ _6\"></span>osto del venduto e costi oper<span class=\"_ _6\"></span>ativiIl cos<span class=\"_ _1\"></span>to del ve<span class=\"_ _1\"></span>nduto e i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sono st<span class=\"_ _1\"></span>ati ri<span class=\"ls0 ws0\">-</span>spe<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte pari ad Euro 1.<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>43.03<span class=\"_ _1\"></span>0 migliaia ed Euro 1<span class=\"_ _0\"></span>.01<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>.725 migliaia e prese<span class=\"_ _1\"></span>ntano la s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uente clas<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er des<span class=\"_ _1\"></span>tina<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e: V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021C<span class=\"_ _0\"></span>osto del venduto<span class=\"_ _108\"> </span>350.693 <span class=\"_ _79\"> </span>354.576 <span class=\"_ _225\"> </span>(3.883) C<span class=\"_ _0\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _27a\"> </span>49.263 <span class=\"_ _27e\"> </span>40.908 <span class=\"_ _d4\"> </span>8.355 C<span class=\"_ _0\"></span>osti di vendita e distribuzione<span class=\"_ _2b1\"> </span>453.167 <span class=\"_ _79\"> </span>407.844 <span class=\"_ _153\"> </span>45.323 C<span class=\"_ _0\"></span>osti di comunicazione e di mar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>ting<span class=\"_ _2ce\"> </span><span class=\"ff74\">92.064 <span class=\"_ _27e\"> </span>66.379 <span class=\"_ _153\"> </span>25.685 </span>C<span class=\"_ _0\"></span>osti generali e amministr<span class=\"_ _0\"></span>ativi<span class=\"_ _1d7\"> </span>168.819 <span class=\"_ _128\"> </span>126.304 <span class=\"_ _2a1\"> </span>42.515 Altri costi oper<span class=\"_ _0\"></span>ativi<span class=\"_ _121\"> </span>29.024 <span class=\"_ _27e\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305 L<span class=\"_ _6\"></span>\u2019 incre<span class=\"_ _1\"></span>mento d<span class=\"_ _1\"></span>el 1<span class=\"_ _4\"></span>2,<span class=\"_ _1\"></span>2% de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>to all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _6\"></span>, in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te influ<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019apprez<span class=\"_ _2\"></span>zame<span class=\"_ _1\"></span>nto nel p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iodo d<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>le princip<span class=\"_ _1\"></span>ali valute, \u00e8 p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte ricon<span class=\"_ _1\"></span>ducibile alla cre<span class=\"_ _1\"></span>scit<span class=\"_ _1\"></span>a dei r<span class=\"_ _1\"></span>icav<span class=\"_ _1\"></span>i (<span class=\"_ _6\"></span>+<span class=\"_ _6\"></span>1<span class=\"_ _0\"></span>0,2%), al<span class=\"_ _0\"></span>la progre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a normali<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e, a par<span class=\"_ _1\"></span>tire dal t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zo trime<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tre, alle a<span class=\"_ _1\"></span>zioni ch<span class=\"_ _1\"></span>e il <span class=\"ff79 ls47 ws9\">management</span> ha iniziato a intra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>pren<span class=\"_ _1\"></span>dere p<span class=\"_ _1\"></span>er la re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla str<span class=\"_ _1\"></span>ategia di rilanci<span class=\"_ _1\"></span>o del <span class=\"ff79 ls5d ws9f\">b<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>d</span>; a t<span class=\"_ _1\"></span>al riguard<span class=\"_ _1\"></span>o si se<span class=\"_ _1\"></span>gnalano i mag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>iori co<span class=\"_ _1\"></span>sti p<span class=\"_ _1\"></span>er il raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>zame<span class=\"_ _1\"></span>nto dell<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 di comunic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e <span class=\"ff79 ls3a wsa\">marketing<span class=\"_ _1\"></span></span> e della s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura or<span class=\"_ _1\"></span>ganiz<span class=\"_ _2\"></span>zativ<span class=\"_ _1\"></span>a. In ag<span class=\"_ _1\"></span>giunt<span class=\"_ _1\"></span>a nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 2022, i contr<span class=\"_ _1\"></span>ibuti rice<span class=\"_ _1\"></span>vut<span class=\"_ _1\"></span>i, sia a sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>gno de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019occupazio<span class=\"_ _1\"></span>ne sia pe<span class=\"_ _1\"></span>r le rine<span class=\"_ _1\"></span>goziazio<span class=\"_ _1\"></span>ni dei c<span class=\"_ _1\"></span>anoni di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati inferiori r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>dente; alcun<span class=\"_ _1\"></span>e tipol<span class=\"_ _1\"></span>ogie di co<span class=\"_ _1\"></span>sto e<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>iano gi\u00e0 un aumento l<span class=\"_ _1\"></span>egato alla s<span class=\"_ _1\"></span>pinta in<span class=\"ls0 ws0\">-</span>flat<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a, com<span class=\"_ _1\"></span>e le sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di tras<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o e i cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ener<span class=\"_ _1\"></span>gia.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__141": {
   "value": "34.  <span class=\"_ _46\"></span>C<span class=\"_ _4\"></span>omposizione per natur<span class=\"_ _4\"></span>a delle voci di c<span class=\"_ _0\"></span>osto di c<span class=\"_ _4\"></span>onto ec<span class=\"_ _0\"></span>onomic<span class=\"_ _4\"></span>oLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per natur<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>sto d<span class=\"_ _1\"></span>el ve<span class=\"_ _1\"></span>nduto e de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi \u00e8 ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Materie prime, merci e materiale di c<span class=\"_ _0\"></span>onsumo utilizzati<span class=\"_ _2d0\"> </span>202.758 <span class=\"_ _79\"> </span>244.057 <span class=\"_ _1ad\"> </span>(41.299) C<span class=\"_ _0\"></span>osti per servizi<span class=\"_ _129\"> </span>480.993 <span class=\"_ _79\"> </span>378.937 <span class=\"_ _1aa\"> </span>102.056 C<span class=\"_ _0\"></span>osto del personale<span class=\"_ _2ae\"> </span>259.293 <span class=\"_ _79\"> </span>211.968 <span class=\"_ _153\"> </span>47.325 Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _1e4\"> </span>50.266 <span class=\"_ _27e\"> </span>50.780 <span class=\"_ _283\"> </span>(514) Ammortamenti su attivit\u00e0 per diritto d'uso<span class=\"_ _2a5\"> </span>120.310 <span class=\"_ _128\"> </span>110.269 <span class=\"_ _2a1\"> </span>10.041 Sv<span class=\"_ _0\"></span>alutazioni di attivit\u00e0 materiali e immateriali<span class=\"_ _e3\"> </span>386 <span class=\"_ _68\"> </span>- <span class=\"_ _1f7\"> </span>386 Altri oneri<span class=\"_ _116\"> </span>29.024 <span class=\"_ _171\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__140": {
   "value": "34.  <span class=\"_ _46\"></span>C<span class=\"_ _4\"></span>omposizione per natur<span class=\"_ _4\"></span>a delle voci di c<span class=\"_ _0\"></span>osto di c<span class=\"_ _4\"></span>onto ec<span class=\"_ _0\"></span>onomic<span class=\"_ _4\"></span>oLa comp<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e per natur<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>sto d<span class=\"_ _1\"></span>el ve<span class=\"_ _1\"></span>nduto e de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi \u00e8 ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nziat<span class=\"_ _1\"></span>a nel p<span class=\"_ _1\"></span>rosp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nte:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Materie prime, merci e materiale di c<span class=\"_ _0\"></span>onsumo utilizzati<span class=\"_ _2d0\"> </span>202.758 <span class=\"_ _79\"> </span>244.057 <span class=\"_ _1ad\"> </span>(41.299) C<span class=\"_ _0\"></span>osti per servizi<span class=\"_ _129\"> </span>480.993 <span class=\"_ _79\"> </span>378.937 <span class=\"_ _1aa\"> </span>102.056 C<span class=\"_ _0\"></span>osto del personale<span class=\"_ _2ae\"> </span>259.293 <span class=\"_ _79\"> </span>211.968 <span class=\"_ _153\"> </span>47.325 Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _1e4\"> </span>50.266 <span class=\"_ _27e\"> </span>50.780 <span class=\"_ _283\"> </span>(514) Ammortamenti su attivit\u00e0 per diritto d'uso<span class=\"_ _2a5\"> </span>120.310 <span class=\"_ _128\"> </span>110.269 <span class=\"_ _2a1\"> </span>10.041 Sv<span class=\"_ _0\"></span>alutazioni di attivit\u00e0 materiali e immateriali<span class=\"_ _e3\"> </span>386 <span class=\"_ _68\"> </span>- <span class=\"_ _1f7\"> </span>386 Altri oneri<span class=\"_ _116\"> </span>29.024 <span class=\"_ _171\"> </span>22.714 <span class=\"_ _d4\"> </span>6.310 T<span class=\"_ _4\"></span>otale<span class=\"_ _c\"> </span>1.143.030 <span class=\"_ _177\"> </span>1.018.725 <span class=\"_ _1ad\"> </span>124.305 Ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 202<span class=\"_ _4\"></span>1, si regist<span class=\"_ _1\"></span>ra un incre<span class=\"_ _1\"></span>mento de<span class=\"_ _1\"></span>i cos<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izi e de<span class=\"_ _1\"></span>l cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Per<span class=\"_ _1\"></span>sonale<span class=\"_ _1\"></span>, come c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>guen<span class=\"_ _1\"></span>za d<span class=\"_ _1\"></span>ella norma<span class=\"_ _1\"></span>liz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla strut<span class=\"_ _1\"></span>tura d<span class=\"_ _1\"></span>ei cos<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l Grup<span class=\"_ _1\"></span>po e, a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dal ter<span class=\"_ _1\"></span>zo tr<span class=\"_ _1\"></span>imes<span class=\"_ _1\"></span>tre<span class=\"_ _1\"></span>, delle a<span class=\"_ _1\"></span>zioni ch<span class=\"_ _1\"></span>e il management<span class=\"ff71 ls4 wsad\"> ha iniziato a intr<span class=\"_ _1\"></span>apren<span class=\"_ _1\"></span>dere p<span class=\"_ _1\"></span>er la re<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>lla str<span class=\"_ _1\"></span>ategia di rilanci<span class=\"_ _1\"></span>o del </span><span class=\"ls5d ws9f\">b<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>d<span class=\"ff71 ls4 wsad\">. Il cos<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Pers<span class=\"_ _1\"></span>onale </span></span>include il co<span class=\"_ _1\"></span>mpen<span class=\"_ _1\"></span>so re<span class=\"_ _1\"></span>lativo al rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to di lavo<span class=\"_ _1\"></span>ro dipen<span class=\"_ _1\"></span>dente d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019Amministrato<span class=\"_ _1\"></span>re De<span class=\"_ _1\"></span>leg<span class=\"_ _1\"></span>ato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale<span class=\"_ _1\"></span>, oltre al co<span class=\"_ _1\"></span>mpen<span class=\"_ _1\"></span>so for<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ario pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>ingres<span class=\"_ _1\"></span>so, alla s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls5f ws7\">bonu<span class=\"_ _1\"></span>s</span> variabil<span class=\"_ _1\"></span>e e ai comp<span class=\"_ _1\"></span>ensi di c<span class=\"_ _1\"></span>ompet<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span>o dei due p<span class=\"_ _1\"></span>iani con pagam<span class=\"_ _1\"></span>enti bas<span class=\"_ _1\"></span>ati su a<span class=\"_ _1\"></span>zioni (<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r i cui i det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li si rimanda alla not<span class=\"_ _1\"></span>a 4<span class=\"_ _1\"></span>0 Pagame<span class=\"_ _1\"></span>nti bas<span class=\"_ _1\"></span>ati su az<span class=\"_ _1\"></span>ioni dell<span class=\"_ _1\"></span>e note e<span class=\"_ _1\"></span>splic<span class=\"_ _1\"></span>ative al Bilanci<span class=\"_ _1\"></span>o Cons<span class=\"_ _1\"></span>olidato)<span class=\"_ _0\"></span>, per t<span class=\"_ _1\"></span>otali Euro 20.6<span class=\"_ _1\"></span>69 migliaia. Di se<span class=\"_ _1\"></span>guito gli imp<span class=\"_ _1\"></span>atti ne<span class=\"_ _1\"></span>l conto e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico pe<span class=\"_ _1\"></span>r natura ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erci<span class=\"_ _1\"></span>zi 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>, de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>anti dai contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zati:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _1e3\"> </span>2022<span class=\"_ _1a6\"> </span>% sul T<span class=\"_ _4\"></span>otale<span class=\"_ _a4\"> </span>2021<span class=\"_ _1ed\"> </span>% sul T<span class=\"_ _4\"></span>otale2022 vs 2021Ammortamenti su A<span class=\"_ _0\"></span>ttivit\u00e0 per diritto d'uso<span class=\"_ _67\"> </span>120.310 <span class=\"_ _e0\"> </span>60,2%<span class=\"_ _ac\"> </span>110.269 <span class=\"_ _1e2\"> </span>57,9%<span class=\"_ _b2\"> </span>10.041 Interessi e oneri sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _266\"> </span><span class=\"ff74\">14.803 <span class=\"_ _ab\"> </span>7,4%<span class=\"_ _62\"> </span>13.889 <span class=\"_ _119\"> </span>7,3%<span class=\"_ _146\"> </span>914 </span>Pr<span class=\"_ _4\"></span>oventi sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _2d1\"> </span></span>(3.888) <span class=\"_ _b5\"> </span>(2,0%)<span class=\"_ _a4\"> </span>(422) <span class=\"_ _b9\"> </span>(0,2%)<span class=\"_ _b9\"> </span>(3.466) C<span class=\"_ _0\"></span>osti relativi a loc<span class=\"_ _0\"></span>azione a brev<span class=\"_ _0\"></span>e termine (<span class=\"ff77\">short term</span>)<span class=\"_ _7a\"> </span>5.824 <span class=\"_ _a9\"> </span>2,9%<span class=\"_ _7a\"> </span>8.844 <span class=\"_ _fa\"> </span>4,6%<span class=\"_ _b9\"> </span>(3.020) C<span class=\"_ _0\"></span>osti relativi a loc<span class=\"_ _0\"></span>azione di beni di valor<span class=\"_ _0\"></span>e modesto (<span class=\"ff77\">low </span>value assets<span class=\"ff74\">)<span class=\"_ _23e\"> </span>739 <span class=\"_ _a9\"> </span>0,4%<span class=\"_ _128\"> </span>588 <span class=\"_ _119\"> </span>0,3%<span class=\"_ _146\"> </span>151 </span>C<span class=\"_ _0\"></span>osti relativi a loc<span class=\"_ _0\"></span>azioni con pagamenti v<span class=\"_ _0\"></span>ariabili non inclusi nella valutazione delle passivit<span class=\"_ _0\"></span>\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _ee\"> </span></span>64.845 <span class=\"_ _e0\"> </span>32,5%<span class=\"_ _62\"> </span>63.955 <span class=\"_ _1e2\"> </span>33,6%<span class=\"_ _146\"> </span>890 Riduzione canoni di locazione<span class=\"_ _134\"> </span>(2.890) <span class=\"_ _b5\"> </span>(1,4%)<span class=\"_ _bc\"> </span>(6.785) <span class=\"_ _b9\"> </span>(3,5%)<span class=\"_ _fa\"> </span>3.895 T<span class=\"_ _4\"></span>otale<span class=\"_ _126\"> </span>199.743 <span class=\"_ _1f6\"> </span>100,0%<span class=\"_ _a9\"> </span>190.338 <span class=\"_ _c5\"> </span>100,0%<span class=\"_ _179\"> </span>9.405 Alcuni de<span class=\"_ _1\"></span>i contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo co<span class=\"_ _1\"></span>ntengono p<span class=\"_ _1\"></span>agame<span class=\"_ _1\"></span>nti di cano<span class=\"_ _1\"></span>ni di aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to a det<span class=\"_ _1\"></span>ermina<span class=\"_ _1\"></span>zione v<span class=\"_ _1\"></span>ariabile leg<span class=\"_ _1\"></span>ati ai ricav<span class=\"_ _1\"></span>i gene<span class=\"_ _1\"></span>rati da punti ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a (DOS), in spazi p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>i in loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne che no<span class=\"_ _1\"></span>n sono inc<span class=\"_ _1\"></span>lusi ne<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> dei c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di loc<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione e s<span class=\"_ _1\"></span>ono is<span class=\"_ _1\"></span>critt<span class=\"_ _1\"></span>i in bas<span class=\"_ _1\"></span>e alla compe<span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span>za e<span class=\"_ _1\"></span>conomi<span class=\"_ _1\"></span>ca. I co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i dei c<span class=\"_ _1\"></span>anoni va<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>riabili rappre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>entan<span class=\"_ _1\"></span>o, al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2022, c<span class=\"_ _1\"></span>omple<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>amente il 32,5% del t<span class=\"_ _1\"></span>otal<span class=\"_ _1\"></span>e degli o<span class=\"_ _1\"></span>neri n<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o inere<span class=\"_ _1\"></span>nti ai contrat<span class=\"_ _1\"></span>ti di lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione inc<span class=\"_ _1\"></span>lusi e non n<span class=\"_ _1\"></span>ella pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> di c<span class=\"_ _1\"></span>ui al principio c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e IFRS1<span class=\"_ _4\"></span>6. I c<span class=\"_ _1\"></span>anoni variabili dipe<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no dalle ven<span class=\"_ _1\"></span>dite e pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tanto dallo s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iluppo e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mico de<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i. Si s<span class=\"_ _1\"></span>tima che i can<span class=\"_ _1\"></span>oni variabili continu<span class=\"_ _1\"></span>eranno n<span class=\"_ _1\"></span>ei futur<span class=\"_ _1\"></span>i es<span class=\"_ _1\"></span>ercizi a<span class=\"_ _1\"></span>d avere un<span class=\"_ _1\"></span>\u2019inci<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>za pro<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>zio<span class=\"_ _1\"></span>nale alle ven<span class=\"_ _1\"></span>dite dei p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti f<span class=\"_ _1\"></span>initi.Si se<span class=\"_ _1\"></span>gnala che, al f<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>e di conten<span class=\"_ _1\"></span>ere gli ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tti n<span class=\"_ _1\"></span>egati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>terminati dalla pan<span class=\"_ _1\"></span>demia da Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9, il G<span class=\"_ _1\"></span>ruppo ha c<span class=\"_ _1\"></span>ontinuato a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciare de<span class=\"_ _1\"></span>lle negozia<span class=\"_ _1\"></span>zioni, gi\u00e0 intrap<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>e nel c<span class=\"_ _1\"></span>ors<span class=\"_ _1\"></span>o de<span class=\"_ _1\"></span>l 2020 e del 202<span class=\"_ _4\"></span>1, per rive<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>re le con<span class=\"_ _1\"></span>dizioni e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>miche dei co<span class=\"_ _1\"></span>ntratti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne della p<span class=\"_ _1\"></span>ropria ret<span class=\"_ _1\"></span>e distr<span class=\"_ _1\"></span>ibutiv<span class=\"_ _1\"></span>a, a fronte d<span class=\"_ _1\"></span>elle quali ha re<span class=\"_ _1\"></span>gist<span class=\"_ _1\"></span>rato, nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, un pro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vento pari a Euro 2.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>90 mig<span class=\"_ _1\"></span>liaia (Euro 6.7<span class=\"_ _0\"></span>85 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>); nel re<span class=\"_ _1\"></span>ndico<span class=\"_ _1\"></span>nto f<span class=\"_ _1\"></span>inanziario c<span class=\"_ _1\"></span>onso<span class=\"_ _1\"></span>lidato \u00e8 st<span class=\"_ _1\"></span>ato pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ato all<span class=\"_ _1\"></span>\u2019inte<span class=\"_ _1\"></span>rno de<span class=\"_ _1\"></span>l Flus<span class=\"_ _1\"></span>so di c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa net<span class=\"_ _1\"></span>to ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ato dall<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>tti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>va (A<span class=\"_ _1\"></span>ltre comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nti eco<span class=\"_ _1\"></span>nomiche s<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>za movime<span class=\"_ _1\"></span>nti di ca<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>). T<span class=\"_ _6\"></span>ale c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne \u00e8 conform<span class=\"_ _1\"></span>e con quanto prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to agli em<span class=\"_ _1\"></span>endam<span class=\"_ _1\"></span>enti al prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile IFRS 16, relativ<span class=\"_ _1\"></span>i alle rine<span class=\"_ _1\"></span>goziazioni p<span class=\"_ _1\"></span>er pan<span class=\"_ _1\"></span>demia Cov<span class=\"_ _1\"></span>id-<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>9.Gen<span class=\"_ _1\"></span>eralm<span class=\"_ _1\"></span>ente i contr<span class=\"_ _1\"></span>atti di l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e del G<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o preve<span class=\"_ _1\"></span>dono clau<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>e di divi<span class=\"_ _1\"></span>eto di sublo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e del b<span class=\"_ _1\"></span>ene o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to della lo<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, ma non pr<span class=\"_ _1\"></span>eved<span class=\"_ _1\"></span>ono p<span class=\"_ _1\"></span>er il Grup<span class=\"_ _1\"></span>po il ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to di <span class=\"ff79 ls48 wsd1\">co<span class=\"_ _1\"></span>ven<span class=\"_ _1\"></span>ant<span class=\"_ _1\"></span>s</span><span class=\"ls5 wsc\"> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari. </span>Il Grupp<span class=\"_ _1\"></span>o non ha opzio<span class=\"_ _1\"></span>ni di chiusura anticipat<span class=\"_ _1\"></span>a che ha inte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>ne di es<span class=\"_ _1\"></span>ercit<span class=\"_ _1\"></span>are ma che no<span class=\"_ _1\"></span>n ha valut<span class=\"_ _1\"></span>ato nella pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 per <span class=\"_ _2\"></span><span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span><span class=\"ws85\">. Relativ<span class=\"_ _1\"></span>amente all<span class=\"_ _1\"></span>e opzioni di rinnovo, il Gr<span class=\"_ _1\"></span>uppo ne<span class=\"_ _1\"></span>lla propr<span class=\"_ _1\"></span>ia politic<span class=\"_ _1\"></span>a cont<span class=\"_ _1\"></span>abile di de<span class=\"_ _1\"></span>termina<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ella </span>durata d<span class=\"_ _1\"></span>el <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>ing</span><span class=\"ls4 ws0\"> ha cons<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>rato le opzio<span class=\"_ _1\"></span>ni di rinnovo che inten<span class=\"_ _1\"></span>de e<span class=\"_ _1\"></span>sercit<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span>.</span>Il Grupp<span class=\"_ _1\"></span>o pre<span class=\"_ _1\"></span>sent<span class=\"_ _1\"></span>a valo<span class=\"_ _1\"></span>ri di impe<span class=\"_ _1\"></span>gni pe<span class=\"_ _1\"></span>r i <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing</span> a b<span class=\"_ _1\"></span>reve te<span class=\"_ _1\"></span>rmine pre<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ti p<span class=\"_ _1\"></span>er il 2023 in linea c<span class=\"_ _1\"></span>on i valo<span class=\"_ _1\"></span>ri cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati nel co<span class=\"_ _1\"></span>nto eco<span class=\"_ _1\"></span>nomico de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__142": {
   "value": "35. Altri <span class=\"_ _1\"></span>pro<span class=\"_ _4\"></span>ventiGli altri p<span class=\"_ _1\"></span>roventi si co<span class=\"_ _1\"></span>mpongon<span class=\"_ _1\"></span>o come de<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>agliato di se<span class=\"_ _1\"></span>guito:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Recuperi di spese<span class=\"_ _56\"> </span>2.158 <span class=\"_ _ed\"> </span>2.960 <span class=\"_ _76\"> </span>(802) C<span class=\"_ _0\"></span>ontributi pubblicitari<span class=\"_ _2d2\"> </span>138 <span class=\"_ _64\"> </span>17 <span class=\"_ _282\"> </span>121 Pr<span class=\"_ _4\"></span>oventi diversi<span class=\"_ _2d3\"> </span>14.420 <span class=\"_ _171\"> </span>22.097 <span class=\"_ _27\"> </span>(<span class=\"_ _1\"></span>7.677) Plusvalenze da alienazione beni materiali - immateriali <span class=\"_ _115\"> </span>9 <span class=\"_ _227\"> </span>49 <span class=\"_ _21b\"> </span>(40) Sopra<span class=\"_ _0\"></span>vvenienze attive <span class=\"_ _199\"> </span>2.435 <span class=\"_ _1f7\"> </span>1.562 <span class=\"_ _282\"> </span>873 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>19.160 <span class=\"_ _283\"> </span>26.685 <span class=\"_ _32\"> </span>(7.527) Gli altri p<span class=\"_ _1\"></span>roventi, pari a Euro 1<span class=\"_ _0\"></span>9.<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>60 migliaia, re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trano r<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 u<span class=\"_ _0\"></span>n decr<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nto di Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>527<span class=\"_ _0\"></span> migliaia. Si se<span class=\"_ _1\"></span>gnala che ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _6\"></span>, la vo<span class=\"_ _1\"></span>ce Proventi di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>si aveva b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciato di Euro 5,<span class=\"_ _4\"></span>1 milioni pe<span class=\"_ _1\"></span>r la def<span class=\"_ _1\"></span>inizio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l rimbor<span class=\"_ _1\"></span>so a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>icurativo r<span class=\"_ _1\"></span>icev<span class=\"_ _1\"></span>uto dalla Fer<span class=\"_ _1\"></span>ragamo U<span class=\"_ _1\"></span>sa Inc<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r i danni subiti ad a<span class=\"_ _1\"></span>lcuni negozi no<span class=\"_ _1\"></span>rd ame<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ricani n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>elle prot<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>te so<span class=\"_ _1\"></span>ciali av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nute ne<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>condo t<span class=\"_ _1\"></span>rime<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>e 2020. La voce in<span class=\"_ _1\"></span>clude, p<span class=\"_ _1\"></span>er Euro 2.<span class=\"_ _1\"></span>31<span class=\"_ _6\"></span>3 migliaia, il contribut<span class=\"_ _1\"></span>o a fondo p<span class=\"_ _1\"></span>erduto matur<span class=\"_ _1\"></span>ato al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _1\"></span>2 relati<span class=\"_ _1\"></span>vo all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Accordo p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019Innov<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne (p<span class=\"_ _1\"></span>roget<span class=\"_ _1\"></span>to I<span class=\"_ _1\"></span>-SUC<span class=\"ls0 ws0\">-</span>CEED<span class=\"_ _0\"></span>, pe<span class=\"_ _1\"></span>r mag<span class=\"_ _1\"></span>giori d<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>agli si r<span class=\"_ _1\"></span>imanda alla Rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ulla ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e al paragr<span class=\"_ _1\"></span>afo \u201cFatti di r<span class=\"_ _1\"></span>ilievo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio - In<span class=\"_ _1\"></span>centi<span class=\"_ _1\"></span>vi Fon<span class=\"_ _1\"></span>do pe<span class=\"_ _1\"></span>r la Cres<span class=\"_ _1\"></span>cit<span class=\"_ _1\"></span>a Sos<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nibile \u2013 Accor<span class=\"_ _1\"></span>do pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019innov<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>), nonch\u00e9 i Cre<span class=\"_ _1\"></span>diti d<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>impos<span class=\"_ _1\"></span>ta per r<span class=\"_ _1\"></span>icerc<span class=\"_ _1\"></span>a e s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o, <span class=\"ff79 ls48 wsd1\">de<span class=\"_ _1\"></span>sign</span> e i<span class=\"_ _1\"></span>dea<span class=\"_ _1\"></span>zione e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>etic<span class=\"_ _1\"></span>a ed innov<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one te<span class=\"_ _1\"></span>cnolo<span class=\"_ _1\"></span>gic<span class=\"_ _1\"></span>a e il credito d<span class=\"_ _2\"></span>\u2019impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a relati<span class=\"_ _1\"></span>vo alle ero<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gaz<span class=\"_ _1\"></span>ioni libe<span class=\"_ _1\"></span>rali, di cui be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>icia la C<span class=\"_ _1\"></span>apogr<span class=\"_ _1\"></span>uppo, olt<span class=\"_ _1\"></span>re ad altri b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici, ero<span class=\"_ _1\"></span>gati dai vari G<span class=\"_ _1\"></span>overni d<span class=\"_ _1\"></span>ei Pae<span class=\"_ _1\"></span>si in cui il Grup<span class=\"_ _1\"></span>po ope<span class=\"_ _1\"></span>ra, a s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>egno d<span class=\"_ _1\"></span>elle impr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>econ<span class=\"_ _1\"></span>omia pe<span class=\"_ _1\"></span>r fronteg<span class=\"_ _2\"></span>giare la crisi e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mica de<span class=\"_ _1\"></span>terminat<span class=\"_ _1\"></span>a dalla pande<span class=\"_ _1\"></span>mia da Covid<span class=\"_ _1\"></span>-<span class=\"_ _4\"></span>19<span class=\"_ _0\"></span>, che in tot<span class=\"_ _1\"></span>ale so<span class=\"_ _1\"></span>no in diminuzion<span class=\"_ _1\"></span>e di Euro 1<span class=\"_ _4\"></span>,7 milioni risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o all<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__144": {
   "value": "36. Gestione finanziariaLa ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria si comp<span class=\"_ _1\"></span>one com<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>tagliato di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o:Oneri finanziariV<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Interessi passivi<span class=\"_ _9a\"> </span>1.301 <span class=\"_ _ed\"> </span>1.473 <span class=\"_ _76\"> </span>(172) Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _2be\"> </span>3.266 <span class=\"_ _ed\"> </span>3.388 <span class=\"_ _76\"> </span>(122) Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff74\">14.798 <span class=\"_ _171\"> </span>13.881 <span class=\"_ _282\"> </span>917 </span>Oneri sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _102\"> </span></span>5 <span class=\"_ _1f5\"> </span>8 <span class=\"_ _2a2\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3) </span>P<span class=\"_ _0\"></span>erdite su c<span class=\"_ _0\"></span>ambi<span class=\"_ _270\"> </span>30.739 <span class=\"_ _171\"> </span>11.618 <span class=\"_ _153\"> </span>19.121 Oneri finanziari per adeguamento al <span class=\"ff77\">fair value</span> dei derivati<span class=\"_ _2d4\"> </span>28.594 <span class=\"_ _171\"> </span>20.146 <span class=\"_ _d4\"> </span>8.448 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>78.703 <span class=\"_ _283\"> </span>50.514 <span class=\"_ _225\"> </span>28.189 P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>venti finanziariV<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Interessi attivi<span class=\"_ _22b\"> </span>2.008 <span class=\"_ _6f\"> </span>841 <span class=\"_ _d4\"> </span>1.167 Altri proventi finanziari<span class=\"_ _2c8\"> </span>1.600 <span class=\"_ _6f\"> </span>644 <span class=\"_ _1f7\"> </span>956 Pr<span class=\"_ _4\"></span>oventi sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _111\"> </span></span>3.888 <span class=\"_ _141\"> </span>422 <span class=\"_ _246\"> </span>3.466 Utili su cambi<span class=\"_ _104\"> </span>33.763 <span class=\"_ _171\"> </span>23.883 <span class=\"_ _d4\"> </span>9.880 Pr<span class=\"_ _4\"></span>oventi finanziari per adeguamento al <span class=\"ff77\">fair value</span> dei derivati<span class=\"_ _d9\"> </span>10.668 <span class=\"_ _ed\"> </span>3.862 <span class=\"_ _246\"> </span>6.806 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>51.927 <span class=\"_ _283\"> </span>29.652 <span class=\"_ _225\"> </span>22.275 La voc<span class=\"_ _1\"></span>e intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i include p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti banc<span class=\"_ _1\"></span>ari a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e e in par<span class=\"_ _1\"></span>te da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti ban<span class=\"_ _1\"></span>cari a<span class=\"_ _1\"></span> medi<span class=\"_ _1\"></span>o e lungo ter<span class=\"_ _1\"></span>mine.La voc<span class=\"_ _1\"></span>e \u201coneri da at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e altri o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari<span class=\"_ _1\"></span>\u201d s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>sce pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e bancar<span class=\"_ _1\"></span>ie, e<span class=\"_ _1\"></span>d in misura res<span class=\"_ _1\"></span>iduale agli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari su be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ai dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti, in re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne alla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>9 dei piani a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>i, e da oneri da at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>.Gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si sulle pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span> sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati regi<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ati in se<span class=\"_ _1\"></span>guito all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>introdu<span class=\"_ _1\"></span>zione de<span class=\"_ _1\"></span>l princip<span class=\"_ _1\"></span>io cont<span class=\"_ _1\"></span>abile IFRS1<span class=\"_ _4\"></span>6 e sono p<span class=\"_ _1\"></span>ari a Euro 1<span class=\"_ _4\"></span>4.798 migliaia.Gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si atti<span class=\"_ _1\"></span>vi, p<span class=\"_ _1\"></span>ari ad Euro 2.0<span class=\"_ _2\"></span>08 migliaia, s<span class=\"_ _1\"></span>ono in aume<span class=\"_ _1\"></span>nto di Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>67 migliaia ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Gli utili e p<span class=\"_ _1\"></span>erdite su c<span class=\"_ _1\"></span>ambi s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trati in pr<span class=\"_ _1\"></span>evale<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., e de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>no dall<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 di ven<span class=\"_ _1\"></span>dita s<span class=\"_ _1\"></span>ia vers<span class=\"_ _1\"></span>o so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo (<span class=\"ff79 ls80 ws119\">int<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any</span>) che ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o ter<span class=\"_ _1\"></span>zi in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa dall<span class=\"_ _2\"></span>\u2019Euro. Nel cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>i \u00e8 verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato un impatt<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to di utili su c<span class=\"_ _1\"></span>ambi pe<span class=\"_ _1\"></span>r Euro 3.024 m<span class=\"_ _0\"></span>igliaia risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o a un impatto net<span class=\"_ _1\"></span>to di utili su c<span class=\"_ _1\"></span>ambi pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>2.<span class=\"_ _1\"></span>265 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. Gli one<span class=\"_ _1\"></span>ri e prove<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>eguame<span class=\"_ _1\"></span>nto al <span class=\"ff79\">fair value</span> dei der<span class=\"_ _1\"></span>ivati r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntano il pr<span class=\"_ _1\"></span>emio o lo s<span class=\"_ _1\"></span>conto app<span class=\"_ _1\"></span>licato sulle op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura del r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio, po<span class=\"_ _1\"></span>ste in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e dalla Capog<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, e le variaz<span class=\"_ _1\"></span>ioni di <span class=\"ff79\">fair value</span><span class=\"ls2c ws10b\"> re<span class=\"ls0 ws0\">-</span></span>lative a s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati non di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura e s<span class=\"_ _1\"></span>ono da met<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re in stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e con gli utili e p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u cambi. N<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizi<span class=\"_ _1\"></span>o 2022 si \u00e8 ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icato un impat<span class=\"_ _1\"></span>to net<span class=\"_ _1\"></span>to di on<span class=\"_ _1\"></span>eri p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>eguam<span class=\"_ _1\"></span>ento al <span class=\"ff79\">fair value</span><span class=\"ls8 wsdf\"> dei derivati </span>per Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>926 migliaia rispet<span class=\"_ _1\"></span>to a un impat<span class=\"_ _1\"></span>to net<span class=\"_ _1\"></span>to di one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari per Euro 16.28<span class=\"_ _1\"></span>4 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__143": {
   "value": "36. Gestione finanziariaLa ge<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>one f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iaria si comp<span class=\"_ _1\"></span>one com<span class=\"_ _1\"></span>e det<span class=\"_ _1\"></span>tagliato di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o:Oneri finanziariV<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Interessi passivi<span class=\"_ _9a\"> </span>1.301 <span class=\"_ _ed\"> </span>1.473 <span class=\"_ _76\"> </span>(172) Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _2be\"> </span>3.266 <span class=\"_ _ed\"> </span>3.388 <span class=\"_ _76\"> </span>(122) Interessi sulle passivit\u00e0 per le<span class=\"_ _0\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff74\">14.798 <span class=\"_ _171\"> </span>13.881 <span class=\"_ _282\"> </span>917 </span>Oneri sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _102\"> </span></span>5 <span class=\"_ _1f5\"> </span>8 <span class=\"_ _2a2\"> </span><span class=\"ls36 ws84\">(<span class=\"_ _1\"></span>3) </span>P<span class=\"_ _0\"></span>erdite su c<span class=\"_ _0\"></span>ambi<span class=\"_ _270\"> </span>30.739 <span class=\"_ _171\"> </span>11.618 <span class=\"_ _153\"> </span>19.121 Oneri finanziari per adeguamento al <span class=\"ff77\">fair value</span> dei derivati<span class=\"_ _2d4\"> </span>28.594 <span class=\"_ _171\"> </span>20.146 <span class=\"_ _d4\"> </span>8.448 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>78.703 <span class=\"_ _283\"> </span>50.514 <span class=\"_ _225\"> </span>28.189 P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>venti finanziariV<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Interessi attivi<span class=\"_ _22b\"> </span>2.008 <span class=\"_ _6f\"> </span>841 <span class=\"_ _d4\"> </span>1.167 Altri proventi finanziari<span class=\"_ _2c8\"> </span>1.600 <span class=\"_ _6f\"> </span>644 <span class=\"_ _1f7\"> </span>956 Pr<span class=\"_ _4\"></span>oventi sulle passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _111\"> </span></span>3.888 <span class=\"_ _141\"> </span>422 <span class=\"_ _246\"> </span>3.466 Utili su cambi<span class=\"_ _104\"> </span>33.763 <span class=\"_ _171\"> </span>23.883 <span class=\"_ _d4\"> </span>9.880 Pr<span class=\"_ _4\"></span>oventi finanziari per adeguamento al <span class=\"ff77\">fair value</span> dei derivati<span class=\"_ _d9\"> </span>10.668 <span class=\"_ _ed\"> </span>3.862 <span class=\"_ _246\"> </span>6.806 T<span class=\"_ _4\"></span>otale<span class=\"_ _16\"> </span>51.927 <span class=\"_ _283\"> </span>29.652 <span class=\"_ _225\"> </span>22.275 La voc<span class=\"_ _1\"></span>e intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>i include p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti banc<span class=\"_ _1\"></span>ari a bre<span class=\"_ _1\"></span>ve termin<span class=\"_ _1\"></span>e e in par<span class=\"_ _1\"></span>te da f<span class=\"_ _1\"></span>inanziam<span class=\"_ _1\"></span>enti ban<span class=\"_ _1\"></span>cari a<span class=\"_ _1\"></span> medi<span class=\"_ _1\"></span>o e lungo ter<span class=\"_ _1\"></span>mine.La voc<span class=\"_ _1\"></span>e \u201coneri da at<span class=\"_ _1\"></span>tualiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one e altri o<span class=\"_ _1\"></span>neri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari<span class=\"_ _1\"></span>\u201d s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>sce pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte alle sp<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e bancar<span class=\"_ _1\"></span>ie, e<span class=\"_ _1\"></span>d in misura res<span class=\"_ _1\"></span>iduale agli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari su be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>ici ai dip<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>enti, in re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne alla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>llo IA<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>9 dei piani a ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ici def<span class=\"_ _1\"></span>init<span class=\"_ _1\"></span>i, e da oneri da at<span class=\"_ _1\"></span>tualiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>.Gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si sulle pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span> sono s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ati regi<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ati in se<span class=\"_ _1\"></span>guito all<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>introdu<span class=\"_ _1\"></span>zione de<span class=\"_ _1\"></span>l princip<span class=\"_ _1\"></span>io cont<span class=\"_ _1\"></span>abile IFRS1<span class=\"_ _4\"></span>6 e sono p<span class=\"_ _1\"></span>ari a Euro 1<span class=\"_ _4\"></span>4.798 migliaia.Gli intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si atti<span class=\"_ _1\"></span>vi, p<span class=\"_ _1\"></span>ari ad Euro 2.0<span class=\"_ _2\"></span>08 migliaia, s<span class=\"_ _1\"></span>ono in aume<span class=\"_ _1\"></span>nto di Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>67 migliaia ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>. Gli utili e p<span class=\"_ _1\"></span>erdite su c<span class=\"_ _1\"></span>ambi s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>trati in pr<span class=\"_ _1\"></span>evale<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a dalla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., e de<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>no dall<span class=\"_ _1\"></span>\u2019attivit<span class=\"_ _1\"></span>\u00e0 di ven<span class=\"_ _1\"></span>dita s<span class=\"_ _1\"></span>ia vers<span class=\"_ _1\"></span>o so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo (<span class=\"ff79 ls80 ws119\">int<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>any</span>) che ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o ter<span class=\"_ _1\"></span>zi in v<span class=\"_ _1\"></span>aluta di<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sa dall<span class=\"_ _2\"></span>\u2019Euro. Nel cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>i \u00e8 verif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ato un impatt<span class=\"_ _1\"></span>o net<span class=\"_ _1\"></span>to di utili su c<span class=\"_ _1\"></span>ambi pe<span class=\"_ _1\"></span>r Euro 3.024 m<span class=\"_ _0\"></span>igliaia risp<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>o a un impatto net<span class=\"_ _1\"></span>to di utili su c<span class=\"_ _1\"></span>ambi pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _4\"></span>2.<span class=\"_ _1\"></span>265 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. Gli one<span class=\"_ _1\"></span>ri e prove<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>eguame<span class=\"_ _1\"></span>nto al <span class=\"ff79\">fair value</span> dei der<span class=\"_ _1\"></span>ivati r<span class=\"_ _1\"></span>appre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntano il pr<span class=\"_ _1\"></span>emio o lo s<span class=\"_ _1\"></span>conto app<span class=\"_ _1\"></span>licato sulle op<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni di co<span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ura del r<span class=\"_ _1\"></span>ischio di c<span class=\"_ _1\"></span>ambio, po<span class=\"_ _1\"></span>ste in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>e dalla Capog<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o, e le variaz<span class=\"_ _1\"></span>ioni di <span class=\"ff79\">fair value</span><span class=\"ls2c ws10b\"> re<span class=\"ls0 ws0\">-</span></span>lative a s<span class=\"_ _1\"></span>trume<span class=\"_ _1\"></span>nti deri<span class=\"_ _1\"></span>vati cla<span class=\"_ _1\"></span>ssif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ati non di c<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tura e s<span class=\"_ _1\"></span>ono da met<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re in stre<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>a rela<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e con gli utili e p<span class=\"_ _1\"></span>erdite s<span class=\"_ _1\"></span>u cambi. N<span class=\"_ _1\"></span>el co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ese<span class=\"_ _1\"></span>rcizi<span class=\"_ _1\"></span>o 2022 si \u00e8 ver<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>icato un impat<span class=\"_ _1\"></span>to net<span class=\"_ _1\"></span>to di on<span class=\"_ _1\"></span>eri p<span class=\"_ _1\"></span>er ad<span class=\"_ _1\"></span>eguam<span class=\"_ _1\"></span>ento al <span class=\"ff79\">fair value</span><span class=\"ls8 wsdf\"> dei derivati </span>per Euro 1<span class=\"_ _4\"></span>7<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>926 migliaia rispet<span class=\"_ _1\"></span>to a un impat<span class=\"_ _1\"></span>to net<span class=\"_ _1\"></span>to di one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari per Euro 16.28<span class=\"_ _1\"></span>4 migliaia nell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021<span class=\"_ _4\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__146": {
   "value": "37. Imposte sul r<span class=\"_ _4\"></span>edditoLe impos<span class=\"_ _1\"></span>te rile<span class=\"_ _1\"></span>vate a conto e<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>omico s<span class=\"_ _1\"></span>ono le s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti:V<span class=\"_ _0\"></span>ariazione(In migliaia di Euro)<span class=\"_ _12a\"> </span>2022<span class=\"_ _1b6\"> </span>20212022 vs 2021Imposte cor<span class=\"_ _0\"></span>renti<span class=\"_ _12a\"> </span>(37.080)<span class=\"_ _21a\"> </span>(18.922)<span class=\"_ _7a\"> </span>(18.158)Imposte differite<span class=\"_ _2d3\"> </span>3.205<span class=\"_ _21a\"> </span>(17.117)<span class=\"_ _e2\"> </span>20.322Acc<span class=\"_ _0\"></span>antonamento per imposte esercizi pr<span class=\"_ _0\"></span>ecedenti<span class=\"_ _115\"> </span>(1.935)<span class=\"_ _1b6\"> </span>(250)<span class=\"_ _c0\"> </span>(1.685)T<span class=\"_ _4\"></span>otale<span class=\"_ _2d5\"> </span>(35.810) <span class=\"_ _293\"> </span>(36.289) <span class=\"_ _282\"> </span>479 T<span class=\"_ _4\"></span>ax rate<span class=\"_ _1df\"> </span><span class=\"ff76\">35,4% <span class=\"_ _229\"> </span>29,6% </span>L<span class=\"_ _6\"></span>\u2019aliquota f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>va pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2 si \u00e8 atte<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a al 35,4%. La vo<span class=\"_ _1\"></span>ce Acc<span class=\"_ _1\"></span>antoname<span class=\"_ _1\"></span>nto per imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi prec<span class=\"_ _1\"></span>ede<span class=\"_ _1\"></span>nti si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ce, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2022<span class=\"_ _1\"></span>, principalme<span class=\"_ _1\"></span>nte all<span class=\"_ _1\"></span>\u2019accantoname<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>lla Ferrag<span class=\"_ _1\"></span>amo De<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>schland G<span class=\"_ _1\"></span>mbH, per Euro 1.9<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>7 migliaia, sulla verif<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>, relati<span class=\"_ _1\"></span>va ai p<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>di di impo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>a 201<span class=\"_ _5\"></span>1-<span class=\"_ _4\"></span>201<span class=\"_ _6\"></span>4 e ap<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a ne<span class=\"_ _1\"></span>l 201<span class=\"_ _4\"></span>6, p<span class=\"_ _1\"></span>er i cui det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"ls0 ws0\">-</span>gli si rimanda al p<span class=\"_ _1\"></span>aragrafo \u201c<span class=\"_ _1\"></span>Fatti di rilie<span class=\"_ _1\"></span>vo av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio - Verifi<span class=\"_ _1\"></span>che e conte<span class=\"_ _1\"></span>nzio<span class=\"_ _1\"></span>si f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali e do<span class=\"_ _1\"></span>ganali<span class=\"_ _1\"></span>\u201d nella Re<span class=\"_ _1\"></span>lazio<span class=\"_ _1\"></span>ne sulla G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tione<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 202<span class=\"_ _0\"></span>1 si riferi<span class=\"_ _1\"></span>va, p<span class=\"_ _1\"></span>er Euro 250 mig<span class=\"_ _1\"></span>liaia, all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>accanto<span class=\"_ _1\"></span>namento d<span class=\"_ _1\"></span>ella Fer<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gamo France S<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>. sulla ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>ica f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cal<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>va ai pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>di di impos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a 200<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>201<span class=\"_ _4\"></span>0 e ape<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ta n<span class=\"_ _1\"></span>el 201<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>, pe<span class=\"_ _1\"></span>r i cui det<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>agli si rimanda al parag<span class=\"_ _1\"></span>rafo \u201cFat<span class=\"_ _1\"></span>ti di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio - Verif<span class=\"_ _1\"></span>iche e co<span class=\"_ _1\"></span>ntenz<span class=\"_ _1\"></span>iosi f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali e d<span class=\"_ _1\"></span>oganali<span class=\"_ _2\"></span>\u201d nella Rela<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>ulla Ges<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>ne. D<span class=\"_ _1\"></span>epur<span class=\"_ _1\"></span>ando il <span class=\"ff79 ls5d ws4f\">t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x ra<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span></span> deg<span class=\"_ _1\"></span>li accanto<span class=\"_ _1\"></span>namenti p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te relati<span class=\"_ _1\"></span>ve ad e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zi pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e include<span class=\"_ _1\"></span>ndo p<span class=\"_ _1\"></span>er l<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 2021 nel Risult<span class=\"_ _1\"></span>ato ante imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e e nelle Imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te sul re<span class=\"_ _1\"></span>ddito gli e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>i dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>a ces<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ata, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ali<span class=\"_ _1\"></span>quota f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>scal<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a degli e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rcizi 202<span class=\"_ _1\"></span>2 e 202<span class=\"_ _4\"></span>1 s<span class=\"_ _1\"></span>areb<span class=\"_ _1\"></span>be s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente d<span class=\"_ _1\"></span>el 33,5% e del 30<span class=\"_ _1\"></span>,8<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span>.Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e includon<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio di imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>ferite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>u pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>9 migliaia, relati<span class=\"_ _1\"></span>ve principalme<span class=\"_ _1\"></span>nte alla Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. Imposte differite attive e passi<span class=\"_ _0\"></span>veNel s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziati p<span class=\"_ _1\"></span>er natura i c<span class=\"_ _1\"></span>ompo<span class=\"_ _1\"></span>nenti de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 ed a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 20222021202220212022<span class=\"_ _b4\"> </span>2021Altre c<span class=\"_ _0\"></span>omponenti del C<span class=\"_ _0\"></span>onto (In migliaia di Euro)<span class=\"_ _17a\"> </span>Stato patrimonialeeconomic<span class=\"_ _0\"></span>o complessivo<span class=\"_ _5e\"> </span>Conto ec<span class=\"_ _4\"></span>onomicoImposte differite Attive - sui benefici a dipendenti<span class=\"_ _160\"> </span>1.014 <span class=\"_ _83\"> </span>1.216 <span class=\"_ _c5\"> </span>489 <span class=\"_ _b4\"> </span>685 <span class=\"_ _25\"> </span>(42) <span class=\"_ _a9\"> </span>(18)  - sulle attivit\u00e0 materiali <span class=\"_ _152\"> </span>9.621 <span class=\"_ _209\"> </span>11.619 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _209\"> </span>(2.683) <span class=\"_ _ac\"> </span>437  - sulle attivit\u00e0 immateriali <span class=\"_ _2d6\"> </span>1.706 <span class=\"_ _81\"> </span>2.057 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(352) <span class=\"_ _b4\"> </span>1.842  - sulle attivit\u00e0 per diritto d\u2019uso e passivit\u00e0 per <span class=\"ff77\">leasing</span> <span class=\"_ _c6\"> </span>15.174 <span class=\"_ _16a\"> </span>15.084 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _a7\"> </span>(<span class=\"_ _1\"></span>749) <span class=\"_ _e0\"> </span>(820)  - sulla riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _169\"> </span></span>- <span class=\"_ _81\"> </span>2.024 <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>2.024 <span class=\"_ _bc\"> </span>- <span class=\"_ _be\"> </span>-  - sulla valutazione delle rimanenze<span class=\"_ _ae\"> </span>15.181 <span class=\"_ _16a\"> </span>15.455 <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(541) <span class=\"_ _a7\"> </span>(3.099)  - sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze <span class=\"_ _80\"> </span>49.566 <span class=\"_ _209\"> </span>37.749 <span class=\"_ _62\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _16a\"> </span>11.817 <span class=\"_ _77\"> </span>(10.998)  - su perdite fisc<span class=\"_ _0\"></span>ali <span class=\"_ _1ea\"> </span>2.035 <span class=\"_ _81\"> </span>9.986 <span class=\"_ _62\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _5d\"> </span>(7.989) <span class=\"_ _1d0\"> </span>(2.575)  - su fondi tassati <span class=\"_ _1fe\"> </span>3.601 <span class=\"_ _83\"> </span>2.540 <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _b4\"> </span>980 <span class=\"_ _e0\"> </span>(371)  - per altre differ<span class=\"_ _0\"></span>enze tempor<span class=\"_ _0\"></span>anee <span class=\"_ _2d7\"> </span>11.192 <span class=\"_ _81\"> </span>7.738 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>3.202 <span class=\"_ _1d0\"> </span>(3.463) Imposte differite Attive <span class=\"_ _15a\"> </span><span class=\"ws0\">109.090 <span class=\"_ _1d2\"> </span>105.468 <span class=\"_ _25\"> </span>489 <span class=\"_ _5e\"> </span>2.709 <span class=\"_ _5e\"> </span>3.643 <span class=\"_ _204\"> </span>(19.065) </span>Imposte differite P<span class=\"_ _4\"></span>assive<span class=\"_ _f4\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _c0\"> </span>  - sui benefici a dipendenti<span class=\"_ _2d8\"> </span>(133) <span class=\"_ _a7\"> </span>(103) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _25\"> </span>(38) <span class=\"_ _a9\"> </span>(72)  - sulle attivit\u00e0 materiali<span class=\"_ _2d9\"> </span>(438) <span class=\"_ _a7\"> </span>(337) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(110) <span class=\"_ _7a\"> </span>5  - sulle attivit\u00e0 per diritto d\u2019uso e passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _b3\"> </span></span>- <span class=\"_ _a7\"> </span>(141) <span class=\"_ _114\"> </span>- <span class=\"_ _62\"> </span>- <span class=\"_ _c5\"> </span>133 <span class=\"_ _a9\"> </span>(15)  - sulle attivit\u00e0 immateriali <span class=\"_ _163\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _62\"> </span>- <span class=\"_ _b4\"> </span>1.613  - sulla riserva di <span class=\"ff77\">cash flow hedge <span class=\"_ _23c\"> </span></span>(2.277) <span class=\"_ _114\"> </span>- <span class=\"_ _209\"> </span>(2.279) <span class=\"_ _bc\"> </span>- <span class=\"_ _119\"> </span>2 <span class=\"_ _bc\"> </span>(2)  - sulla valutazione delle rimanenze <span class=\"_ _1cc\"> </span>(2.283<span class=\"_ _0\"></span>) <span class=\"_ _5d\"> </span>(1.805) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _a7\"> </span>(477<span class=\"_ _1\"></span>) <span class=\"_ _ac\"> </span>444  - per altre differ<span class=\"_ _0\"></span>enze tempor<span class=\"_ _0\"></span>anee <span class=\"_ _286\"> </span>(940) <span class=\"_ _1d0\"> </span>(994) <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1e2\"> </span>52 <span class=\"_ _a9\"> </span>(25) Imposte differite P<span class=\"_ _4\"></span>assive<span class=\"_ _2da\"> </span>(6.071) <span class=\"_ _1a8\"> </span>(3.380) <span class=\"_ _1a8\"> </span>(2.279) <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>(438) <span class=\"_ _c5\"> </span>1.948 Effetto Netto <span class=\"_ _278\"> </span>103.019 <span class=\"_ _1d2\"> </span>102.088 <span class=\"_ _16e\"> </span>(1.790) <span class=\"_ _5e\"> </span>2.709 <span class=\"_ _5e\"> </span>3.205 <span class=\"_ _204\"> </span>(17.117) Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>tono l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>ra il valo<span class=\"_ _1\"></span>re ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato a bilan<span class=\"_ _1\"></span>cio e la base f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>onibile de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. La cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione in bilanci<span class=\"_ _1\"></span>o delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ata op<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>tunam<span class=\"_ _1\"></span>ente ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er te<span class=\"_ _1\"></span>nere conto d<span class=\"_ _1\"></span>ell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zo. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve su pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pr<span class=\"_ _1\"></span>egre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se, i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te dop<span class=\"_ _1\"></span>o aver ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>icato l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a pos<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di un red<span class=\"_ _1\"></span>dito imponibile f<span class=\"_ _1\"></span>uturo a fronte de<span class=\"_ _1\"></span>l quale pot<span class=\"_ _1\"></span>ranno e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>e, al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 sono le seguenti:31 dicembr<span class=\"_ _4\"></span>e 2022ScadenzaP<span class=\"_ _0\"></span>erdite fisc<span class=\"_ _0\"></span>ali Imposte differite (In migliaia di Euro)pregr<span class=\"_ _0\"></span>esse<span class=\"_ _16a\"> </span>Aliquota fiscale attiveSenza limiti temporali<span class=\"_ _2ac\"> </span>6.681 <span class=\"_ _be\"> </span>23,96%<span class=\"_ _26a\"> </span>1.601 Oltre 3 ed entro 5 anni<span class=\"_ _8f\"> </span>355 <span class=\"_ _a4\"> </span>19,00%<span class=\"_ _6f\"> </span>68 Oltre 5 anni<span class=\"_ _2db\"> </span>1.195 <span class=\"_ _a4\"> </span>30,62%<span class=\"_ _1a7\"> </span>366 T<span class=\"_ _4\"></span>otale<span class=\"_ _2dc\"> </span>8.231 <span class=\"_ _f3\"> </span>24,72%<span class=\"_ _283\"> </span>2.035 31 dicembr<span class=\"_ _4\"></span>e 2021ScadenzaP<span class=\"_ _0\"></span>erdite fisc<span class=\"_ _0\"></span>ali Imposte differite (In migliaia di Euro)pregr<span class=\"_ _0\"></span>esse<span class=\"_ _16a\"> </span>Aliquota fiscale attiveSenza limiti temporali<span class=\"_ _2ae\"> </span>42.038<span class=\"_ _2a1\"> </span>23,75%<span class=\"_ _26a\"> </span>9.986T<span class=\"_ _4\"></span>otale<span class=\"_ _2dd\"> </span>42.038<span class=\"_ _27\"> </span>23,75%<span class=\"_ _76\"> </span>9.986Le per<span class=\"_ _1\"></span>dite f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sulle quali non sono s<span class=\"_ _1\"></span>tate c<span class=\"_ _1\"></span>alco<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>late le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive, p<span class=\"_ _1\"></span>oich\u00e9 no<span class=\"_ _1\"></span>n \u00e8 probab<span class=\"_ _1\"></span>ile che sar<span class=\"_ _1\"></span>\u00e0 disp<span class=\"_ _1\"></span>onibile in futuro un re<span class=\"_ _1\"></span>ddit<span class=\"_ _1\"></span>o imponibile a f<span class=\"_ _1\"></span>ronte del quale il Grupp<span class=\"_ _1\"></span>o potr<span class=\"_ _1\"></span>\u00e0 utiliz<span class=\"_ _2\"></span>zare i relati<span class=\"_ _1\"></span>vi b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici, e la relati<span class=\"_ _1\"></span>va sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:31 dicembr<span class=\"_ _4\"></span>e 2022ScadenzaSenza limiti <span class=\"_ _3\"></span> oltre 1 ed <span class=\"_ _3\"></span> oltre 3 ed <span class=\"_ _3\"></span> (In migliaia di Euro)temporali<span class=\"_ _13b\"> </span>Entro 1 annoentro 3 annientro 5 anni<span class=\"_ _cb\"> </span>oltre 5 anni172.681 <span class=\"_ _12\"> </span><span class=\"ff74\">121.603 <span class=\"_ _ee\"> </span>3.716 <span class=\"_ _63\"> </span>12.396 <span class=\"_ _a5\"> </span>10.462 <span class=\"_ _1f6\"> </span>24.504 </span>31 dicembr<span class=\"_ _4\"></span>e 2021ScadenzaSenza limiti <span class=\"_ _3\"></span> oltre 1 ed <span class=\"_ _3\"></span> oltre 3 ed <span class=\"_ _3\"></span> (In migliaia di Euro)temporali<span class=\"_ _13b\"> </span>Entro 1 annoentro 3 annientro 5 anni<span class=\"_ _cb\"> </span>oltre 5 anni166.126<span class=\"_ _aa\"> </span><span class=\"ff74\">120.970<span class=\"_ _284\"> </span>2.450<span class=\"_ _27\"> </span>6.364<span class=\"_ _bf\"> </span>19.167<span class=\"_ _173\"> </span>17.175</span>Di se<span class=\"_ _1\"></span>guito si r<span class=\"_ _1\"></span>ipor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a la ricon<span class=\"_ _1\"></span>ciliazion<span class=\"_ _1\"></span>e fra l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>nere f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ale te<span class=\"_ _1\"></span>orico e l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>onere e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>fetti<span class=\"_ _1\"></span>vo:(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Risultato ante imposte dall'attivit\u00e0 in funzionamento<span class=\"_ _107\"> </span>101.162 <span class=\"_ _79\"> </span>122.618 Risultato ante imposte da attivit\u00e0 operativ<span class=\"_ _0\"></span>a c<span class=\"_ _0\"></span>essata<span class=\"_ _211\"> </span>- <span class=\"_ _26a\"> </span>(5.030) Risultato ante imposte<span class=\"_ _f7\"> </span>101.162 <span class=\"_ _e2\"> </span>117.588 Aliquota IRES in vigor<span class=\"_ _0\"></span>e per l'esercizio<span class=\"_ _2de\"> </span>(24,0%) <span class=\"_ _21a\"> </span>(24,0%) Onere fisc<span class=\"_ _0\"></span>ale teorico<span class=\"_ _40\"> </span>(24.279) <span class=\"_ _293\"> </span>(28.221) Effetto IRAP <span class=\"_ _190\"> </span>(6.776) <span class=\"_ _283\"> </span>(2.797<span class=\"_ _1\"></span>) Effetto affranc<span class=\"_ _0\"></span>amento avviamento e k<span class=\"_ _0\"></span>now how<span class=\"_ _129\"> </span><span class=\"ff74\">- <span class=\"_ _1f7\"> </span>1.461 </span>(C<span class=\"_ _0\"></span>osti non deducibili) al netto di prov<span class=\"_ _0\"></span>enti non tassabili<span class=\"_ _1db\"> </span>2.172 <span class=\"_ _71\"> </span>(358) Differenz<span class=\"_ _0\"></span>e derivanti da differ<span class=\"_ _0\"></span>enti aliquote - paesi esteri<span class=\"_ _12d\"> </span>(1.011) <span class=\"_ _26a\"> </span>(3.054) Altri effetti<span class=\"_ _2ab\"> </span>588 <span class=\"_ _71\"> </span>(287) Effetti rivenienti dalla manc<span class=\"_ _0\"></span>ata iscrizione della fiscalit\u00e0 differita<span class=\"_ _f9\"> </span>(4.569) <span class=\"_ _283\"> </span>(2.945) Effetto (acc<span class=\"_ _0\"></span>antonamento) /utilizzo fondo rischi imposte esercizi pr<span class=\"_ _0\"></span>ecedenti<span class=\"_ _2df\"> </span>(1.935) <span class=\"_ _71\"> </span>(250) T<span class=\"_ _4\"></span>otale delle differenze<span class=\"_ _1b8\"> </span>(11.531) <span class=\"_ _284\"> </span>(8.230) T<span class=\"_ _4\"></span>otale imposte <span class=\"_ _135\"> </span>(35.810) <span class=\"_ _293\"> </span>(36.451) di cui imposte sul reddito sull'attivit\u00e0 oper<span class=\"_ _0\"></span>ative c<span class=\"_ _0\"></span>essata<span class=\"_ _99\"> </span>- <span class=\"_ _71\"> </span>(162) di cui imposte sul reddito sull'attivit\u00e0 in funzionamento<span class=\"_ _2b1\"> </span>(35.810) <span class=\"_ _e2\"> </span>(36.289) Aliquota fiscale effettiv<span class=\"_ _0\"></span>a <span class=\"_ _147\"> </span>(35,4%) <span class=\"_ _ee\"> </span>(31,0%)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__147": {
   "value": "Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e includon<span class=\"_ _1\"></span>o l<span class=\"_ _1\"></span>\u2019utiliz<span class=\"_ _1\"></span>zo net<span class=\"_ _1\"></span>to ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio di imp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>e dif<span class=\"_ _1\"></span>ferite at<span class=\"_ _1\"></span>tive s<span class=\"_ _1\"></span>u pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r Euro 7<span class=\"_ _6\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>9 migliaia, relati<span class=\"_ _1\"></span>ve principalme<span class=\"_ _1\"></span>nte alla Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. Imposte differite attive e passi<span class=\"_ _0\"></span>veNel s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente pro<span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nziati p<span class=\"_ _1\"></span>er natura i c<span class=\"_ _1\"></span>ompo<span class=\"_ _1\"></span>nenti de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 e pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 p<span class=\"_ _1\"></span>er impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite al 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022 ed a<span class=\"_ _1\"></span>l 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 31 dicembr<span class=\"_ _0\"></span>e 20222021202220212022<span class=\"_ _b4\"> </span>2021Altre c<span class=\"_ _0\"></span>omponenti del C<span class=\"_ _0\"></span>onto (In migliaia di Euro)<span class=\"_ _17a\"> </span>Stato patrimonialeeconomic<span class=\"_ _0\"></span>o complessivo<span class=\"_ _5e\"> </span>Conto ec<span class=\"_ _4\"></span>onomicoImposte differite Attive - sui benefici a dipendenti<span class=\"_ _160\"> </span>1.014 <span class=\"_ _83\"> </span>1.216 <span class=\"_ _c5\"> </span>489 <span class=\"_ _b4\"> </span>685 <span class=\"_ _25\"> </span>(42) <span class=\"_ _a9\"> </span>(18)  - sulle attivit\u00e0 materiali <span class=\"_ _152\"> </span>9.621 <span class=\"_ _209\"> </span>11.619 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _209\"> </span>(2.683) <span class=\"_ _ac\"> </span>437  - sulle attivit\u00e0 immateriali <span class=\"_ _2d6\"> </span>1.706 <span class=\"_ _81\"> </span>2.057 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(352) <span class=\"_ _b4\"> </span>1.842  - sulle attivit\u00e0 per diritto d\u2019uso e passivit\u00e0 per <span class=\"ff77\">leasing</span> <span class=\"_ _c6\"> </span>15.174 <span class=\"_ _16a\"> </span>15.084 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _a7\"> </span>(<span class=\"_ _1\"></span>749) <span class=\"_ _e0\"> </span>(820)  - sulla riserva di <span class=\"ff77\">cash flow hedge<span class=\"_ _169\"> </span></span>- <span class=\"_ _81\"> </span>2.024 <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>2.024 <span class=\"_ _bc\"> </span>- <span class=\"_ _be\"> </span>-  - sulla valutazione delle rimanenze<span class=\"_ _ae\"> </span>15.181 <span class=\"_ _16a\"> </span>15.455 <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(541) <span class=\"_ _a7\"> </span>(3.099)  - sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze <span class=\"_ _80\"> </span>49.566 <span class=\"_ _209\"> </span>37.749 <span class=\"_ _62\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _16a\"> </span>11.817 <span class=\"_ _77\"> </span>(10.998)  - su perdite fisc<span class=\"_ _0\"></span>ali <span class=\"_ _1ea\"> </span>2.035 <span class=\"_ _81\"> </span>9.986 <span class=\"_ _62\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _5d\"> </span>(7.989) <span class=\"_ _1d0\"> </span>(2.575)  - su fondi tassati <span class=\"_ _1fe\"> </span>3.601 <span class=\"_ _83\"> </span>2.540 <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _b4\"> </span>980 <span class=\"_ _e0\"> </span>(371)  - per altre differ<span class=\"_ _0\"></span>enze tempor<span class=\"_ _0\"></span>anee <span class=\"_ _2d7\"> </span>11.192 <span class=\"_ _81\"> </span>7.738 <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>3.202 <span class=\"_ _1d0\"> </span>(3.463) Imposte differite Attive <span class=\"_ _15a\"> </span><span class=\"ws0\">109.090 <span class=\"_ _1d2\"> </span>105.468 <span class=\"_ _25\"> </span>489 <span class=\"_ _5e\"> </span>2.709 <span class=\"_ _5e\"> </span>3.643 <span class=\"_ _204\"> </span>(19.065) </span>Imposte differite P<span class=\"_ _4\"></span>assive<span class=\"_ _f4\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _c0\"> </span>  - sui benefici a dipendenti<span class=\"_ _2d8\"> </span>(133) <span class=\"_ _a7\"> </span>(103) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _25\"> </span>(38) <span class=\"_ _a9\"> </span>(72)  - sulle attivit\u00e0 materiali<span class=\"_ _2d9\"> </span>(438) <span class=\"_ _a7\"> </span>(337) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1d0\"> </span>(110) <span class=\"_ _7a\"> </span>5  - sulle attivit\u00e0 per diritto d\u2019uso e passivit\u00e0 per <span class=\"ff77\">leasing<span class=\"_ _b3\"> </span></span>- <span class=\"_ _a7\"> </span>(141) <span class=\"_ _114\"> </span>- <span class=\"_ _62\"> </span>- <span class=\"_ _c5\"> </span>133 <span class=\"_ _a9\"> </span>(15)  - sulle attivit\u00e0 immateriali <span class=\"_ _163\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _62\"> </span>- <span class=\"_ _b4\"> </span>1.613  - sulla riserva di <span class=\"ff77\">cash flow hedge <span class=\"_ _23c\"> </span></span>(2.277) <span class=\"_ _114\"> </span>- <span class=\"_ _209\"> </span>(2.279) <span class=\"_ _bc\"> </span>- <span class=\"_ _119\"> </span>2 <span class=\"_ _bc\"> </span>(2)  - sulla valutazione delle rimanenze <span class=\"_ _1cc\"> </span>(2.283<span class=\"_ _0\"></span>) <span class=\"_ _5d\"> </span>(1.805) <span class=\"_ _114\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _a7\"> </span>(477<span class=\"_ _1\"></span>) <span class=\"_ _ac\"> </span>444  - per altre differ<span class=\"_ _0\"></span>enze tempor<span class=\"_ _0\"></span>anee <span class=\"_ _286\"> </span>(940) <span class=\"_ _1d0\"> </span>(994) <span class=\"_ _bc\"> </span>- <span class=\"_ _114\"> </span>- <span class=\"_ _1e2\"> </span>52 <span class=\"_ _a9\"> </span>(25) Imposte differite P<span class=\"_ _4\"></span>assive<span class=\"_ _2da\"> </span>(6.071) <span class=\"_ _1a8\"> </span>(3.380) <span class=\"_ _1a8\"> </span>(2.279) <span class=\"_ _114\"> </span>- <span class=\"_ _83\"> </span>(438) <span class=\"_ _c5\"> </span>1.948 Effetto Netto <span class=\"_ _278\"> </span>103.019 <span class=\"_ _1d2\"> </span>102.088 <span class=\"_ _16e\"> </span>(1.790) <span class=\"_ _5e\"> </span>2.709 <span class=\"_ _5e\"> </span>3.205 <span class=\"_ _204\"> </span>(17.117) Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e rif<span class=\"_ _1\"></span>let<span class=\"_ _1\"></span>tono l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ale net<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>lle dif<span class=\"_ _1\"></span>fere<span class=\"_ _1\"></span>nze te<span class=\"_ _1\"></span>mpor<span class=\"_ _1\"></span>anee t<span class=\"_ _1\"></span>ra il valo<span class=\"_ _1\"></span>re ripo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tato a bilan<span class=\"_ _1\"></span>cio e la base f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>almente imp<span class=\"_ _1\"></span>onibile de<span class=\"_ _1\"></span>lle att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 e de<span class=\"_ _1\"></span>lle pas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0. La cont<span class=\"_ _1\"></span>abiliz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione in bilanci<span class=\"_ _1\"></span>o delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er imp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e \u00e8 st<span class=\"_ _1\"></span>ata op<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>tunam<span class=\"_ _1\"></span>ente ret<span class=\"_ _1\"></span>tif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ata p<span class=\"_ _1\"></span>er te<span class=\"_ _1\"></span>nere conto d<span class=\"_ _1\"></span>ell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a po<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di re<span class=\"_ _1\"></span>aliz<span class=\"_ _2\"></span>zo. Le impos<span class=\"_ _1\"></span>te dif<span class=\"_ _1\"></span>ferit<span class=\"_ _1\"></span>e atti<span class=\"_ _1\"></span>ve su pe<span class=\"_ _1\"></span>rdite f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cali pr<span class=\"_ _1\"></span>egre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se, i<span class=\"_ _1\"></span>scrit<span class=\"_ _1\"></span>te dop<span class=\"_ _1\"></span>o aver ve<span class=\"_ _1\"></span>rif<span class=\"_ _1\"></span>icato l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>a pos<span class=\"_ _1\"></span>sibilit<span class=\"_ _1\"></span>\u00e0 di un red<span class=\"_ _1\"></span>dito imponibile f<span class=\"_ _1\"></span>uturo a fronte de<span class=\"_ _1\"></span>l quale pot<span class=\"_ _1\"></span>ranno e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>e, al 3<span class=\"_ _0\"></span>1 dicembre 202<span class=\"_ _1\"></span>2 e al 3<span class=\"_ _4\"></span>1 di<span class=\"_ _1\"></span>cembre 2021 sono le seguenti:31 dicembr<span class=\"_ _4\"></span>e 2022ScadenzaP<span class=\"_ _0\"></span>erdite fisc<span class=\"_ _0\"></span>ali Imposte differite (In migliaia di Euro)pregr<span class=\"_ _0\"></span>esse<span class=\"_ _16a\"> </span>Aliquota fiscale attiveSenza limiti temporali<span class=\"_ _2ac\"> </span>6.681 <span class=\"_ _be\"> </span>23,96%<span class=\"_ _26a\"> </span>1.601 Oltre 3 ed entro 5 anni<span class=\"_ _8f\"> </span>355 <span class=\"_ _a4\"> </span>19,00%<span class=\"_ _6f\"> </span>68 Oltre 5 anni<span class=\"_ _2db\"> </span>1.195 <span class=\"_ _a4\"> </span>30,62%<span class=\"_ _1a7\"> </span>366 T<span class=\"_ _4\"></span>otale<span class=\"_ _2dc\"> </span>8.231 <span class=\"_ _f3\"> </span>24,72%<span class=\"_ _283\"> </span>2.035 31 dicembr<span class=\"_ _4\"></span>e 2021ScadenzaP<span class=\"_ _0\"></span>erdite fisc<span class=\"_ _0\"></span>ali Imposte differite (In migliaia di Euro)pregr<span class=\"_ _0\"></span>esse<span class=\"_ _16a\"> </span>Aliquota fiscale attiveSenza limiti temporali<span class=\"_ _2ae\"> </span>42.038<span class=\"_ _2a1\"> </span>23,75%<span class=\"_ _26a\"> </span>9.986T<span class=\"_ _4\"></span>otale<span class=\"_ _2dd\"> </span>42.038<span class=\"_ _27\"> </span>23,75%<span class=\"_ _76\"> </span>9.986Le per<span class=\"_ _1\"></span>dite f<span class=\"_ _1\"></span>isc<span class=\"_ _1\"></span>ali dell<span class=\"_ _1\"></span>e so<span class=\"_ _1\"></span>ciet\u00e0 d<span class=\"_ _1\"></span>el Gr<span class=\"_ _1\"></span>uppo al 31 d<span class=\"_ _0\"></span>icemb<span class=\"_ _1\"></span>re 2022 e al 3<span class=\"_ _0\"></span>1 dicembre 2021 sulle quali non sono s<span class=\"_ _1\"></span>tate c<span class=\"_ _1\"></span>alco<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>late le impo<span class=\"_ _1\"></span>ste dif<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rite att<span class=\"_ _1\"></span>ive, p<span class=\"_ _1\"></span>oich\u00e9 no<span class=\"_ _1\"></span>n \u00e8 probab<span class=\"_ _1\"></span>ile che sar<span class=\"_ _1\"></span>\u00e0 disp<span class=\"_ _1\"></span>onibile in futuro un re<span class=\"_ _1\"></span>ddit<span class=\"_ _1\"></span>o imponibile a f<span class=\"_ _1\"></span>ronte del quale il Grupp<span class=\"_ _1\"></span>o potr<span class=\"_ _1\"></span>\u00e0 utiliz<span class=\"_ _2\"></span>zare i relati<span class=\"_ _1\"></span>vi b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici, e la relati<span class=\"_ _1\"></span>va sc<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a son<span class=\"_ _1\"></span>o ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ate ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>ente:31 dicembr<span class=\"_ _4\"></span>e 2022ScadenzaSenza limiti <span class=\"_ _3\"></span> oltre 1 ed <span class=\"_ _3\"></span> oltre 3 ed <span class=\"_ _3\"></span> (In migliaia di Euro)temporali<span class=\"_ _13b\"> </span>Entro 1 annoentro 3 annientro 5 anni<span class=\"_ _cb\"> </span>oltre 5 anni172.681 <span class=\"_ _12\"> </span><span class=\"ff74\">121.603 <span class=\"_ _ee\"> </span>3.716 <span class=\"_ _63\"> </span>12.396 <span class=\"_ _a5\"> </span>10.462 <span class=\"_ _1f6\"> </span>24.504 </span>31 dicembr<span class=\"_ _4\"></span>e 2021ScadenzaSenza limiti <span class=\"_ _3\"></span> oltre 1 ed <span class=\"_ _3\"></span> oltre 3 ed <span class=\"_ _3\"></span> (In migliaia di Euro)temporali<span class=\"_ _13b\"> </span>Entro 1 annoentro 3 annientro 5 anni<span class=\"_ _cb\"> </span>oltre 5 anni166.126<span class=\"_ _aa\"> </span>120.970<span class=\"_ _284\"> </span>2.450<span class=\"_ _27\"> </span>6.364<span class=\"_ _bf\"> </span>19.167<span class=\"_ _173\"> </span>17.175",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__148": {
   "value": "38. Risultato per azioneCome ri<span class=\"_ _1\"></span>chies<span class=\"_ _1\"></span>to dallo IA<span class=\"_ _1\"></span>S 33 si fornis<span class=\"_ _1\"></span>cono l<span class=\"_ _1\"></span>e informazio<span class=\"_ _1\"></span>ni sui dati utiliz<span class=\"_ _2\"></span>zati pe<span class=\"_ _1\"></span>r il cal<span class=\"_ _1\"></span>colo de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r azio<span class=\"_ _1\"></span>ne e diluito. Il risult<span class=\"_ _1\"></span>ato ba<span class=\"_ _1\"></span>se pe<span class=\"_ _1\"></span>r az<span class=\"_ _1\"></span>ione \u00e8 c<span class=\"_ _1\"></span>alcolato di<span class=\"_ _1\"></span>vid<span class=\"_ _1\"></span>endo il r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ato eco<span class=\"_ _1\"></span>nomico de<span class=\"_ _1\"></span>l pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do, utile o p<span class=\"_ _1\"></span>erdit<span class=\"_ _1\"></span>a, attrib<span class=\"_ _1\"></span>uibile agli az<span class=\"_ _1\"></span>ionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>lla Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o per il num<span class=\"_ _1\"></span>ero me<span class=\"_ _1\"></span>dio po<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>rato de<span class=\"_ _1\"></span>lle azio<span class=\"_ _1\"></span>ni in circolaz<span class=\"_ _1\"></span>ione durante il p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>riod<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto, ten<span class=\"_ _1\"></span>endo c<span class=\"_ _1\"></span>onto anche d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019effe<span class=\"_ _1\"></span>tto m<span class=\"_ _1\"></span>edio p<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>erato de<span class=\"_ _1\"></span>lle a<span class=\"_ _1\"></span>zioni prop<span class=\"_ _1\"></span>rie in po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tafoglio dur<span class=\"_ _1\"></span>ante il per<span class=\"_ _1\"></span>iodo di r<span class=\"_ _1\"></span>iferime<span class=\"_ _1\"></span>nto. Di se<span class=\"_ _1\"></span>guito s<span class=\"_ _1\"></span>ono e<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i i valor<span class=\"_ _1\"></span>i utiliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>l calc<span class=\"_ _1\"></span>olo de<span class=\"_ _1\"></span>l risult<span class=\"_ _1\"></span>ato pe<span class=\"_ _1\"></span>r azi<span class=\"_ _1\"></span>one bas<span class=\"_ _1\"></span>e e diluito.2022<span class=\"_ _1b6\"> </span>2021Utile (perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _0\"></span>o)Utile (perdita) da attivit\u00e0 in funzionamento (Euro)<span class=\"_ _2e0\"> </span>69.609.069<span class=\"_ _63\"> </span>83.839.070Utile (perdita) delle attivit\u00e0 destinate alla dismissione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _107\"> </span>-<span class=\"_ _eb\"> </span>(5.192.000)Utile (perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _d8\"> </span>69.609.069<span class=\"_ _101\"> </span>78.647.070Numero medio azioni or<span class=\"_ _0\"></span>dinarie<span class=\"_ _10a\"> </span>166.208.310<span class=\"_ _179\"> </span>168.585.596Risultato per azione base da attivit\u00e0 in funzionamento azioni or<span class=\"_ _0\"></span>dinarie (Euro)<span class=\"_ _15a\"> </span>0,419<span class=\"_ _71\"> </span>0,497Risultato per azione base da attivit\u00e0 oper<span class=\"_ _0\"></span>ativa c<span class=\"_ _0\"></span>essata azioni ordinarie (E<span class=\"_ _0\"></span>uro)<span class=\"_ _2e1\"> </span>0,000<span class=\"_ _171\"> </span>(0,031)Risultato per azione base azioni ordinarie (E<span class=\"_ _0\"></span>uro)<span class=\"_ _2b5\"> </span>0,419<span class=\"_ _71\"> </span>0,467Numero medio azioni or<span class=\"_ _0\"></span>dinarie<span class=\"_ _10a\"> </span>166.208.310<span class=\"_ _179\"> </span>168.585.596Effetto diluitivo piani di <span class=\"ff77\">stock grant<span class=\"_ _167\"> </span></span>114.345<span class=\"_ _8a\"> </span>-Numero medio azioni or<span class=\"_ _0\"></span>dinarie diluito<span class=\"_ _2c9\"> </span>166.322.655<span class=\"_ _1ef\"> </span>168.585.596Risultato per azione diluito da attivit\u00e0 in funzionamento azioni ordinarie (Eur<span class=\"_ _4\"></span>o)<span class=\"_ _dc\"> </span>0,419<span class=\"_ _1a7\"> </span>0,497Risultato per azione diluito da attivit\u00e0 operati<span class=\"_ _0\"></span>va c<span class=\"_ _0\"></span>essata azioni ordinarie (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _1d5\"> </span>0,000<span class=\"_ _27e\"> </span>(0,031)Risultato per azione diluito azioni ordinarie (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _159\"> </span>0,419<span class=\"_ _1a7\"> </span>0,467",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__149": {
   "value": "39. Dividendi La Cap<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>uppo S<span class=\"_ _1\"></span>alvato<span class=\"_ _1\"></span>re Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>., in ese<span class=\"_ _1\"></span>cuz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla delib<span class=\"_ _1\"></span>era d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019As<span class=\"_ _1\"></span>semb<span class=\"_ _1\"></span>lea de<span class=\"_ _1\"></span>gli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l 1<span class=\"_ _4\"></span>2 aprile 2022, ha prov<span class=\"_ _2\"></span>vedut<span class=\"_ _1\"></span>o alla distr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne agli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti di una par<span class=\"_ _1\"></span>te de<span class=\"_ _1\"></span>gli utili acc<span class=\"_ _1\"></span>antonati a R<span class=\"_ _1\"></span>ise<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>va Str<span class=\"_ _1\"></span>aordinaria, at<span class=\"ls0 ws0\">-</span>tingend<span class=\"_ _1\"></span>o dagli utili pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i neg<span class=\"_ _1\"></span>li es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i 200<span class=\"_ _1\"></span>8 \u2013 201<span class=\"_ _4\"></span>6 e ac<span class=\"_ _1\"></span>cantonati in t<span class=\"_ _1\"></span>ale ri<span class=\"_ _1\"></span>ser<span class=\"_ _2\"></span>va, pari a<span class=\"_ _1\"></span>d un div<span class=\"_ _1\"></span>iden<span class=\"_ _1\"></span>do unitar<span class=\"_ _1\"></span>io di Euro 0,34 p<span class=\"_ _1\"></span>er cias<span class=\"_ _1\"></span>cuna dell<span class=\"_ _1\"></span>e n. 1<span class=\"_ _0\"></span>66<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>60<span class=\"_ _1\"></span>0 a<span class=\"_ _1\"></span>zioni o<span class=\"_ _1\"></span>rdinarie in circola<span class=\"_ _1\"></span>zione (al netto de<span class=\"_ _1\"></span>lle n. 1<span class=\"_ _0\"></span>.923.4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 a<span class=\"_ _1\"></span>zioni pro<span class=\"_ _1\"></span>prie in por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>afoglio) al<span class=\"_ _0\"></span>la data de<span class=\"_ _1\"></span>llo st<span class=\"_ _1\"></span>acc<span class=\"_ _1\"></span>o ced<span class=\"_ _1\"></span>ola, pe<span class=\"_ _1\"></span>r un tot<span class=\"_ _1\"></span>ale di Euro 56.734.6<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>4. Al 31 dicembre 2022 i div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi pagati risult<span class=\"_ _1\"></span>ano pari a Euro 56<span class=\"_ _1\"></span>.73<span class=\"_ _0\"></span>3 migliaia. Le altre so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo, co<span class=\"_ _1\"></span>n azio<span class=\"_ _1\"></span>nisti t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>zi di minor<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>a, nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io 2022, non hann<span class=\"_ _1\"></span>o delib<span class=\"_ _1\"></span>erato e<span class=\"_ _1\"></span>/o pagato dividendi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__152": {
   "value": "40. P<span class=\"_ _5\"></span>agamenti basati su azioni L<span class=\"_ _6\"></span>\u2019asse<span class=\"_ _1\"></span>mblea d<span class=\"_ _1\"></span>egli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l 1<span class=\"_ _4\"></span>4 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1 in se<span class=\"_ _1\"></span>de ordinaria ha approv<span class=\"_ _1\"></span>ato due piani di ince<span class=\"_ _1\"></span>ntiva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a favo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>atore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>e Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e, Marco G<span class=\"_ _1\"></span>obb<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i, nonch\u00e9 di e<span class=\"_ _1\"></span>ventuali ulte<span class=\"_ _1\"></span>riori b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari del Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo ch<span class=\"_ _1\"></span>e potrann<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re in futuro indi<span class=\"_ _1\"></span>viduati dal C<span class=\"_ _1\"></span>onsig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione: il pian<span class=\"_ _1\"></span>o \u201c<span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award</span><span class=\"ls0 ws0\"> </span>2022-<span class=\"_ _4\"></span>2026\u201d e il \u201c<span class=\"_ _1\"></span>Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>\u201d<span class=\"_ _0\"></span>. T<span class=\"_ _4\"></span>ali piani hanno avuto av<span class=\"_ _2\"></span>vio p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>Ammini<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>le in data 1\u00b0 gennaio 2022. Per mag<span class=\"_ _2\"></span>giori informa<span class=\"_ _1\"></span>zioni circ<span class=\"_ _1\"></span>a i pred<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i piani di incenti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>i veda il par<span class=\"_ _1\"></span>agrafo \u201cFat<span class=\"_ _1\"></span>ti di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>lla Rela<span class=\"_ _1\"></span>zione F<span class=\"_ _1\"></span>inanziaria Annual<span class=\"_ _1\"></span>e al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 e l\u2019apposit<span class=\"_ _1\"></span>a docume<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>va all<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, dis<span class=\"_ _1\"></span>ponibile s<span class=\"_ _1\"></span>ul sito <span class=\"ff79 lsd ws75\">internet</span> della So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 <span class=\"ff79 ls9 ws8\">htt<span class=\"_ _1\"></span>ps:<span class=\"_ _1\"></span>/<span class=\"_ _4\"></span>/group.ferragamo.com/it<span class=\"ff71 ls4 ws123\">, se<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>zione <span class=\"ff79 ls3a wsa\">Gove<span class=\"_ _1\"></span>rnance<span class=\"_ _1\"></span></span><span class=\"ls4 ws0\">/<span class=\"_ _0\"></span>As<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>emble<span class=\"_ _1\"></span>a deg<span class=\"_ _1\"></span>li azio<span class=\"_ _1\"></span>nist<span class=\"_ _1\"></span>i 202<span class=\"_ _4\"></span>1/<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>4 dicembr<span class=\"_ _1\"></span>e.</span>Piano <span class=\"ff77\">Restr<span class=\"_ _4\"></span>icted Shares</span>a) Descrizione del pianoIl Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span></span>s \u00e8 volto a raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito del compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo pacche<span class=\"_ _1\"></span>tto re<span class=\"_ _1\"></span>tributi<span class=\"_ _1\"></span>vo dei b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari, l<span class=\"_ _1\"></span>\u2019al<span class=\"ls0 ws0\">-</span>lineame<span class=\"_ _1\"></span>nto di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i con tut<span class=\"_ _1\"></span>ti gli <span class=\"ff79 ls2e wsb2\">stakeho<span class=\"_ _0\"></span>lder<span class=\"ff71 ls4 ws88\"> del Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo, favore<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>ne in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare moti<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione e </span></span>f<span class=\"_ _1\"></span>ideli<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne alla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 e al Grupp<span class=\"_ _1\"></span>o Fer<span class=\"_ _1\"></span>ragamo.Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inatario de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>strict<span class=\"_ _1\"></span>ed Share<span class=\"_ _1\"></span>s</span><span class=\"lsb ws1a3\"> \u00e8 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>Amministratore Delegato e Di<span class=\"_ _0\"></span>rettore </span>Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0. Il C<span class=\"_ _1\"></span>onsigli<span class=\"_ _1\"></span>o di Amminis<span class=\"_ _1\"></span>traz<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>otr\u00e0 indi<span class=\"_ _1\"></span>viduare ult<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>ri be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari, a pro<span class=\"_ _1\"></span>prio ins<span class=\"_ _1\"></span>indac<span class=\"_ _1\"></span>abile giudizi<span class=\"_ _1\"></span>o, tra i <span class=\"ff79 ls47 ws9\">manager</span> che r<span class=\"_ _1\"></span>icopro<span class=\"_ _1\"></span>no e ricop<span class=\"_ _1\"></span>riranno il ru<span class=\"_ _1\"></span>olo di amminis<span class=\"_ _1\"></span>tratori, dip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>/o collaborator<span class=\"_ _1\"></span>i della S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 e di controllate<span class=\"_ _1\"></span>.Oggetto del Piano \u00c8 prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o che ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>ia ass<span class=\"_ _1\"></span>egnato, all<span class=\"_ _2\"></span>\u2019inizio di og<span class=\"_ _1\"></span>ni anno, il diritto di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re, gr<span class=\"_ _1\"></span>atuitame<span class=\"_ _1\"></span>nte, un nume<span class=\"_ _1\"></span>ro di <span class=\"ff79 ls38 ws8b\">Re<span class=\"ls0 ws0\">-</span></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s <span class=\"ff71\">corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>nte ad un controv<span class=\"_ _1\"></span>alore mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ario det<span class=\"_ _1\"></span>erminato dai comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nti org<span class=\"_ _1\"></span>ani so<span class=\"_ _1\"></span>ciali e divid<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o </span>tale c<span class=\"_ _1\"></span>ontrovalo<span class=\"_ _1\"></span>re mone<span class=\"_ _1\"></span>tario p<span class=\"_ _1\"></span>er il v<span class=\"_ _1\"></span>alore me<span class=\"_ _1\"></span>dio de<span class=\"_ _1\"></span>lle az<span class=\"_ _1\"></span>ioni (p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ale inte<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndos<span class=\"_ _1\"></span>i la media d<span class=\"_ _1\"></span>ei pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciali delle azio<span class=\"_ _1\"></span>ni) nei 30 gio<span class=\"_ _1\"></span>rni prec<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>enti l<span class=\"_ _1\"></span>\u2019ass<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el dirit<span class=\"_ _1\"></span>to.Le azio<span class=\"_ _1\"></span>ni del Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span> s<span class=\"_ _1\"></span>aranno po<span class=\"_ _1\"></span>i attrib<span class=\"_ _1\"></span>uite al ter<span class=\"_ _1\"></span>mine di un per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o di 1<span class=\"_ _4\"></span>2 me<span class=\"_ _1\"></span>si dal gior<span class=\"_ _1\"></span>no dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gnazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l diritt<span class=\"_ _1\"></span>o, a condizi<span class=\"_ _1\"></span>one che:(<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)  <span class=\"_ _3\"></span>la Societ<span class=\"_ _1\"></span>\u00e0 abbia co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio di rife<span class=\"_ _1\"></span>rimento, i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi minimali (c.d. <span class=\"ff79 ls5f ws7\">und<span class=\"_ _1\"></span>erpin<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span><span class=\"ff71 ls48 wsd1\">):</span></span>a<span class=\"_ _0\"></span>)  <span class=\"_ _49\"></span>live<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>i ricav<span class=\"_ _1\"></span>i compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vi a CER (<span class=\"_ _0\"></span><span class=\"ff79\">current exchange rates<span class=\"ff71\">) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto e<span class=\"_ _1\"></span>quivale<span class=\"_ _1\"></span>nte ad alme<span class=\"_ _1\"></span>no </span></span>il 70% di quello d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte; e b<span class=\"_ _4\"></span>)  <span class=\"_ _49\"></span>live<span class=\"_ _1\"></span>llo del RO<span class=\"_ _1\"></span>IC de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo a R<span class=\"_ _1\"></span>ER (<span class=\"_ _0\"></span><span class=\"ff79\">repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xchange rates<span class=\"ff71 ls5 ws12a\">) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io di rife<span class=\"_ _1\"></span>riment<span class=\"_ _1\"></span>o supe<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>e </span></span>al W<span class=\"_ _0\"></span>ACC del Grupp<span class=\"_ _1\"></span>o;(2<span class=\"_ _0\"></span>) <span class=\"_ _0\"></span> <span class=\"_ _49\"></span>il rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di amministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o di lavoro e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o collabor<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re fra cia<span class=\"_ _1\"></span>scun Be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario e la S<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0, ov<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vero una Contro<span class=\"_ _1\"></span>llata, sia anc<span class=\"_ _1\"></span>ora in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla dat<span class=\"_ _1\"></span>a di attrib<span class=\"_ _1\"></span>uzio<span class=\"_ _1\"></span>ne.Una volta at<span class=\"_ _1\"></span>tribuit<span class=\"_ _1\"></span>e, le<span class=\"ff79\"> Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span> s<span class=\"_ _1\"></span>aranno s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d un vincol<span class=\"_ _1\"></span>o di intras<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 \u2013 cos<span class=\"_ _1\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"ff79 lsc9 wsa6\">l<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k-<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span></span> - di 1<span class=\"_ _0\"></span>2 mes<span class=\"_ _1\"></span>i, a far te<span class=\"_ _1\"></span>mpo dalla data di at<span class=\"_ _1\"></span>tribu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>ttr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne gratuit<span class=\"_ _1\"></span>a di az<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cuz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Piano av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rr\u00e0 impie<span class=\"_ _1\"></span>gand<span class=\"_ _1\"></span>o azio<span class=\"_ _1\"></span>ni proprie r<span class=\"_ _1\"></span>ivenie<span class=\"_ _1\"></span>nti da acquis<span class=\"_ _1\"></span>ti autor<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, ai se<span class=\"_ _1\"></span>nsi d<span class=\"_ _1\"></span>egli ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t. 2<span class=\"_ _1\"></span>357 e 235<span class=\"_ _0\"></span>7<span class=\"_ _4\"></span>-t<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>dice Civ<span class=\"_ _1\"></span>ile, e<span class=\"_ _1\"></span>/o da eventuali appos<span class=\"_ _1\"></span>iti aumenti di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 2349, comma 1, del Codice C<span class=\"_ _1\"></span>ivil<span class=\"_ _1\"></span>e. Il Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span><span class=\"ls8 ws7\"> de<span class=\"_ _1\"></span>ve considerarsi previsto a tempo indeterminato.</span>All<span class=\"_ _1\"></span>\u2019Amministrato<span class=\"_ _1\"></span>re De<span class=\"_ _1\"></span>leg<span class=\"_ _1\"></span>ato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale<span class=\"_ _1\"></span>, Marco Go<span class=\"_ _1\"></span>bbet<span class=\"_ _1\"></span>ti, ve<span class=\"_ _1\"></span>rr\u00e0 annualme<span class=\"_ _1\"></span>nte as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nato, all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io di ciascun anno del Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares<span class=\"_ _1\"></span></span>, il diritt<span class=\"_ _1\"></span>o di maturare, g<span class=\"_ _1\"></span>ratuitam<span class=\"_ _1\"></span>ente, un num<span class=\"_ _1\"></span>ero di <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span><span class=\"lsd wsae\"> corrisp<span class=\"_ _1\"></span>ondente </span>ad un controv<span class=\"_ _1\"></span>alore mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ario pari a<span class=\"_ _1\"></span>d Euro 2.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0. Per il p<span class=\"_ _1\"></span>rimo e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio che s<span class=\"_ _1\"></span>i \u00e8 chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"ls0 ws0\">-</span>tribuzione delle<span class=\"_ _0\"></span><span class=\"ff79 ls4 ws0\"> Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s<span class=\"ff71\"> av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rr\u00e0 a pre<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>indere dal r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>gli obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi minimali (<span class=\"_ _0\"></span>c.d<span class=\"_ _1\"></span>. <span class=\"ff79 ls5f ws7\">unde<span class=\"_ _1\"></span>rpins</span><span class=\"ls0\">). </span></span></span>Il controval<span class=\"_ _1\"></span>ore mone<span class=\"_ _1\"></span>tari<span class=\"_ _1\"></span>o annuo prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r gli eve<span class=\"_ _1\"></span>ntuali ulterior<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>ar\u00e0 st<span class=\"_ _1\"></span>abilito t<span class=\"_ _1\"></span>empo p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>empo dai compe<span class=\"_ _1\"></span>tenti o<span class=\"_ _1\"></span>rgani de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0.L<span class=\"_ _6\"></span>\u2019inc<span class=\"_ _1\"></span>entivo o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span> s<span class=\"_ _1\"></span>ar\u00e0 s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to ai me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismi di cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>zione <span class=\"ff79\">e<span class=\"_ _1\"></span>x p<span class=\"_ _1\"></span>ost</span><span class=\"lsb ws6a\"> previs<span class=\"_ _1\"></span>ti dalle<span class=\"_ _0\"></span> po<span class=\"ls0 ws0\">-</span></span>litiche di re<span class=\"_ _1\"></span>munera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 (iv<span class=\"_ _1\"></span>i inclus<span class=\"_ _1\"></span>e le claus<span class=\"_ _1\"></span>ole di <span class=\"ff79 ws3c\">claw</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span></span><span class=\"ff79 ws3c\">back</span>, limit<span class=\"_ _1\"></span>ate a eventuali co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>te imput<span class=\"_ _1\"></span>abili ai ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciari a tito<span class=\"_ _1\"></span>lo di dol<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>).Movimentazione nel periodo del numer<span class=\"_ _0\"></span>o dei diritti assegnati a rice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e azioni*(<span class=\"_ _2\"></span>i)<span class=\"_ _1a9\"> </span>In circ<span class=\"_ _0\"></span>olazione all\u2019inizio dell\u2019esercizio<span class=\"_ _2e2\"> </span>-(<span class=\"_ _2\"></span>ii)<span class=\"_ _74\"> </span>Assegnati nel periodo<span class=\"_ _2e3\"> </span>114.766(<span class=\"_ _2\"></span>iii)<span class=\"_ _18a\"> </span>Annullati nel periodo<span class=\"_ _2e4\"> </span>-(<span class=\"_ _2\"></span>iv)<span class=\"_ _18a\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _13\"> </span>-</span>(v)<span class=\"_ _ca\"> </span>Scaduti nel periodo<span class=\"_ _2e5\"> </span>-(vi)<span class=\"_ _210\"> </span>In cir<span class=\"_ _0\"></span>colazione a fine periodo<span class=\"_ _196\"> </span>114.766(vii)<span class=\"_ _14\"> </span>Esercitabili a fine periodo<span class=\"_ _2e6\"> </span>114.766* il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _0\"></span>ato in quanto si tratta di un piano c<span class=\"_ _0\"></span>on assegnazione gr<span class=\"_ _0\"></span>atuita di azioni.b) Movimentazione della Riserv<span class=\"_ _0\"></span>a di <span class=\"ff77\">stock gr<span class=\"_ _0\"></span>ant</span>31 dicembr<span class=\"_ _0\"></span>e 2022Fair v<span class=\"_ _4\"></span>alue Numero(<span class=\"_ _2\"></span>in migliaia di Eur<span class=\"_ _0\"></span>o)Diritti a ric<span class=\"_ _4\"></span>evere azioni attribuiti all'Amministrator<span class=\"_ _0\"></span>e Delegato e Direttor<span class=\"_ _0\"></span>e Generale- ad inizio esercizio<span class=\"_ _2e7\"> </span>-<span class=\"_ _1f5\"> </span>-- assegnati durante l'eser<span class=\"_ _4\"></span>cizio<span class=\"_ _2e8\"> </span>114.766<span class=\"_ _239\"> </span>2.547- a fine periodo<span class=\"_ _191\"> </span>114.766<span class=\"_ _239\"> </span>2.547In data 1\u00b0 gennaio 2023 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>tratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e D<span class=\"_ _1\"></span>irett<span class=\"_ _1\"></span>ore Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale Marco G<span class=\"_ _1\"></span>obb<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i ha maturato il diritt<span class=\"_ _1\"></span>o a rice<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vere, a t<span class=\"_ _1\"></span>itolo g<span class=\"_ _1\"></span>ratuito, n. 1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.7<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>6 az<span class=\"_ _1\"></span>ioni della S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. (\u201c<span class=\"ff79\">Res<span class=\"_ _1\"></span>trict<span class=\"_ _1\"></span>ed Share<span class=\"_ _1\"></span>s</span> 2022<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) ass<span class=\"_ _1\"></span>egnate<span class=\"_ _1\"></span>gli il 1\u00b0 gennaio 2022 n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito ed in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cuzio<span class=\"_ _1\"></span>ne di quanto prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s</span>. Le <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws114\"> 202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>, </span>rinvenute p<span class=\"_ _1\"></span>er inte<span class=\"_ _1\"></span>ro dalla prov<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a di a<span class=\"_ _1\"></span>zioni prop<span class=\"_ _1\"></span>rie acqui<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate dalla Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rite sul conto tit<span class=\"_ _1\"></span>oli intes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminist<span class=\"_ _1\"></span>ratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e Dir<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span>re Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale nel m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di febb<span class=\"_ _1\"></span>raio 2023, ferm<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>do che le s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d un vinco<span class=\"_ _1\"></span>lo di intras<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>c.<span class=\"_ _1\"></span>d. <span class=\"ff79\">lock up</span>) di 1<span class=\"_ _6\"></span>2 (dodici) me<span class=\"_ _1\"></span>si. c) Modalit\u00e0 di determinazione del <span class=\"ff77\">fair v<span class=\"_ _4\"></span>al<span class=\"_ _1\"></span>ue</span>Il <span class=\"ff79 ls4 ws97\">fair v<span class=\"_ _0\"></span>alue <span class=\"ff71\">del Piano </span>Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares<span class=\"ff71\"> \u00e8 s<span class=\"_ _1\"></span>tato d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato come il </span>fair value<span class=\"ff71 ls8 ws99\"> delle azioni al<span class=\"_ _0\"></span> momento dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ssegnazio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>ne, s<span class=\"_ _1\"></span>contat<span class=\"_ _1\"></span>o dei div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi att<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>. Le ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni per la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s</span><span class=\"lsb ws39\"> per l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Ammin<span class=\"_ _0\"></span>istratore Delegato e Di<span class=\"_ _0\"></span>rettore </span>generale sono le seguenti<span class=\"_ _0\"></span>:Data di assegnazione<span class=\"_ _30\"> </span>01/01<span class=\"_ _0\"></span>/2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alla data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _2e9\"> </span>22,53Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Fair<span class=\"ff74\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff74\"> per azione alla data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _232\"> </span>22,19</span>Piano <span class=\"ff77\">Special A<span class=\"_ _0\"></span>war<span class=\"_ _4\"></span>d<span class=\"ff74\"> 2022 - 2026</span></span>a) Descrizione del pianoIl Piano <span class=\"ff79\">Special Award</span> \u00e8 volto a raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019allineamento di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si tra il <span class=\"ff79 ls47 ws133\">to<span class=\"_ _1\"></span>p management</span> e tut<span class=\"_ _1\"></span>ti gli <span class=\"ff79 ls2e wsb2\">stakeh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws81\"> de<span class=\"_ _1\"></span>l </span></span>Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo in un<span class=\"_ _1\"></span>\u2019ottica di cre<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re, ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>ando i b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ciari a rag<span class=\"_ _1\"></span>giunge<span class=\"_ _1\"></span>re gli obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di me<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dio<span class=\"_ _1\"></span>-lungo ter<span class=\"_ _1\"></span>mine della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0, ch<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o rifl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si anch<span class=\"_ _1\"></span>e nel pian<span class=\"_ _1\"></span>o str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span>o, e favoren<span class=\"_ _1\"></span>done altr<span class=\"_ _1\"></span>es\u00ec la <span class=\"ff79 lsd ws75\">retention</span><span class=\"ls0\">. </span>In consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e ai f<span class=\"_ _1\"></span>ini del p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guime<span class=\"_ _1\"></span>nto di tali ob<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i, il Piano <span class=\"ff79\">Special Award</span> preve<span class=\"_ _1\"></span>de un unico cicl<span class=\"_ _1\"></span>o sot<span class=\"_ _1\"></span>topo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o a un per<span class=\"_ _1\"></span>iodo di <span class=\"ff79 ls2c ws9d\">p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>formance</span> quinquennale<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e arco temp<span class=\"_ _1\"></span>oral<span class=\"_ _1\"></span>e appare id<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>o, per<span class=\"_ _1\"></span>altro, al cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uimento de<span class=\"_ _1\"></span>i sud<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>det<span class=\"_ _1\"></span>ti obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di lungo te<span class=\"_ _1\"></span>rmine pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uiti con il Piano <span class=\"ff79 ws3c\">Sp<span class=\"_ _1\"></span>ecial</span><span class=\"ls0\"> <span class=\"ff79 ls5 ws4\">Award</span>.</span>Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inatario de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award</span><span class=\"lsb wsd6\"> \u00e8 l\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mmini<span class=\"_ _0\"></span>stratore Delegato e Dir<span class=\"_ _0\"></span>ettore Gene<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span>rale de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0. Il Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e potr<span class=\"_ _1\"></span>\u00e0 indiv<span class=\"_ _1\"></span>iduare ulte<span class=\"_ _1\"></span>riori b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari (<span class=\"_ _4\"></span>all<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>el Piano ov<span class=\"_ _2\"></span>vero durante il Perio<span class=\"_ _1\"></span>do di <span class=\"ff79 ls7e ws133\">Ve<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span></span>, con app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, in tal c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o, di un parametro p<span class=\"_ _1\"></span>ro rata <span class=\"ff79 ls3a wsa\">t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>oris</span><span class=\"lsb ws124\"> che riproporzioni lo<span class=\"_ _0\"></span> </span>Spe<span class=\"_ _1\"></span>cial Award Bonus<span class=\"ff71\"> tene<span class=\"_ _1\"></span>ndo co<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>iva p<span class=\"_ _1\"></span>erman<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a in se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izio ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>el Perio<span class=\"_ _1\"></span>do di <span class=\"ff79 ls7e ws133\">Ve<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span></span>), a propri<span class=\"_ _1\"></span>o </span>insinda<span class=\"_ _1\"></span>cab<span class=\"_ _1\"></span>ile giudi<span class=\"_ _1\"></span>zio, tra i<span class=\"_ _1\"></span> <span class=\"ff79 ls47 ws9f\">top manager</span><span class=\"ls4 ws92\"> che rico<span class=\"_ _1\"></span>prono e ric<span class=\"_ _1\"></span>oprirann<span class=\"_ _1\"></span>o il ruolo di amminis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>ori, dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o colla<span class=\"ls0 ws0\">-</span></span>bor<span class=\"_ _1\"></span>atori de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 e di c<span class=\"_ _1\"></span>ontrollate<span class=\"_ _1\"></span>.Oggetto del Piano Il Piano <span class=\"ff79\">Special Award</span> preve<span class=\"_ _1\"></span>de l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eroga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di uno \u201c<span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award Bonus<span class=\"_ _2\"></span></span>\u201d in due <span class=\"ff79 ws3c\">tranche</span> risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente: (a<span class=\"_ _4\"></span>) alla f<span class=\"_ _1\"></span>ine del pr<span class=\"_ _1\"></span>imo trie<span class=\"_ _1\"></span>nnio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>), al rag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto del p<span class=\"_ _1\"></span>rimo obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo; e (b<span class=\"_ _0\"></span>) alla fin<span class=\"_ _1\"></span>e del b<span class=\"_ _1\"></span>iennio suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo (vale a dire al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2026), al raggiungim<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo, subordina<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte alla sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a tali date di un rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di amministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o di lavoro fra cias<span class=\"_ _1\"></span>cun Be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario e la Soc<span class=\"_ _1\"></span>iet\u00e0 ov<span class=\"_ _2\"></span>vero una Co<span class=\"_ _1\"></span>ntrollata, a s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>onda de<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so. L<span class=\"_ _6\"></span>\u2019eroga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dello \u201c<span class=\"_ _1\"></span><span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award Bonus<span class=\"_ _1\"></span></span>\u201d p<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>ntrambe l<span class=\"_ _1\"></span>e tranche<span class=\"ff71 ws0\"> sar<span class=\"_ _1\"></span>\u00e0 corris<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r il 50<span class=\"_ _1\"></span>% in denaro e p<span class=\"_ _1\"></span>er il re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante 50<span class=\"_ _1\"></span>% in az<span class=\"_ _1\"></span>ioni della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0.</span>Ciascuna<span class=\"_ _1\"></span> <span class=\"_ _1\"></span><span class=\"ff79 ls4 ws3c\">tranche<span class=\"ff71 wsa6\"> sar<span class=\"_ _1\"></span>\u00e0 pari ad un imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuale (<span class=\"_ _0\"></span>deter<span class=\"_ _1\"></span>minato dai compe<span class=\"_ _1\"></span>tenti or<span class=\"_ _1\"></span>gani de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 e, pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019Am<span class=\"ls0 ws0\">-</span></span></span>ministr<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>e Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e pari allo 0,<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>%) del valore m<span class=\"_ _1\"></span>edio di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 in un per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra i 3 me<span class=\"_ _1\"></span>si pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>d i 3 me<span class=\"_ _1\"></span>si suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vi alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>l primo t<span class=\"_ _1\"></span>riennio e d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ulterio<span class=\"_ _1\"></span>re biennio succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inizio d<span class=\"_ _1\"></span>el Rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to (il \u201c<span class=\"_ _2\"></span>Valore Medio<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>). Per la quota d<span class=\"_ _1\"></span>ello <span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award Bonus</span> che s<span class=\"_ _1\"></span>ar\u00e0 ero<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>a tramite l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attribu<span class=\"_ _1\"></span>zione g<span class=\"_ _1\"></span>ratuita di a<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sar<span class=\"_ _1\"></span>anno impieg<span class=\"_ _1\"></span>ate azio<span class=\"_ _1\"></span>ni propri<span class=\"_ _1\"></span>e rive<span class=\"_ _1\"></span>nienti da acqui<span class=\"_ _1\"></span>sti aut<span class=\"_ _1\"></span>oriz<span class=\"_ _2\"></span>zati dall<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, ai s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>i degli ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. 2357 e 235<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>-ter de<span class=\"_ _1\"></span>l Codi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ce Civ<span class=\"_ _1\"></span>ile, e<span class=\"_ _1\"></span>/o da eventuali appos<span class=\"_ _1\"></span>iti aume<span class=\"_ _1\"></span>nti di capit<span class=\"_ _1\"></span>ale ai s<span class=\"_ _1\"></span>ensi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 2349 c<span class=\"_ _1\"></span>omma 1 del C<span class=\"_ _1\"></span>odic<span class=\"_ _1\"></span>e Civil<span class=\"_ _1\"></span>e. Le azio<span class=\"_ _1\"></span>ni attribuit<span class=\"_ _1\"></span>e ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>aranno s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad un v<span class=\"_ _1\"></span>incolo di intr<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>c.d. <span class=\"ff79 lsc9 wsa6\">l<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>k-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p</span>) di 3 m<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019inc<span class=\"_ _1\"></span>entivo o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Piano sar\u00e0 s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to ai me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismi di cor<span class=\"_ _1\"></span>rez<span class=\"_ _1\"></span>ione <span class=\"ff79\">e<span class=\"_ _1\"></span>x p<span class=\"_ _1\"></span>ost</span> pr<span class=\"_ _1\"></span>evis<span class=\"_ _1\"></span>ti dalle p<span class=\"_ _1\"></span>olitich<span class=\"_ _1\"></span>e di remune<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 (ivi in<span class=\"_ _1\"></span>cluse l<span class=\"_ _1\"></span>e clauso<span class=\"_ _1\"></span>le di <span class=\"ff79 ws3c\">claw</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span></span><span class=\"ff79 ws3c\">b<span class=\"_ _1\"></span>ack</span>, limitate a e<span class=\"_ _1\"></span>ventuali con<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>te imput<span class=\"_ _1\"></span>abili ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari a tit<span class=\"_ _1\"></span>olo d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o)<span class=\"_ _1\"></span>.b) Movimentazione della Riserv<span class=\"_ _0\"></span>a di <span class=\"ff77\">stock gr<span class=\"_ _0\"></span>ant<span class=\"ff74\"> e c<span class=\"_ _0\"></span>osto del piano</span></span>31 dicembr<span class=\"_ _0\"></span>e 2022Fair v<span class=\"_ _4\"></span>alue (<span class=\"_ _2\"></span>in migliaia di Eur<span class=\"_ _0\"></span>o)Diritti a ric<span class=\"_ _4\"></span>evere azioni attribuiti all'Amministrator<span class=\"_ _0\"></span>e Delegato e Direttor<span class=\"_ _0\"></span>e Generale- ad inizio esercizio<span class=\"_ _2eb\"> </span>-- assegnati durante l'eser<span class=\"_ _4\"></span>cizio<span class=\"_ _28e\"> </span>2.576- a fine periodo<span class=\"_ _2ea\"> </span>2.576(In migliaia di Euro)<span class=\"_ _2ec\"> </span>2022C<span class=\"_ _0\"></span>osto delle transazioni con pagamento basato su azioni (pagamento in azioni)<span class=\"_ _90\"> </span>2.576C<span class=\"_ _0\"></span>osto delle transazioni con pagamento basato su azioni (pagamento per cassa)<span class=\"_ _1b1\"> </span>1.462c) Modalit\u00e0 di determinazione del <span class=\"ff77\">fair v<span class=\"_ _4\"></span>al<span class=\"_ _1\"></span>ue</span>Cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismo di a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to, la valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one riguarda il <span class=\"ff79 ls66 ws127\">fa<span class=\"_ _1\"></span>ir</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls4a ws73\">val<span class=\"_ _1\"></span>ue</span></span> tot<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>l piano che \u00e8 influe<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>ato dal grad<span class=\"_ _1\"></span>o di rag<span class=\"_ _1\"></span>giungim<span class=\"_ _1\"></span>ento di obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi di <span class=\"ff79 ls2c ws9d\">p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>formance</span> legati alla val<span class=\"_ _1\"></span>oriz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l tito<span class=\"_ _1\"></span>lo della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0; per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile si t<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>a di obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vi co<span class=\"_ _1\"></span>sidd<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i \u201c<span class=\"ff79 ls8c ws11f\">marke<span class=\"_ _1\"></span>t</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls44 wsf1\">base<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span></span></span>\u201d<span class=\"_ _4\"></span>. La s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls66 ws127\">fair</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff79 ls4a ws73\">value<span class=\"_ _1\"></span></span><span class=\"ls67 ws115\"> \u00e8 sta<span class=\"_ _4\"></span>ta </span></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uata utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o la simulazi<span class=\"_ _1\"></span>one st<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span>ica c<span class=\"_ _1\"></span>on il Meto<span class=\"_ _1\"></span>do Mo<span class=\"_ _1\"></span>nte Carlo ch<span class=\"_ _1\"></span>e, sulla ba<span class=\"_ _1\"></span>se di opp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tune ip<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>si, ha cons<span class=\"_ _1\"></span>entito di d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire un cons<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte numero di s<span class=\"_ _1\"></span>cenar<span class=\"_ _1\"></span>i alternati<span class=\"_ _1\"></span>vi n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019arco tempor<span class=\"_ _1\"></span>ale con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato. In par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare, in ogni sc<span class=\"_ _1\"></span>enario la pro<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>zione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019azione \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dal valo<span class=\"_ _1\"></span>re iniziale<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o un moto geometrico Browniano.Di se<span class=\"_ _1\"></span>guito le p<span class=\"_ _1\"></span>rincipali as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>er la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award</span> per l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>trato<span class=\"_ _1\"></span>re Del<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ato e Diret<span class=\"ls0 ws0\">-</span>tore ge<span class=\"_ _1\"></span>neral<span class=\"_ _1\"></span>e alla data di as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnaz<span class=\"_ _1\"></span>ione e alla dat<span class=\"_ _1\"></span>a del 31 dicembre 2022, p<span class=\"_ _1\"></span>er la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla <span class=\"ff79 ws3c\">tranche</span> che pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e il pagame<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Il <span class=\"ff79\">fair value </span><span class=\"ws3c\">della <span class=\"_ _1\"></span><span class=\"ff79\">t<span class=\"_ _1\"></span>ranche</span></span> che preve<span class=\"_ _1\"></span>de il pag<span class=\"_ _1\"></span>amento p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa dov<span class=\"_ _1\"></span>r\u00e0 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutato a<span class=\"_ _1\"></span>d ogni data di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ting</span><span class=\"ls0 ws0\">.</span>V<span class=\"_ _0\"></span>alutazione all'assegnazione<span class=\"_ _257\"> </span>1\u00b0 gennaio 2022Data di assegnazione<span class=\"_ _25e\"> </span>1 gennaio 2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alle data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _2e9\"> </span>22,53Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Volatilit<span class=\"_ _0\"></span>\u00e0 attesa*<span class=\"_ _2ed\"> </span>34%T<span class=\"_ _4\"></span>asso di uscita <span class=\"_ _2ee\"> </span>0%T<span class=\"_ _4\"></span>asso di rendimento delle azioni Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Ferr<span class=\"_ _4\"></span>agamo S.p.A<span class=\"_ _1\"></span>.**<span class=\"_ _2ef\"> </span>(0,07%)V<span class=\"_ _0\"></span>alutazione alla data di <span class=\"ff78\">repor<span class=\"_ _0\"></span>ting<span class=\"_ _2c1\"> </span><span class=\"ff76\">31 dic<span class=\"_ _0\"></span>embre 2022</span></span>Data di assegnazione<span class=\"_ _25e\"> </span>1 gennaio 2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alla data di repor<span class=\"_ _0\"></span>ting<span class=\"ff74\"> (Euro)<span class=\"_ _2f0\"> </span>16,49</span>Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Volatilit<span class=\"_ _0\"></span>\u00e0 attesa*<span class=\"_ _2ed\"> </span>39%T<span class=\"_ _4\"></span>asso di uscita <span class=\"_ _2ee\"> </span>0%T<span class=\"_ _4\"></span>asso di rendimento delle azioni Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Ferr<span class=\"_ _4\"></span>agamo S.p.A<span class=\"_ _1\"></span>.**<span class=\"_ _2f1\"> </span>3,27%* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _0\"></span>alcolata in riferimento all<span class=\"_ _0\"></span>a data di valutazione.** Media dei tassi <span class=\"ff79\">interest r<span class=\"_ _0\"></span>ate swap<span class=\"ff71\"> alla data di v<span class=\"_ _0\"></span>alutazione rispettiv<span class=\"_ _0\"></span>amente alle due scadenze dei tr<span class=\"_ _0\"></span>e anni e cinque anni.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__151": {
   "value": "40. P<span class=\"_ _5\"></span>agamenti basati su azioni L<span class=\"_ _6\"></span>\u2019asse<span class=\"_ _1\"></span>mblea d<span class=\"_ _1\"></span>egli A<span class=\"_ _2\"></span>zionis<span class=\"_ _1\"></span>ti de<span class=\"_ _1\"></span>l 1<span class=\"_ _4\"></span>4 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>1 in se<span class=\"_ _1\"></span>de ordinaria ha approv<span class=\"_ _1\"></span>ato due piani di ince<span class=\"_ _1\"></span>ntiva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e a favo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>re dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>atore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>e Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e, Marco G<span class=\"_ _1\"></span>obb<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i, nonch\u00e9 di e<span class=\"_ _1\"></span>ventuali ulte<span class=\"_ _1\"></span>riori b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari del Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo ch<span class=\"_ _1\"></span>e potrann<span class=\"_ _1\"></span>o es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re in futuro indi<span class=\"_ _1\"></span>viduati dal C<span class=\"_ _1\"></span>onsig<span class=\"_ _1\"></span>lio di Amminis<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>zione: il pian<span class=\"_ _1\"></span>o \u201c<span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award</span><span class=\"ls0 ws0\"> </span>2022-<span class=\"_ _4\"></span>2026\u201d e il \u201c<span class=\"_ _1\"></span>Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span></span>\u201d<span class=\"_ _0\"></span>. T<span class=\"_ _4\"></span>ali piani hanno avuto av<span class=\"_ _2\"></span>vio p<span class=\"_ _1\"></span>er l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>Ammini<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nera<span class=\"_ _1\"></span>le in data 1\u00b0 gennaio 2022. Per mag<span class=\"_ _2\"></span>giori informa<span class=\"_ _1\"></span>zioni circ<span class=\"_ _1\"></span>a i pred<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i piani di incenti<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>i veda il par<span class=\"_ _1\"></span>agrafo \u201cFat<span class=\"_ _1\"></span>ti di rilievo av<span class=\"_ _2\"></span>venuti ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio<span class=\"_ _1\"></span>\u201d de<span class=\"_ _1\"></span>lla Rela<span class=\"_ _1\"></span>zione F<span class=\"_ _1\"></span>inanziaria Annual<span class=\"_ _1\"></span>e al 3<span class=\"_ _4\"></span>1 dic<span class=\"_ _1\"></span>embre 2021 e l\u2019apposit<span class=\"_ _1\"></span>a docume<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e relati<span class=\"_ _1\"></span>va all<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, dis<span class=\"_ _1\"></span>ponibile s<span class=\"_ _1\"></span>ul sito <span class=\"ff79 lsd ws75\">internet</span> della So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 <span class=\"ff79 ls9 ws8\">htt<span class=\"_ _1\"></span>ps:<span class=\"_ _1\"></span>/<span class=\"_ _4\"></span>/group.ferragamo.com/it<span class=\"ff71 ls4 ws123\">, se<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>zione <span class=\"ff79 ls3a wsa\">Gove<span class=\"_ _1\"></span>rnance<span class=\"_ _1\"></span></span><span class=\"ls4 ws0\">/<span class=\"_ _0\"></span>As<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>emble<span class=\"_ _1\"></span>a deg<span class=\"_ _1\"></span>li azio<span class=\"_ _1\"></span>nist<span class=\"_ _1\"></span>i 202<span class=\"_ _4\"></span>1/<span class=\"_ _4\"></span>1<span class=\"_ _0\"></span>4 dicembr<span class=\"_ _1\"></span>e.</span>Piano <span class=\"ff77\">Restr<span class=\"_ _4\"></span>icted Shares</span>a) Descrizione del pianoIl Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span></span>s \u00e8 volto a raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito del compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo pacche<span class=\"_ _1\"></span>tto re<span class=\"_ _1\"></span>tributi<span class=\"_ _1\"></span>vo dei b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari, l<span class=\"_ _1\"></span>\u2019al<span class=\"ls0 ws0\">-</span>lineame<span class=\"_ _1\"></span>nto di intere<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>i con tut<span class=\"_ _1\"></span>ti gli <span class=\"ff79 ls2e wsb2\">stakeho<span class=\"_ _0\"></span>lder<span class=\"ff71 ls4 ws88\"> del Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo, favore<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>ne in par<span class=\"_ _1\"></span>tico<span class=\"_ _1\"></span>lare moti<span class=\"_ _1\"></span>vaz<span class=\"_ _1\"></span>ione e </span></span>f<span class=\"_ _1\"></span>ideli<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne alla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 e al Grupp<span class=\"_ _1\"></span>o Fer<span class=\"_ _1\"></span>ragamo.Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inatario de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>strict<span class=\"_ _1\"></span>ed Share<span class=\"_ _1\"></span>s</span><span class=\"lsb ws1a3\"> \u00e8 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>Amministratore Delegato e Di<span class=\"_ _0\"></span>rettore </span>Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0. Il C<span class=\"_ _1\"></span>onsigli<span class=\"_ _1\"></span>o di Amminis<span class=\"_ _1\"></span>traz<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>otr\u00e0 indi<span class=\"_ _1\"></span>viduare ult<span class=\"_ _1\"></span>erio<span class=\"_ _1\"></span>ri be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari, a pro<span class=\"_ _1\"></span>prio ins<span class=\"_ _1\"></span>indac<span class=\"_ _1\"></span>abile giudizi<span class=\"_ _1\"></span>o, tra i <span class=\"ff79 ls47 ws9\">manager</span> che r<span class=\"_ _1\"></span>icopro<span class=\"_ _1\"></span>no e ricop<span class=\"_ _1\"></span>riranno il ru<span class=\"_ _1\"></span>olo di amminis<span class=\"_ _1\"></span>tratori, dip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>/o collaborator<span class=\"_ _1\"></span>i della S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ciet<span class=\"_ _1\"></span>\u00e0 e di controllate<span class=\"_ _1\"></span>.Oggetto del Piano \u00c8 prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o che ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>ia ass<span class=\"_ _1\"></span>egnato, all<span class=\"_ _2\"></span>\u2019inizio di og<span class=\"_ _1\"></span>ni anno, il diritto di r<span class=\"_ _1\"></span>iceve<span class=\"_ _1\"></span>re, gr<span class=\"_ _1\"></span>atuitame<span class=\"_ _1\"></span>nte, un nume<span class=\"_ _1\"></span>ro di <span class=\"ff79 ls38 ws8b\">Re<span class=\"ls0 ws0\">-</span></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s <span class=\"ff71\">corr<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>onde<span class=\"_ _1\"></span>nte ad un controv<span class=\"_ _1\"></span>alore mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ario det<span class=\"_ _1\"></span>erminato dai comp<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>nti org<span class=\"_ _1\"></span>ani so<span class=\"_ _1\"></span>ciali e divid<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>o </span>tale c<span class=\"_ _1\"></span>ontrovalo<span class=\"_ _1\"></span>re mone<span class=\"_ _1\"></span>tario p<span class=\"_ _1\"></span>er il v<span class=\"_ _1\"></span>alore me<span class=\"_ _1\"></span>dio de<span class=\"_ _1\"></span>lle az<span class=\"_ _1\"></span>ioni (p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>ale inte<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>ndos<span class=\"_ _1\"></span>i la media d<span class=\"_ _1\"></span>ei pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciali delle azio<span class=\"_ _1\"></span>ni) nei 30 gio<span class=\"_ _1\"></span>rni prec<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>enti l<span class=\"_ _1\"></span>\u2019ass<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>el dirit<span class=\"_ _1\"></span>to.Le azio<span class=\"_ _1\"></span>ni del Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span> s<span class=\"_ _1\"></span>aranno po<span class=\"_ _1\"></span>i attrib<span class=\"_ _1\"></span>uite al ter<span class=\"_ _1\"></span>mine di un per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o di 1<span class=\"_ _4\"></span>2 me<span class=\"_ _1\"></span>si dal gior<span class=\"_ _1\"></span>no dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>gnazio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>l diritt<span class=\"_ _1\"></span>o, a condizi<span class=\"_ _1\"></span>one che:(<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>)  <span class=\"_ _3\"></span>la Societ<span class=\"_ _1\"></span>\u00e0 abbia co<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>guito, ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio di rife<span class=\"_ _1\"></span>rimento, i s<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>enti obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi minimali (c.d. <span class=\"ff79 ls5f ws7\">und<span class=\"_ _1\"></span>erpin<span class=\"_ _1\"></span>s<span class=\"_ _0\"></span><span class=\"ff71 ls48 wsd1\">):</span></span>a<span class=\"_ _0\"></span>)  <span class=\"_ _49\"></span>live<span class=\"_ _1\"></span>llo de<span class=\"_ _1\"></span>i ricav<span class=\"_ _1\"></span>i compl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vi a CER (<span class=\"_ _0\"></span><span class=\"ff79\">current exchange rates<span class=\"ff71\">) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ercizi<span class=\"_ _1\"></span>o di riferime<span class=\"_ _1\"></span>nto e<span class=\"_ _1\"></span>quivale<span class=\"_ _1\"></span>nte ad alme<span class=\"_ _1\"></span>no </span></span>il 70% di quello d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio p<span class=\"_ _1\"></span>rece<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>nte; e b<span class=\"_ _4\"></span>)  <span class=\"_ _49\"></span>live<span class=\"_ _1\"></span>llo del RO<span class=\"_ _1\"></span>IC de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo a R<span class=\"_ _1\"></span>ER (<span class=\"_ _0\"></span><span class=\"ff79\">repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ed e<span class=\"_ _1\"></span>xchange rates<span class=\"ff71 ls5 ws12a\">) per l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>io di rife<span class=\"_ _1\"></span>riment<span class=\"_ _1\"></span>o supe<span class=\"_ _1\"></span>rior<span class=\"_ _1\"></span>e </span></span>al W<span class=\"_ _0\"></span>ACC del Grupp<span class=\"_ _1\"></span>o;(2<span class=\"_ _0\"></span>) <span class=\"_ _0\"></span> <span class=\"_ _49\"></span>il rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di amministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o di lavoro e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o collabor<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re fra cia<span class=\"_ _1\"></span>scun Be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario e la S<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0, ov<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vero una Contro<span class=\"_ _1\"></span>llata, sia anc<span class=\"_ _1\"></span>ora in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere alla dat<span class=\"_ _1\"></span>a di attrib<span class=\"_ _1\"></span>uzio<span class=\"_ _1\"></span>ne.Una volta at<span class=\"_ _1\"></span>tribuit<span class=\"_ _1\"></span>e, le<span class=\"ff79\"> Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span> s<span class=\"_ _1\"></span>aranno s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d un vincol<span class=\"_ _1\"></span>o di intras<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 \u2013 cos<span class=\"_ _1\"></span>idde<span class=\"_ _1\"></span>tto <span class=\"ff79 lsc9 wsa6\">l<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>k-<span class=\"_ _2\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span></span> - di 1<span class=\"_ _0\"></span>2 mes<span class=\"_ _1\"></span>i, a far te<span class=\"_ _1\"></span>mpo dalla data di at<span class=\"_ _1\"></span>tribu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019a<span class=\"_ _0\"></span>ttr<span class=\"_ _1\"></span>ibuzio<span class=\"_ _1\"></span>ne gratuit<span class=\"_ _1\"></span>a di az<span class=\"_ _1\"></span>ioni de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cuz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Piano av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rr\u00e0 impie<span class=\"_ _1\"></span>gand<span class=\"_ _1\"></span>o azio<span class=\"_ _1\"></span>ni proprie r<span class=\"_ _1\"></span>ivenie<span class=\"_ _1\"></span>nti da acquis<span class=\"_ _1\"></span>ti autor<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ati dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, ai se<span class=\"_ _1\"></span>nsi d<span class=\"_ _1\"></span>egli ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t. 2<span class=\"_ _1\"></span>357 e 235<span class=\"_ _0\"></span>7<span class=\"_ _4\"></span>-t<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>l Co<span class=\"_ _1\"></span>dice Civ<span class=\"_ _1\"></span>ile, e<span class=\"_ _1\"></span>/o da eventuali appos<span class=\"_ _1\"></span>iti aumenti di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>ale ai se<span class=\"_ _1\"></span>nsi de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 2349, comma 1, del Codice C<span class=\"_ _1\"></span>ivil<span class=\"_ _1\"></span>e. Il Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span><span class=\"ls8 ws7\"> de<span class=\"_ _1\"></span>ve considerarsi previsto a tempo indeterminato.</span>All<span class=\"_ _1\"></span>\u2019Amministrato<span class=\"_ _1\"></span>re De<span class=\"_ _1\"></span>leg<span class=\"_ _1\"></span>ato e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale<span class=\"_ _1\"></span>, Marco Go<span class=\"_ _1\"></span>bbet<span class=\"_ _1\"></span>ti, ve<span class=\"_ _1\"></span>rr\u00e0 annualme<span class=\"_ _1\"></span>nte as<span class=\"_ _1\"></span>seg<span class=\"_ _1\"></span>nato, all<span class=\"_ _1\"></span>\u2019iniz<span class=\"_ _1\"></span>io di ciascun anno del Piano <span class=\"ff79\">Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares<span class=\"_ _1\"></span></span>, il diritt<span class=\"_ _1\"></span>o di maturare, g<span class=\"_ _1\"></span>ratuitam<span class=\"_ _1\"></span>ente, un num<span class=\"_ _1\"></span>ero di <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span><span class=\"lsd wsae\"> corrisp<span class=\"_ _1\"></span>ondente </span>ad un controv<span class=\"_ _1\"></span>alore mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ario pari a<span class=\"_ _1\"></span>d Euro 2.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0. Per il p<span class=\"_ _1\"></span>rimo e<span class=\"_ _1\"></span>serci<span class=\"_ _1\"></span>zio che s<span class=\"_ _1\"></span>i \u00e8 chiuso al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022, l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"ls0 ws0\">-</span>tribuzione delle<span class=\"_ _0\"></span><span class=\"ff79 ls4 ws0\"> Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s<span class=\"ff71\"> av<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rr\u00e0 a pre<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>indere dal r<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto de<span class=\"_ _1\"></span>gli obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi minimali (<span class=\"_ _0\"></span>c.d<span class=\"_ _1\"></span>. <span class=\"ff79 ls5f ws7\">unde<span class=\"_ _1\"></span>rpins</span><span class=\"ls0\">). </span></span></span>Il controval<span class=\"_ _1\"></span>ore mone<span class=\"_ _1\"></span>tari<span class=\"_ _1\"></span>o annuo prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r gli eve<span class=\"_ _1\"></span>ntuali ulterior<span class=\"_ _1\"></span>i be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>ar\u00e0 st<span class=\"_ _1\"></span>abilito t<span class=\"_ _1\"></span>empo p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>empo dai compe<span class=\"_ _1\"></span>tenti o<span class=\"_ _1\"></span>rgani de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0.L<span class=\"_ _6\"></span>\u2019inc<span class=\"_ _1\"></span>entivo o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Rest<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares</span> s<span class=\"_ _1\"></span>ar\u00e0 s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to ai me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismi di cor<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>zione <span class=\"ff79\">e<span class=\"_ _1\"></span>x p<span class=\"_ _1\"></span>ost</span><span class=\"lsb ws6a\"> previs<span class=\"_ _1\"></span>ti dalle<span class=\"_ _0\"></span> po<span class=\"ls0 ws0\">-</span></span>litiche di re<span class=\"_ _1\"></span>munera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e della S<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 (iv<span class=\"_ _1\"></span>i inclus<span class=\"_ _1\"></span>e le claus<span class=\"_ _1\"></span>ole di <span class=\"ff79 ws3c\">claw</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span></span><span class=\"ff79 ws3c\">back</span>, limit<span class=\"_ _1\"></span>ate a eventuali co<span class=\"_ _1\"></span>ndot<span class=\"_ _1\"></span>te imput<span class=\"_ _1\"></span>abili ai ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>iciari a tito<span class=\"_ _1\"></span>lo di dol<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>).Movimentazione nel periodo del numer<span class=\"_ _0\"></span>o dei diritti assegnati a rice<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>e azioni*(<span class=\"_ _2\"></span>i)<span class=\"_ _1a9\"> </span>In circ<span class=\"_ _0\"></span>olazione all\u2019inizio dell\u2019esercizio<span class=\"_ _2e2\"> </span>-(<span class=\"_ _2\"></span>ii)<span class=\"_ _74\"> </span>Assegnati nel periodo<span class=\"_ _2e3\"> </span>114.766(<span class=\"_ _2\"></span>iii)<span class=\"_ _18a\"> </span>Annullati nel periodo<span class=\"_ _2e4\"> </span>-(<span class=\"_ _2\"></span>iv)<span class=\"_ _18a\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _13\"> </span>-</span>(v)<span class=\"_ _ca\"> </span>Scaduti nel periodo<span class=\"_ _2e5\"> </span>-(vi)<span class=\"_ _210\"> </span>In cir<span class=\"_ _0\"></span>colazione a fine periodo<span class=\"_ _196\"> </span>114.766(vii)<span class=\"_ _14\"> </span>Esercitabili a fine periodo<span class=\"_ _2e6\"> </span>114.766* il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _0\"></span>ato in quanto si tratta di un piano c<span class=\"_ _0\"></span>on assegnazione gr<span class=\"_ _0\"></span>atuita di azioni.b) Movimentazione della Riserv<span class=\"_ _0\"></span>a di <span class=\"ff77\">stock gr<span class=\"_ _0\"></span>ant</span>31 dicembr<span class=\"_ _0\"></span>e 2022Fair v<span class=\"_ _4\"></span>alue Numero(<span class=\"_ _2\"></span>in migliaia di Eur<span class=\"_ _0\"></span>o)Diritti a ric<span class=\"_ _4\"></span>evere azioni attribuiti all'Amministrator<span class=\"_ _0\"></span>e Delegato e Direttor<span class=\"_ _0\"></span>e Generale- ad inizio esercizio<span class=\"_ _2e7\"> </span>-<span class=\"_ _1f5\"> </span>-- assegnati durante l'eser<span class=\"_ _4\"></span>cizio<span class=\"_ _2e8\"> </span>114.766<span class=\"_ _239\"> </span>2.547- a fine periodo<span class=\"_ _191\"> </span>114.766<span class=\"_ _239\"> </span>2.547In data 1\u00b0 gennaio 2023 l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>tratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e D<span class=\"_ _1\"></span>irett<span class=\"_ _1\"></span>ore Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale Marco G<span class=\"_ _1\"></span>obb<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i ha maturato il diritt<span class=\"_ _1\"></span>o a rice<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>vere, a t<span class=\"_ _1\"></span>itolo g<span class=\"_ _1\"></span>ratuito, n. 1<span class=\"_ _6\"></span>1<span class=\"_ _4\"></span>4<span class=\"_ _1\"></span>.7<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>6 az<span class=\"_ _1\"></span>ioni della S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. (\u201c<span class=\"ff79\">Res<span class=\"_ _1\"></span>trict<span class=\"_ _1\"></span>ed Share<span class=\"_ _1\"></span>s</span> 2022<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>) ass<span class=\"_ _1\"></span>egnate<span class=\"_ _1\"></span>gli il 1\u00b0 gennaio 2022 n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito ed in e<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cuzio<span class=\"_ _1\"></span>ne di quanto prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s</span>. Le <span class=\"ff79\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Share<span class=\"_ _1\"></span>s</span><span class=\"ls0 ws114\"> 202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>, </span>rinvenute p<span class=\"_ _1\"></span>er inte<span class=\"_ _1\"></span>ro dalla prov<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a di a<span class=\"_ _1\"></span>zioni prop<span class=\"_ _1\"></span>rie acqui<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate dalla Sal<span class=\"_ _1\"></span>vatore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., so<span class=\"_ _1\"></span>no st<span class=\"_ _1\"></span>ate tra<span class=\"_ _1\"></span>sfe<span class=\"_ _1\"></span>rite sul conto tit<span class=\"_ _1\"></span>oli intes<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato all<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminist<span class=\"_ _1\"></span>ratore D<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>gato e Dir<span class=\"_ _1\"></span>etto<span class=\"_ _1\"></span>re Ge<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span>ale nel m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e di febb<span class=\"_ _1\"></span>raio 2023, ferm<span class=\"_ _1\"></span>o res<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>do che le s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>se s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te a<span class=\"_ _1\"></span>d un vinco<span class=\"_ _1\"></span>lo di intras<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>c.<span class=\"_ _1\"></span>d. <span class=\"ff79\">lock up</span>) di 1<span class=\"_ _6\"></span>2 (dodici) me<span class=\"_ _1\"></span>si. c) Modalit\u00e0 di determinazione del <span class=\"ff77\">fair v<span class=\"_ _4\"></span>al<span class=\"_ _1\"></span>ue</span>Il <span class=\"ff79 ls4 ws97\">fair v<span class=\"_ _0\"></span>alue <span class=\"ff71\">del Piano </span>Re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ricte<span class=\"_ _1\"></span>d Shares<span class=\"ff71\"> \u00e8 s<span class=\"_ _1\"></span>tato d<span class=\"_ _1\"></span>eter<span class=\"_ _1\"></span>minato come il </span>fair value<span class=\"ff71 ls8 ws99\"> delle azioni al<span class=\"_ _0\"></span> momento dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ssegnazio<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span></span>ne, s<span class=\"_ _1\"></span>contat<span class=\"_ _1\"></span>o dei div<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ndi att<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>. Le ass<span class=\"_ _1\"></span>unzio<span class=\"_ _1\"></span>ni per la v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Res<span class=\"_ _1\"></span>tricte<span class=\"_ _1\"></span>d Share<span class=\"_ _1\"></span>s</span><span class=\"lsb ws39\"> per l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Ammin<span class=\"_ _0\"></span>istratore Delegato e Di<span class=\"_ _0\"></span>rettore </span>generale sono le seguenti<span class=\"_ _0\"></span>:Data di assegnazione<span class=\"_ _30\"> </span>01/01<span class=\"_ _0\"></span>/2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alla data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _2e9\"> </span>22,53Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Fair<span class=\"ff74\"> </span>v<span class=\"_ _0\"></span>alue<span class=\"ff74\"> per azione alla data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _232\"> </span>22,19</span>Piano <span class=\"ff77\">Special A<span class=\"_ _0\"></span>war<span class=\"_ _4\"></span>d<span class=\"ff74\"> 2022 - 2026</span></span>a) Descrizione del pianoIl Piano <span class=\"ff79\">Special Award</span> \u00e8 volto a raf<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019allineamento di intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>si tra il <span class=\"ff79 ls47 ws133\">to<span class=\"_ _1\"></span>p management</span> e tut<span class=\"_ _1\"></span>ti gli <span class=\"ff79 ls2e wsb2\">stakeh<span class=\"_ _0\"></span>older<span class=\"_ _0\"></span><span class=\"ff71 ls0 ws81\"> de<span class=\"_ _1\"></span>l </span></span>Grupp<span class=\"_ _1\"></span>o Ferr<span class=\"_ _1\"></span>agamo in un<span class=\"_ _1\"></span>\u2019ottica di cre<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di valo<span class=\"_ _1\"></span>re, ince<span class=\"_ _1\"></span>ntiv<span class=\"_ _1\"></span>ando i b<span class=\"_ _1\"></span>enef<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ciari a rag<span class=\"_ _1\"></span>giunge<span class=\"_ _1\"></span>re gli obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di me<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>dio<span class=\"_ _1\"></span>-lungo ter<span class=\"_ _1\"></span>mine della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0, ch<span class=\"_ _1\"></span>e son<span class=\"_ _1\"></span>o rifl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si anch<span class=\"_ _1\"></span>e nel pian<span class=\"_ _1\"></span>o str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span>o, e favoren<span class=\"_ _1\"></span>done altr<span class=\"_ _1\"></span>es\u00ec la <span class=\"ff79 lsd ws75\">retention</span><span class=\"ls0\">. </span>In consi<span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e ai f<span class=\"_ _1\"></span>ini del p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guime<span class=\"_ _1\"></span>nto di tali ob<span class=\"_ _1\"></span>iet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i, il Piano <span class=\"ff79\">Special Award</span> preve<span class=\"_ _1\"></span>de un unico cicl<span class=\"_ _1\"></span>o sot<span class=\"_ _1\"></span>topo<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>o a un per<span class=\"_ _1\"></span>iodo di <span class=\"ff79 ls2c ws9d\">p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>formance</span> quinquennale<span class=\"_ _1\"></span>. T<span class=\"_ _6\"></span>al<span class=\"_ _1\"></span>e arco temp<span class=\"_ _1\"></span>oral<span class=\"_ _1\"></span>e appare id<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>o, per<span class=\"_ _1\"></span>altro, al cons<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uimento de<span class=\"_ _1\"></span>i sud<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>det<span class=\"_ _1\"></span>ti obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vi di lungo te<span class=\"_ _1\"></span>rmine pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>uiti con il Piano <span class=\"ff79 ws3c\">Sp<span class=\"_ _1\"></span>ecial</span><span class=\"ls0\"> <span class=\"ff79 ls5 ws4\">Award</span>.</span>Alla data d<span class=\"_ _1\"></span>el 3<span class=\"_ _0\"></span>1 dicembr<span class=\"_ _1\"></span>e 2022, de<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>inatario de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award</span><span class=\"lsb wsd6\"> \u00e8 l\u2019<span class=\"_ _4\"></span>A<span class=\"_ _1\"></span>mmini<span class=\"_ _0\"></span>stratore Delegato e Dir<span class=\"_ _0\"></span>ettore Gene<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span>rale de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0. Il Cons<span class=\"_ _1\"></span>iglio di Amminis<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>azion<span class=\"_ _1\"></span>e potr<span class=\"_ _1\"></span>\u00e0 indiv<span class=\"_ _1\"></span>iduare ulte<span class=\"_ _1\"></span>riori b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>iciari (<span class=\"_ _4\"></span>all<span class=\"_ _2\"></span>\u2019inizio d<span class=\"_ _1\"></span>el Piano ov<span class=\"_ _2\"></span>vero durante il Perio<span class=\"_ _1\"></span>do di <span class=\"ff79 ls7e ws133\">Ve<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span></span>, con app<span class=\"_ _1\"></span>lica<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span>, in tal c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>o, di un parametro p<span class=\"_ _1\"></span>ro rata <span class=\"ff79 ls3a wsa\">t<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>oris</span><span class=\"lsb ws124\"> che riproporzioni lo<span class=\"_ _0\"></span> </span>Spe<span class=\"_ _1\"></span>cial Award Bonus<span class=\"ff71\"> tene<span class=\"_ _1\"></span>ndo co<span class=\"_ _1\"></span>nto dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>iva p<span class=\"_ _1\"></span>erman<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>a in se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>izio ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so d<span class=\"_ _1\"></span>el Perio<span class=\"_ _1\"></span>do di <span class=\"ff79 ls7e ws133\">Ve<span class=\"_ _2\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _2\"></span></span>), a propri<span class=\"_ _1\"></span>o </span>insinda<span class=\"_ _1\"></span>cab<span class=\"_ _1\"></span>ile giudi<span class=\"_ _1\"></span>zio, tra i<span class=\"_ _1\"></span> <span class=\"ff79 ls47 ws9f\">top manager</span><span class=\"ls4 ws92\"> che rico<span class=\"_ _1\"></span>prono e ric<span class=\"_ _1\"></span>oprirann<span class=\"_ _1\"></span>o il ruolo di amminis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>ori, dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nti e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o colla<span class=\"ls0 ws0\">-</span></span>bor<span class=\"_ _1\"></span>atori de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 e di c<span class=\"_ _1\"></span>ontrollate<span class=\"_ _1\"></span>.Oggetto del Piano Il Piano <span class=\"ff79\">Special Award</span> preve<span class=\"_ _1\"></span>de l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>eroga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e di uno \u201c<span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award Bonus<span class=\"_ _2\"></span></span>\u201d in due <span class=\"ff79 ws3c\">tranche</span> risp<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>amente: (a<span class=\"_ _4\"></span>) alla f<span class=\"_ _1\"></span>ine del pr<span class=\"_ _1\"></span>imo trie<span class=\"_ _1\"></span>nnio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 202<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>), al rag<span class=\"_ _1\"></span>giungime<span class=\"_ _1\"></span>nto del p<span class=\"_ _1\"></span>rimo obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vo; e (b<span class=\"_ _0\"></span>) alla fin<span class=\"_ _1\"></span>e del b<span class=\"_ _1\"></span>iennio suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vo (vale a dire al 3<span class=\"_ _4\"></span>1 dice<span class=\"_ _1\"></span>mbre 2026), al raggiungim<span class=\"_ _1\"></span>ento de<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o obiet<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>vo, subordina<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>tame<span class=\"_ _1\"></span>nte alla sus<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a tali date di un rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o di amministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne e<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>o di lavoro fra cias<span class=\"_ _1\"></span>cun Be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciario e la Soc<span class=\"_ _1\"></span>iet\u00e0 ov<span class=\"_ _2\"></span>vero una Co<span class=\"_ _1\"></span>ntrollata, a s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>onda de<span class=\"_ _1\"></span>l ca<span class=\"_ _1\"></span>so. L<span class=\"_ _6\"></span>\u2019eroga<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dello \u201c<span class=\"_ _1\"></span><span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award Bonus<span class=\"_ _1\"></span></span>\u201d p<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>ntrambe l<span class=\"_ _1\"></span>e tranche<span class=\"ff71 ws0\"> sar<span class=\"_ _1\"></span>\u00e0 corris<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r il 50<span class=\"_ _1\"></span>% in denaro e p<span class=\"_ _1\"></span>er il re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante 50<span class=\"_ _1\"></span>% in az<span class=\"_ _1\"></span>ioni della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0.</span>Ciascuna<span class=\"_ _1\"></span> <span class=\"_ _1\"></span><span class=\"ff79 ls4 ws3c\">tranche<span class=\"ff71 wsa6\"> sar<span class=\"_ _1\"></span>\u00e0 pari ad un imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to p<span class=\"_ _1\"></span>erce<span class=\"_ _1\"></span>ntuale (<span class=\"_ _0\"></span>deter<span class=\"_ _1\"></span>minato dai compe<span class=\"_ _1\"></span>tenti or<span class=\"_ _1\"></span>gani de<span class=\"_ _1\"></span>lla So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 e, pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019Am<span class=\"ls0 ws0\">-</span></span></span>ministr<span class=\"_ _1\"></span>atore De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato e Diret<span class=\"_ _1\"></span>tor<span class=\"_ _1\"></span>e Gen<span class=\"_ _1\"></span>eral<span class=\"_ _1\"></span>e pari allo 0,<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span>%) del valore m<span class=\"_ _1\"></span>edio di c<span class=\"_ _1\"></span>apit<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla Soci<span class=\"_ _1\"></span>et\u00e0 in un per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>o compre<span class=\"_ _1\"></span>so t<span class=\"_ _1\"></span>ra i 3 me<span class=\"_ _1\"></span>si pre<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>d i 3 me<span class=\"_ _1\"></span>si suc<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>vi alla f<span class=\"_ _1\"></span>ine de<span class=\"_ _1\"></span>l primo t<span class=\"_ _1\"></span>riennio e d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ulterio<span class=\"_ _1\"></span>re biennio succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sivo dall<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>inizio d<span class=\"_ _1\"></span>el Rap<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to (il \u201c<span class=\"_ _2\"></span>Valore Medio<span class=\"_ _1\"></span>\u201d<span class=\"_ _2\"></span>). Per la quota d<span class=\"_ _1\"></span>ello <span class=\"ff79\">Sp<span class=\"_ _1\"></span>ecial Award Bonus</span> che s<span class=\"_ _1\"></span>ar\u00e0 ero<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>a tramite l<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>attribu<span class=\"_ _1\"></span>zione g<span class=\"_ _1\"></span>ratuita di a<span class=\"_ _1\"></span>zioni d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 sar<span class=\"_ _1\"></span>anno impieg<span class=\"_ _1\"></span>ate azio<span class=\"_ _1\"></span>ni propri<span class=\"_ _1\"></span>e rive<span class=\"_ _1\"></span>nienti da acqui<span class=\"_ _1\"></span>sti aut<span class=\"_ _1\"></span>oriz<span class=\"_ _2\"></span>zati dall<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea, ai s<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>i degli ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. 2357 e 235<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>-ter de<span class=\"_ _1\"></span>l Codi<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ce Civ<span class=\"_ _1\"></span>ile, e<span class=\"_ _1\"></span>/o da eventuali appos<span class=\"_ _1\"></span>iti aume<span class=\"_ _1\"></span>nti di capit<span class=\"_ _1\"></span>ale ai s<span class=\"_ _1\"></span>ensi d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 2349 c<span class=\"_ _1\"></span>omma 1 del C<span class=\"_ _1\"></span>odic<span class=\"_ _1\"></span>e Civil<span class=\"_ _1\"></span>e. Le azio<span class=\"_ _1\"></span>ni attribuit<span class=\"_ _1\"></span>e ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari s<span class=\"_ _1\"></span>aranno s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>te ad un v<span class=\"_ _1\"></span>incolo di intr<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>feribilit<span class=\"_ _1\"></span>\u00e0 (<span class=\"_ _0\"></span>c.d. <span class=\"ff79 lsc9 wsa6\">l<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>k-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p</span>) di 3 m<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>.L<span class=\"_ _6\"></span>\u2019inc<span class=\"_ _1\"></span>entivo o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to de<span class=\"_ _1\"></span>l Piano sar\u00e0 s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to ai me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismi di cor<span class=\"_ _1\"></span>rez<span class=\"_ _1\"></span>ione <span class=\"ff79\">e<span class=\"_ _1\"></span>x p<span class=\"_ _1\"></span>ost</span> pr<span class=\"_ _1\"></span>evis<span class=\"_ _1\"></span>ti dalle p<span class=\"_ _1\"></span>olitich<span class=\"_ _1\"></span>e di remune<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ella So<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 (ivi in<span class=\"_ _1\"></span>cluse l<span class=\"_ _1\"></span>e clauso<span class=\"_ _1\"></span>le di <span class=\"ff79 ws3c\">claw</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span></span><span class=\"ff79 ws3c\">b<span class=\"_ _1\"></span>ack</span>, limitate a e<span class=\"_ _1\"></span>ventuali con<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>te imput<span class=\"_ _1\"></span>abili ai be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>iciari a tit<span class=\"_ _1\"></span>olo d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _2\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o)<span class=\"_ _1\"></span>.b) Movimentazione della Riserv<span class=\"_ _0\"></span>a di <span class=\"ff77\">stock gr<span class=\"_ _0\"></span>ant<span class=\"ff74\"> e c<span class=\"_ _0\"></span>osto del piano</span></span>31 dicembr<span class=\"_ _0\"></span>e 2022Fair v<span class=\"_ _4\"></span>alue (<span class=\"_ _2\"></span>in migliaia di Eur<span class=\"_ _0\"></span>o)Diritti a ric<span class=\"_ _4\"></span>evere azioni attribuiti all'Amministrator<span class=\"_ _0\"></span>e Delegato e Direttor<span class=\"_ _0\"></span>e Generale- ad inizio esercizio<span class=\"_ _2eb\"> </span>-- assegnati durante l'eser<span class=\"_ _4\"></span>cizio<span class=\"_ _28e\"> </span>2.576- a fine periodo<span class=\"_ _2ea\"> </span>2.576(In migliaia di Euro)<span class=\"_ _2ec\"> </span>2022C<span class=\"_ _0\"></span>osto delle transazioni con pagamento basato su azioni (pagamento in azioni)<span class=\"_ _90\"> </span>2.576C<span class=\"_ _0\"></span>osto delle transazioni con pagamento basato su azioni (pagamento per cassa)<span class=\"_ _1b1\"> </span>1.462c) Modalit\u00e0 di determinazione del <span class=\"ff77\">fair v<span class=\"_ _4\"></span>al<span class=\"_ _1\"></span>ue</span>Cons<span class=\"_ _1\"></span>ider<span class=\"_ _1\"></span>ando il me<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>anismo di a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>egna<span class=\"_ _1\"></span>zione s<span class=\"_ _1\"></span>opr<span class=\"_ _1\"></span>a es<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>to, la valut<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one riguarda il <span class=\"ff79 ls66 ws127\">fa<span class=\"_ _1\"></span>ir</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls4a ws73\">val<span class=\"_ _1\"></span>ue</span></span> tot<span class=\"_ _1\"></span>ale de<span class=\"_ _1\"></span>l piano che \u00e8 influe<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>ato dal grad<span class=\"_ _1\"></span>o di rag<span class=\"_ _1\"></span>giungim<span class=\"_ _1\"></span>ento di obi<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>ivi di <span class=\"ff79 ls2c ws9d\">p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>formance</span> legati alla val<span class=\"_ _1\"></span>oriz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l tito<span class=\"_ _1\"></span>lo della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0; per<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>anto, ris<span class=\"_ _1\"></span>pet<span class=\"_ _1\"></span>to al prin<span class=\"_ _1\"></span>cipio cont<span class=\"_ _1\"></span>abile si t<span class=\"_ _1\"></span>ratt<span class=\"_ _1\"></span>a di obie<span class=\"_ _1\"></span>tti<span class=\"_ _1\"></span>vi co<span class=\"_ _1\"></span>sidd<span class=\"_ _1\"></span>ett<span class=\"_ _1\"></span>i \u201c<span class=\"ff79 ls8c ws11f\">marke<span class=\"_ _1\"></span>t</span><span class=\"ls0 ws0\"> <span class=\"_ _1\"></span><span class=\"ff79 ls44 wsf1\">base<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span></span></span>\u201d<span class=\"_ _4\"></span>. La s<span class=\"_ _1\"></span>tima de<span class=\"_ _1\"></span>l <span class=\"ff79 ls66 ws127\">fair</span><span class=\"ls0 ws0\"> <span class=\"_ _2\"></span><span class=\"ff79 ls4a ws73\">value<span class=\"_ _1\"></span></span><span class=\"ls67 ws115\"> \u00e8 sta<span class=\"_ _4\"></span>ta </span></span>ef<span class=\"_ _1\"></span>fett<span class=\"_ _1\"></span>uata utiliz<span class=\"_ _2\"></span>zand<span class=\"_ _1\"></span>o la simulazi<span class=\"_ _1\"></span>one st<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ast<span class=\"_ _1\"></span>ica c<span class=\"_ _1\"></span>on il Meto<span class=\"_ _1\"></span>do Mo<span class=\"_ _1\"></span>nte Carlo ch<span class=\"_ _1\"></span>e, sulla ba<span class=\"_ _1\"></span>se di opp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tune ip<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>si, ha cons<span class=\"_ _1\"></span>entito di d<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>inire un cons<span class=\"_ _1\"></span>iste<span class=\"_ _1\"></span>nte numero di s<span class=\"_ _1\"></span>cenar<span class=\"_ _1\"></span>i alternati<span class=\"_ _1\"></span>vi n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019arco tempor<span class=\"_ _1\"></span>ale con<span class=\"_ _1\"></span>side<span class=\"_ _1\"></span>rato. In par<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colare, in ogni sc<span class=\"_ _1\"></span>enario la pro<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>zione de<span class=\"_ _1\"></span>l pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019azione \u00e8 s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ata ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuata a p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tire dal valo<span class=\"_ _1\"></span>re iniziale<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o un moto geometrico Browniano.Di se<span class=\"_ _1\"></span>guito le p<span class=\"_ _1\"></span>rincipali as<span class=\"_ _1\"></span>sun<span class=\"_ _1\"></span>zioni p<span class=\"_ _1\"></span>er la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Piano <span class=\"ff79\">Spe<span class=\"_ _1\"></span>cial Award</span> per l<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>trato<span class=\"_ _1\"></span>re Del<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ato e Diret<span class=\"ls0 ws0\">-</span>tore ge<span class=\"_ _1\"></span>neral<span class=\"_ _1\"></span>e alla data di as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnaz<span class=\"_ _1\"></span>ione e alla dat<span class=\"_ _1\"></span>a del 31 dicembre 2022, p<span class=\"_ _1\"></span>er la valut<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>lla <span class=\"ff79 ws3c\">tranche</span> che pre<span class=\"_ _1\"></span>ved<span class=\"_ _1\"></span>e il pagame<span class=\"_ _1\"></span>nto pe<span class=\"_ _1\"></span>r cas<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a. Il <span class=\"ff79\">fair value </span><span class=\"ws3c\">della <span class=\"_ _1\"></span><span class=\"ff79\">t<span class=\"_ _1\"></span>ranche</span></span> che preve<span class=\"_ _1\"></span>de il pag<span class=\"_ _1\"></span>amento p<span class=\"_ _1\"></span>er c<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sa dov<span class=\"_ _1\"></span>r\u00e0 e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere v<span class=\"_ _1\"></span>alutato a<span class=\"_ _1\"></span>d ogni data di <span class=\"ff79 ls5f ws7\">re<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ting</span><span class=\"ls0 ws0\">.</span>V<span class=\"_ _0\"></span>alutazione all'assegnazione<span class=\"_ _257\"> </span>1\u00b0 gennaio 2022Data di assegnazione<span class=\"_ _25e\"> </span>1 gennaio 2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alle data di assegnazione (Eur<span class=\"_ _0\"></span>o)<span class=\"_ _2e9\"> </span>22,53Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Volatilit<span class=\"_ _0\"></span>\u00e0 attesa*<span class=\"_ _2ed\"> </span>34%T<span class=\"_ _4\"></span>asso di uscita <span class=\"_ _2ee\"> </span>0%T<span class=\"_ _4\"></span>asso di rendimento delle azioni Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Ferr<span class=\"_ _4\"></span>agamo S.p.A<span class=\"_ _1\"></span>.**<span class=\"_ _2ef\"> </span>(0,07%)V<span class=\"_ _0\"></span>alutazione alla data di <span class=\"ff78\">repor<span class=\"_ _0\"></span>ting<span class=\"_ _2c1\"> </span><span class=\"ff76\">31 dic<span class=\"_ _0\"></span>embre 2022</span></span>Data di assegnazione<span class=\"_ _25e\"> </span>1 gennaio 2022Pr<span class=\"_ _4\"></span>ez<span class=\"_ _1\"></span>zo azioni alla data di repor<span class=\"_ _0\"></span>ting<span class=\"ff74\"> (Euro)<span class=\"_ _2f0\"> </span>16,49</span>Dividendi attesi<span class=\"_ _2ea\"> </span>1,5%Volatilit<span class=\"_ _0\"></span>\u00e0 attesa*<span class=\"_ _2ed\"> </span>39%T<span class=\"_ _4\"></span>asso di uscita <span class=\"_ _2ee\"> </span>0%T<span class=\"_ _4\"></span>asso di rendimento delle azioni Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Ferr<span class=\"_ _4\"></span>agamo S.p.A<span class=\"_ _1\"></span>.**<span class=\"_ _2f1\"> </span>3,27%* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _0\"></span>alcolata in riferimento all<span class=\"_ _0\"></span>a data di valutazione.** Media dei tassi <span class=\"ff79\">interest r<span class=\"_ _0\"></span>ate swap<span class=\"ff71\"> alla data di v<span class=\"_ _0\"></span>alutazione rispettiv<span class=\"_ _0\"></span>amente alle due scadenze dei tr<span class=\"_ _0\"></span>e anni e cinque anni.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__154": {
   "value": "42. Infor<span class=\"_ _0\"></span>mativ<span class=\"_ _4\"></span>a di settor<span class=\"_ _0\"></span>eIl principio c<span class=\"_ _1\"></span>ontabil<span class=\"_ _1\"></span>e IFRS 8 - S<span class=\"_ _1\"></span>egm<span class=\"_ _1\"></span>enti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi ri<span class=\"_ _1\"></span>chied<span class=\"_ _1\"></span>e che siano fornit<span class=\"_ _1\"></span>e informazio<span class=\"_ _1\"></span>ni dett<span class=\"_ _1\"></span>agliate p<span class=\"_ _1\"></span>er og<span class=\"_ _1\"></span>ni seg<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>to op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vo, inteso c<span class=\"_ _1\"></span>ome una comp<span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>nte di un\u2019entit\u00e0 i cui r<span class=\"_ _1\"></span>isult<span class=\"_ _1\"></span>ati ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vi so<span class=\"_ _1\"></span>no pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>dicame<span class=\"_ _1\"></span>nte riv<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ti dal <span class=\"ff79 ls38 ws8b\">top </span>management<span class=\"ff71 ls4 ws0\"> ai f<span class=\"_ _1\"></span>ini dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>adozione di d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ioni in mer<span class=\"_ _1\"></span>ito alle ris<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>se da allo<span class=\"_ _1\"></span>care e de<span class=\"_ _1\"></span>lla valut<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne de<span class=\"_ _1\"></span>lla <span class=\"ff79 ls2c ws9d\">per<span class=\"_ _1\"></span>formance</span><span class=\"ls0\">. </span></span>A livello ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tionale<span class=\"_ _1\"></span>, l<span class=\"_ _1\"></span>\u2019organiz<span class=\"_ _2\"></span>zaz<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo si ba<span class=\"_ _1\"></span>sa su una s<span class=\"_ _1\"></span>trut<span class=\"_ _1\"></span>tura a matr<span class=\"_ _1\"></span>ice, ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colata p<span class=\"_ _1\"></span>er canale dis<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>utivo, area ge<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>raf<span class=\"_ _1\"></span>ica e c<span class=\"_ _1\"></span>ategor<span class=\"_ _1\"></span>ia merce<span class=\"_ _1\"></span>olo<span class=\"_ _1\"></span>gica<span class=\"_ _1\"></span>, pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tanto no<span class=\"_ _1\"></span>n sono i<span class=\"_ _1\"></span>dentif<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>abili se<span class=\"_ _1\"></span>gme<span class=\"_ _1\"></span>nti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi e<span class=\"_ _1\"></span>d il <span class=\"ff79 ls47 ws11f\">top managem<span class=\"_ _1\"></span>ent</span><span class=\"ls4 ws9f\"> rive<span class=\"_ _1\"></span>de i ris<span class=\"_ _1\"></span>ultati e<span class=\"_ _1\"></span>cono<span class=\"_ _1\"></span>mici a live<span class=\"_ _1\"></span>llo di Grupp<span class=\"_ _1\"></span>o nel s<span class=\"_ _1\"></span>uo insie<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>. Quindi l<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 del Gr<span class=\"_ _1\"></span>uppo \u00e8 s<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a </span>rappre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ntat<span class=\"_ _1\"></span>a come un unic<span class=\"_ _1\"></span>o set<span class=\"_ _1\"></span>tore o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>to di informativ<span class=\"_ _1\"></span>a sulla bas<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 8.(In migliaia di Euro)<span class=\"_ _2ca\"> </span>2022<span class=\"_ _1b6\"> </span>2021Rica<span class=\"_ _0\"></span>vi <span class=\"ff77\">Retail<span class=\"_ _257\"> </span></span>923.507 <span class=\"_ _79\"> </span>829.754 Rica<span class=\"_ _0\"></span>vi <span class=\"ff77\">Wholesale<span class=\"_ _1b7\"> </span></span>336.174 <span class=\"_ _79\"> </span>295.991 Vendite nette<span class=\"_ _2f2\"> </span>1.259.681 <span class=\"_ _146\"> </span>1.125.745 Effetto C<span class=\"_ _0\"></span>ash flow hedging<span class=\"ff74\"> sui Ricavi<span class=\"_ _10a\"> </span>(25.664) <span class=\"_ _71\"> </span>(332) </span>Lic<span class=\"_ _0\"></span>enze e prest<span class=\"_ _0\"></span>azioni<span class=\"_ _2f3\"> </span>14.890 <span class=\"_ _1f7\"> </span>7.746 Locazioni Immobiliari <span class=\"_ _2f3\"> </span>2.901 <span class=\"_ _1f7\"> </span>2.361 Rica<span class=\"_ _0\"></span>vi<span class=\"_ _1dd\"> </span>1.251.808 <span class=\"_ _177\"> </span>1.135.520 di cui in Italia <span class=\"_ _59\"> </span>124.298 <span class=\"_ _79\"> </span>101.087 Margine Lor<span class=\"_ _4\"></span>do<span class=\"_ _2cd\"> </span>901.115 <span class=\"_ _e2\"> </span>780.944 Margine Lor<span class=\"_ _4\"></span>do % <span class=\"_ _2f4\"> </span>72,0% <span class=\"_ _229\"> </span>68,8%C<span class=\"_ _0\"></span>osti del personale<span class=\"_ _55\"> </span>(244.627<span class=\"_ _1\"></span>) <span class=\"_ _f3\"> </span>(198.006) C<span class=\"_ _0\"></span>osti per affitti<span class=\"_ _2f2\"> </span>(87.468)<span class=\"_ _21a\"> </span>(81.899)Ammortamenti e svalutazioni di attivit\u00e0 non c<span class=\"_ _4\"></span>orrenti<span class=\"_ _1d7\"> </span>(170.785)<span class=\"_ _27\"> </span>(160.852) C<span class=\"_ _0\"></span>osti per comunicazione <span class=\"_ _147\"> </span>(84.684)<span class=\"_ _ee\"> </span>(60.360)Altri costi (al netto degli altri pro<span class=\"_ _0\"></span>venti)<span class=\"_ _129\"> </span>(185.613)<span class=\"_ _32\"> </span>(136.347)Risultato oper<span class=\"_ _0\"></span>ativo <span class=\"_ _1bf\"> </span>127.938 <span class=\"_ _1cf\"> </span>143.480 (Oneri)/prov<span class=\"_ _0\"></span>enti finanziari netti<span class=\"_ _2c6\"> </span>(26.776) <span class=\"_ _1cf\"> </span>(20.862) Risultato prima delle imposte<span class=\"_ _2d5\"> </span>101.162 <span class=\"_ _1cf\"> </span>122.618 Imposte sul reddito<span class=\"_ _2f5\"> </span>(35.810)<span class=\"_ _ee\"> </span>(36.289)Risultato dall'attivit\u00e0 in funzionamento <span class=\"_ _2f6\"> </span>65.352 <span class=\"_ _26a\"> </span>86.329 Risultato netto da attivit\u00e0 oper<span class=\"_ _0\"></span>ativa c<span class=\"_ _0\"></span>essata, al netto degli effetti fiscali<span class=\"_ _2f7\"> </span>- <span class=\"_ _283\"> </span>(5.192)Risultato netto <span class=\"_ _2f8\"> </span>65.352 <span class=\"_ _26a\"> </span>81.137 EB<span class=\"_ _1\"></span>ITDA*<span class=\"_ _2e2\"> </span><span class=\"ls0 ws0\">298.900 <span class=\"_ _1cf\"> </span>304.529 </span>* P<span class=\"_ _0\"></span>er la definizione di EBITD<span class=\"_ _0\"></span>A si rimanda allo specifico par<span class=\"_ _4\"></span>agrafo della Relazione sulla gestione in merito agli indic<span class=\"_ _0\"></span>atori alternativi di <span class=\"ff79\">performanc<span class=\"_ _4\"></span>e<span class=\"ff71\">.</span></span>(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022 <span class=\"_ _16d\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021 Rimanenze e Diritti di rec<span class=\"_ _0\"></span>upero pr<span class=\"_ _0\"></span>odotti da clienti per resi<span class=\"_ _126\"> </span>281.026 <span class=\"_ _79\"> </span>279.790 Cr<span class=\"_ _0\"></span>editi commer<span class=\"_ _4\"></span>ciali<span class=\"_ _2f9\"> </span>94.490 <span class=\"_ _79\"> </span>112.670 Attivit\u00e0 materiali e In<span class=\"_ _4\"></span>vestimenti immobiliari<span class=\"_ _166\"> </span>219.311 <span class=\"_ _79\"> </span>217.077 Attivit\u00e0 per diritto d'uso<span class=\"_ _2e\"> </span>479.724 <span class=\"_ _79\"> </span>500.047 Attivit\u00e0 immateriali a vit<span class=\"_ _0\"></span>a utile definita e Avviamento<span class=\"_ _15e\"> </span>41.582 <span class=\"_ _171\"> </span>40.102 Altre attivit\u00e0<span class=\"_ _2fa\"> </span>202.548 <span class=\"_ _79\"> </span>186.977 T<span class=\"_ _4\"></span>otale attivit\u00e0 al lordo della liquidit\u00e0 e dei cr<span class=\"_ _0\"></span>editi finanziari corr<span class=\"_ _4\"></span>enti<span class=\"_ _7d\"> </span>1.318.681 <span class=\"_ _1ad\"> </span>1.336.663 Indebitamento finanziario netto<span class=\"_ _c\"> </span>204.074 <span class=\"_ _79\"> </span>224.483 Debiti commer<span class=\"_ _0\"></span>ciali e P<span class=\"_ _4\"></span>assivit\u00e0 per resi<span class=\"_ _ff\"> </span>184.116 <span class=\"_ _79\"> </span>193.102 Altre passivit\u00e0<span class=\"_ _2fb\"> </span>155.082 <span class=\"_ _79\"> </span>133.199 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio netto<span class=\"_ _2e9\"> </span>775.409 <span class=\"_ _128\"> </span>785.879 T<span class=\"_ _4\"></span>otale passivo e PN (al netto della liquidit\u00e0 e dei crediti finanziari c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enti)<span class=\"_ _d7\"> </span>1.318.681 <span class=\"_ _1ad\"> </span>1.336.663 Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle informazi<span class=\"_ _1\"></span>oni richie<span class=\"_ _1\"></span>ste dall<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S 8 si riman<span class=\"_ _1\"></span>da a quanto esp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>to nella Re<span class=\"_ _1\"></span>laz<span class=\"_ _1\"></span>ione sulla ge<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ione p<span class=\"_ _1\"></span>er i det<span class=\"_ _1\"></span>tagli e<span class=\"_ _1\"></span>d i re<span class=\"_ _1\"></span>lativi c<span class=\"_ _1\"></span>ommenti s<span class=\"_ _1\"></span>ui ric<span class=\"_ _1\"></span>avi sud<span class=\"_ _1\"></span>divi<span class=\"_ _1\"></span>si pe<span class=\"_ _1\"></span>r area ge<span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>afi<span class=\"_ _1\"></span>ca, c<span class=\"_ _1\"></span>anale dis<span class=\"_ _1\"></span>tributi<span class=\"_ _1\"></span>vo e cate<span class=\"_ _1\"></span>goria me<span class=\"_ _1\"></span>rceo<span class=\"_ _1\"></span>logi<span class=\"_ _1\"></span>ca. Di se<span class=\"_ _1\"></span>guito si r<span class=\"_ _1\"></span>ipor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano le informa<span class=\"_ _1\"></span>zioni rife<span class=\"_ _1\"></span>rite alle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 n<span class=\"_ _1\"></span>on corre<span class=\"_ _1\"></span>nti (<span class=\"_ _0\"></span>con e<span class=\"_ _1\"></span>sclus<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rume<span class=\"_ _1\"></span>nti f<span class=\"_ _1\"></span>inanziari e delle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ali dif<span class=\"_ _1\"></span>ferite) allocate in b<span class=\"_ _1\"></span>ase alla lo<span class=\"_ _1\"></span>ro loc<span class=\"_ _1\"></span>aliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione ge<span class=\"_ _1\"></span>ograf<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>a.Eur<span class=\"_ _0\"></span>opa <span class=\"_ _3\"></span> Nord <span class=\"_ _3\"></span> Asia <span class=\"_ _3\"></span> C<span class=\"_ _0\"></span>entro <span class=\"_ _3\"></span> (In migliaia di Euro)<span class=\"_ _9d\"> </span>Italia(<span class=\"_ _1\"></span>esclusa Italia)America<span class=\"_ _d0\"> </span>GiapponeP<span class=\"_ _4\"></span>acificoSud America<span class=\"_ _1a0\"> </span><span class=\"ws0\">Consolidato</span>31 dicembr<span class=\"_ _0\"></span>e 2022 <span class=\"_ _285\"> </span>254.117 <span class=\"_ _80\"> </span>143.133 <span class=\"_ _80\"> </span>182.183 <span class=\"_ _b4\"> </span>6.871 <span class=\"_ _80\"> </span>159.386 <span class=\"_ _1da\"> </span>16.357 <span class=\"_ _80\"> </span>762.047 31 dicembr<span class=\"_ _0\"></span>e 2021 <span class=\"_ _285\"> </span>242.998 <span class=\"_ _80\"> </span>163.477 <span class=\"_ _80\"> </span>181.100 <span class=\"_ _1f6\"> </span>12.615 <span class=\"_ _80\"> </span>168.127 <span class=\"_ _1da\"> </span>10.300 <span class=\"_ _80\"> </span>778.617",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__155-1": {
   "value": "43. Oper<span class=\"_ _4\"></span>azioni c<span class=\"_ _0\"></span>on parti c<span class=\"_ _4\"></span>orr<span class=\"_ _4\"></span>elateNel p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ente par<span class=\"_ _1\"></span>agrafo son<span class=\"_ _1\"></span>o des<span class=\"_ _1\"></span>crit<span class=\"_ _1\"></span>ti i rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>n par<span class=\"_ _1\"></span>ti co<span class=\"_ _1\"></span>rrelate inte<span class=\"_ _1\"></span>rcor<span class=\"_ _1\"></span>si ne<span class=\"_ _1\"></span>gli es<span class=\"_ _1\"></span>erciz<span class=\"_ _1\"></span>i chiusi al 3<span class=\"_ _0\"></span>1 dicemb<span class=\"_ _1\"></span>re 2022 e 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>.31 dicembr<span class=\"_ _0\"></span>e 2022C<span class=\"_ _0\"></span>osto del vendutoAttivit\u00e0 e C<span class=\"_ _0\"></span>osti Operati<span class=\"_ _0\"></span>vi per (al netto degli Oneridiritto Cr<span class=\"_ _0\"></span>editi Al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reDebitiAl<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reP<span class=\"_ _4\"></span>assivit\u00e0Rica<span class=\"_ _0\"></span>vialtri proventi)finanziarid\u2019usocommer<span class=\"_ _0\"></span>cialiattivit\u00e0commer<span class=\"_ _0\"></span>cialipassivit\u00e0 per <span class=\"ff78\">leasing</span>Societ\u00e0 contr<span class=\"_ _0\"></span>ollanteFerr<span class=\"_ _4\"></span>agamo Finanziaria S.p.A<span class=\"_ _1\"></span>.<span class=\"_ _86\"> </span><span class=\"ws84\">57 <span class=\"_ _a4\"> </span>(79)<span class=\"_ _1\"></span> <span class=\"_ _a7\"> </span>(21) <span class=\"_ _1a8\"> </span>564<span class=\"_ _1\"></span> <span class=\"_ _26\"> </span>14<span class=\"_ _1\"></span> <span class=\"_ _1da\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _179\"> </span> - <span class=\"_ _1a1\"> </span></span>(19.106)<span class=\"_ _1\"></span> <span class=\"_ _1c5\"> </span>(598)<span class=\"_ _1\"></span> </span>(societ\u00e0 che esercita atti<span class=\"_ _0\"></span>vit\u00e0 di direzione e c<span class=\"_ _0\"></span>oordinamento su Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Fer<span class=\"_ _0\"></span>ragamo S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.)Societ\u00e0 cor<span class=\"_ _0\"></span>relateP<span class=\"_ _4\"></span>alazzo Feroni Finanziaria S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.<span class=\"_ _285\"> </span><span class=\"ws84\">32<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>(7.037<span class=\"_ _1\"></span>)<span class=\"_ _d0\"> </span>(1.506)<span class=\"_ _ce\"> </span>50.041<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span></span>2 <span class=\"_ _1da\"> </span><span class=\"ws5b\"> - <span class=\"_ _75\"> </span></span><span class=\"ws84\">(46)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _247\"> </span></span>(53.957)</span>Lungar<span class=\"_ _0\"></span>no Alberghi S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1cc\"> </span><span class=\"ws84\">15<span class=\"_ _1\"></span> <span class=\"_ _ac\"> </span>(2.186)<span class=\"_ _7f\"> </span>(647<span class=\"_ _1\"></span>)<span class=\"_ _ce\"> </span>15.913 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws0\">4 <span class=\"_ _1d9\"> </span><span class=\"ws5b\"> - <span class=\"_ _15d\"> </span></span></span>(43)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span>(17.832) </span>Fondazione Fer<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>amo <span class=\"_ _ae\"> </span><span class=\"ls0\">2 <span class=\"_ _101\"> </span></span>(191) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _75\"> </span></span>(50)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Societ\u00e0 riconducibili a membri del C<span class=\"_ _4\"></span>onsiglio di AmministrazioneDal Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _d7\"> </span>24<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>(52)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _2bb\"> </span></span>20 <span class=\"_ _1d9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _75\"> </span></span>(33<span class=\"_ _0\"></span>) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Bacc<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _27d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(2) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Car<span class=\"_ _0\"></span>etti &amp; Associati S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _2d7\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _27e\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Castiglion del Bosc<span class=\"_ _0\"></span>o S.a.r<span class=\"_ _4\"></span>.l.<span class=\"_ _96\"> </span>26<span class=\"_ _1\"></span> <span class=\"_ _79\"> </span>(3)<span class=\"_ _2\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _fe\"> </span></span>(1)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Club Sw<span class=\"_ _0\"></span>an Racing S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _ae\"> </span>14 <span class=\"_ _2fc\"> </span>(34) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Club Sw<span class=\"_ _0\"></span>an <span class=\"_ _0\"></span>Y<span class=\"_ _4\"></span>achts S.r<span class=\"_ _0\"></span>.l.<span class=\"_ _172\"> </span>4 <span class=\"_ _171\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Il Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l. Societ\u00e0 agricola<span class=\"_ _60\"> </span>1 <span class=\"_ _27e\"> </span>5 <span class=\"_ _b9\"> </span><span class=\"ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span></span>6 <span class=\"_ _1da\"> </span><span class=\"ws5b\"> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b2\"> </span> - </span>Il Borr<span class=\"_ _0\"></span>o T<span class=\"_ _4\"></span>uscan Bistro S.r<span class=\"_ _4\"></span>.l. <span class=\"_ _2b2\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _e2\"> </span><span class=\"ls4f wsdd\">(7)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _26\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _1\"></span> <span class=\"_ _b5\"> </span></span> - <span class=\"_ _b9\"> </span> - </span>Rubino S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _53\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span><span class=\"ws84\">(39)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _84\"> </span></span>51 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">5 <span class=\"_ _fe\"> </span></span></span>(1)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a7\"> </span></span>(51)<span class=\"_ _1\"></span> </span>Windows on Italy S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _2d1\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(1) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">1 <span class=\"_ _1d9\"> </span></span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Sole Studio S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1d5\"> </span>1 <span class=\"_ _27e\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Vivia di Vivia F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo &amp; C. SAS <span class=\"_ _6f\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(97)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Halldis Italia S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _2fd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(12) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _26\"> </span><span class=\"lsc7 ws262\">(<span class=\"_ _1\"></span>3)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span></span> - <span class=\"_ _b2\"> </span> - </span>Harbour Cit<span class=\"_ _0\"></span>y Estates Limited <span class=\"_ _266\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(4.701) <span class=\"_ _77\"> </span>(172) <span class=\"_ _1c8\"> </span>12.759 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>740 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _1ae\"> </span></span>(13.916) </span>T<span class=\"_ _0\"></span>imes Square L<span class=\"_ _0\"></span>td. <span class=\"_ _2fe\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(458) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _75\"> </span></span>(68) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Harriman L<span class=\"_ _0\"></span>easing Limited<span class=\"_ _264\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span></span> - <span class=\"_ _13b\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1a8\"> </span></span>798<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Long Jin C<span class=\"_ _4\"></span>omplex Development<span class=\"_ _1\"></span> (Chengdu<span class=\"_ _0\"></span>) C<span class=\"_ _0\"></span>o. Ltd<span class=\"_ _2ff\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(2.265) <span class=\"_ _77\"> </span>(458) <span class=\"_ _1c8\"> </span>10.392<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>744<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b4\"> </span> - <span class=\"_ _1ae\"> </span></span>(11.201)<span class=\"_ _1\"></span> </span>Dalian T<span class=\"_ _4\"></span>imes Square Commer<span class=\"_ _4\"></span>cial Co.ltd <span class=\"_ _146\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(655) <span class=\"_ _a7\"> </span>(50)<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>862 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>189 <span class=\"_ _15d\"> </span>(39)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _77\"> </span></span>(979)<span class=\"_ _1\"></span> </span>P<span class=\"_ _0\"></span>edder Group L<span class=\"_ _0\"></span>imited<span class=\"_ _300\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _27e\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">3 <span class=\"_ _1d9\"> </span></span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>P<span class=\"_ _0\"></span>edder Vision Limited<span class=\"_ _1d3\"> </span>13<span class=\"_ _1\"></span> <span class=\"_ _27e\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>OIS Realty Limited <span class=\"_ _271\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(538)<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>(8) <span class=\"_ _1d4\"> </span>120 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>136 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(117) </span>Shanghai Wheelock square Development C<span class=\"_ _0\"></span>o. L<span class=\"_ _0\"></span>td.<span class=\"_ _2d1\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(772) <span class=\"_ _a7\"> </span>(16)<span class=\"_ _1\"></span> <span class=\"_ _1a8\"> </span>124 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>234 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _a7\"> </span></span>(91)<span class=\"_ _1\"></span> </span>Wharf IFS (Chengdu<span class=\"_ _4\"></span>) Propert<span class=\"_ _0\"></span>y Management Limited C<span class=\"_ _4\"></span>ompany <span class=\"_ _227\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(155)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b2\"> </span> - </span>Shanghai Harriman P<span class=\"_ _4\"></span>roperty Management C<span class=\"_ _0\"></span>o. L<span class=\"_ _0\"></span>td.<span class=\"_ _262\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(118) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _84\"> </span></span>29 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Chongquing Jiayi Real Estate Development C<span class=\"_ _0\"></span>o Ltd.<span class=\"_ _287\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(445) <span class=\"_ _1d0\"> </span>(23<span class=\"_ _4\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>1.214 <span class=\"_ _1ef\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>214<span class=\"_ _1\"></span> <span class=\"_ _fe\"> </span>(1) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _16d\"> </span></span>(1.231) </span>Chengdu T<span class=\"_ _4\"></span>imes Outlet<span class=\"_ _1\"></span>s C<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>o., Ltd <span class=\"_ _301\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(209) <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span><span class=\"ws0\">4 <span class=\"_ _fe\"> </span></span>(4)<span class=\"_ _1\"></span> <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Altre parti c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>elate Massimo Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _1\"></span> <span class=\"_ _302\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(142) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _75\"> </span></span>(25) <span class=\"_ _b4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Riccar<span class=\"_ _4\"></span>do Ferragamo<span class=\"_ _ad\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span><span class=\"ws84\">(44)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1f6\"> </span></span>(5) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - </span></span>Giovanna F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo<span class=\"_ _240\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(90) <span class=\"_ _b2\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Angiolo Anichini <span class=\"_ _dd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(225)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _208\"> </span></span>(75)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - </span></span>Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _0\"></span>ategicheAmministratori, Sindaci e Dirigenti con r<span class=\"_ _0\"></span>esponsabilit\u00e0 strategiche <span class=\"_ _13a\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _fe\"> </span></span><span class=\"ws84\">(23.606) <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _cb\"> </span></span>(9.694)<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span><span class=\"ls0 ws5b\"> - </span></span>T<span class=\"_ _4\"></span>otale<span class=\"_ _1\"></span> <span class=\"_ _279\"> </span>189 <span class=\"_ _e0\"> </span>(44.161) <span class=\"_ _1ac\"> </span>(2.901) <span class=\"_ _245\"> </span>92.040 <span class=\"_ _26\"> </span>50<span class=\"_ _1\"></span> 3.093 <span class=\"_ _5e\"> </span>(317<span class=\"_ _1\"></span>) <span class=\"_ _1cb\"> </span>(28.880) <span class=\"_ _ce\"> </span>(99.973) T<span class=\"_ _4\"></span>otale Gruppo<span class=\"_ _20c\"> </span><span class=\"ws84\">1.251.808 <span class=\"_ _208\"> </span>(1.123.870) <span class=\"_ _ce\"> </span>(78.703) <span class=\"_ _ca\"> </span>479.724 <span class=\"_ _1a8\"> </span>94.490<span class=\"_ _1\"></span> <span class=\"_ _245\"> </span>57.017 <span class=\"_ _1c6\"> </span>(174.016)<span class=\"_ _1\"></span> <span class=\"_ _1cb\"> </span>(94.963) <span class=\"_ _1ab\"> </span>(575.323) </span>% incidenza<span class=\"_ _242\"> </span><span class=\"ws84\">0,0%<span class=\"_ _146\"> </span>3,9%<span class=\"_ _82\"> </span>3,7%<span class=\"_ _1f9\"> </span>19,2% <span class=\"_ _a7\"> </span>0,1% <span class=\"_ _1c4\"> </span>5,4%<span class=\"_ _1\"></span> <span class=\"_ _a7\"> </span>0,2% <span class=\"_ _1f2\"> </span>30,4% <span class=\"_ _16b\"> </span>17,4% </span>31 dicembr<span class=\"_ _0\"></span>e 2021C<span class=\"_ _0\"></span>osto del vendutoAttivit\u00e0 e C<span class=\"_ _0\"></span>osti Operati<span class=\"_ _0\"></span>vi per (al netto degli Oneridiritto Cr<span class=\"_ _0\"></span>editi<span class=\"ls0 ws0\"> </span>Al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reDebitiAl<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>reP<span class=\"_ _4\"></span>assivit\u00e0(In migliaia di Euro)<span class=\"_ _22c\"> </span><span class=\"ws84\">Ricavi</span>altri proventi)finanziarid\u2019usocommer<span class=\"_ _0\"></span>cialiattivit\u00e0commer<span class=\"_ _0\"></span>cialipassivit\u00e0 per <span class=\"ff78\">leasing</span>Societ\u00e0 contr<span class=\"_ _0\"></span>ollanteFerr<span class=\"_ _4\"></span>agamo Finanziaria S.p.A<span class=\"_ _1\"></span>.<span class=\"_ _1e9\"> </span><span class=\"ws84\">36<span class=\"_ _225\"> </span>(75)<span class=\"_ _1d9\"> </span>(23)<span class=\"_ _204\"> </span>593<span class=\"_ _61\"> </span>14<span class=\"_ _1ac\"> </span>2.567<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(622)</span>(societ\u00e0 che esercita atti<span class=\"_ _0\"></span>vit\u00e0 di direzione e c<span class=\"_ _0\"></span>oordinamento su Sal<span class=\"_ _0\"></span>vator<span class=\"_ _0\"></span>e Fer<span class=\"_ _0\"></span>ragamo S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.)Societ\u00e0 cor<span class=\"_ _0\"></span>relate sottoposte a c<span class=\"_ _0\"></span>omune contr<span class=\"_ _0\"></span>olloP<span class=\"_ _4\"></span>alazzo Feroni Finanziaria S.p<span class=\"_ _0\"></span>.A<span class=\"_ _1\"></span>.<span class=\"_ _227\"> </span><span class=\"ws84\">30<span class=\"_ _179\"> </span>(5.899)<span class=\"_ _16b\"> </span>(1.535)<span class=\"_ _ce\"> </span>48.313<span class=\"_ _fa\"> </span></span><span class=\"ls0\">1<span class=\"_ _83\"> </span></span><span class=\"ws84\">70<span class=\"_ _1da\"> </span><span class=\"ls4f wsdd\">(77)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span></span>(51.066)</span>Lungar<span class=\"_ _0\"></span>no Alberghi S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _d3\"> </span><span class=\"ws84\">51<span class=\"_ _bf\"> </span>(1.935)<span class=\"_ _84\"> </span>(675)<span class=\"_ _ce\"> </span>17.185<span class=\"_ _119\"> </span><span class=\"ls0 ws0\">8<span class=\"_ _97\"> </span><span class=\"ws5b\"> - <span class=\"_ _25\"> </span></span></span>(4)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span>(18.888)</span>Fondazione Fer<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>amo<span class=\"_ _17f\"> </span><span class=\"ls0\">2<span class=\"_ _1ad\"> </span></span>(170)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1d0\"> </span></span>(50)<span class=\"_ _e0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Societ\u00e0 riconducibili a membri del C<span class=\"_ _4\"></span>onsiglio di AmministrazioneDal Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _17b\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(27<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _25\"> </span></span>(5)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Bacc<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _269\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _128\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _a9\"> </span></span> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">5<span class=\"_ _119\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _25\"> </span></span><span class=\"ws84\">(6)</span>Baia di Scarlino S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _181\"> </span>3<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span></span>3<span class=\"_ _97\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Car<span class=\"_ _0\"></span>etti &amp; Associati S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _23c\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(50)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Castiglion del Bosc<span class=\"_ _0\"></span>o S.a.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1bd\"> </span><span class=\"ls0\">7<span class=\"_ _225\"> </span></span>(18)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _25\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _6d\"> </span></span> - <span class=\"_ _b2\"> </span> - </span>Castiglion del Bosc<span class=\"_ _0\"></span>o Hotel S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _266\"> </span>9<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Il Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l. Societ\u00e0 agricola<span class=\"_ _28c\"> </span><span class=\"ls0\">6<span class=\"_ _21a\"> </span></span>(1)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">5<span class=\"_ _15d\"> </span></span> - <span class=\"_ _25\"> </span></span>(1)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Rubino S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _152\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _72\"> </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span><span class=\"ws0\">2<span class=\"_ _ab\"> </span></span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Nautor Sw<span class=\"_ _0\"></span>an S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _1e0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(17)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Osteria del Borr<span class=\"_ _0\"></span>o S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _2b7\"> </span>4<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Windows on Italy S.r<span class=\"_ _6\"></span>.l.<span class=\"_ _302\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(4)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _25\"> </span></span>(4)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Prisma P<span class=\"_ _4\"></span>roperty In<span class=\"_ _0\"></span>vestment Management S.r<span class=\"_ _4\"></span>.l.<span class=\"_ _244\"> </span>1<span class=\"_ _229\"> </span><span class=\"ws5b\"> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Vivia di Vivia F<span class=\"_ _0\"></span>err<span class=\"_ _0\"></span>agamo &amp; C. SAS<span class=\"_ _227\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(179)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _303\"> </span></span>(20)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b2\"> </span> - </span>Harbour Cit<span class=\"_ _0\"></span>y Estates Limited<span class=\"_ _202\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(5.656)<span class=\"_ _84\"> </span>(193)<span class=\"_ _ce\"> </span>16.166<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>697<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _1ae\"> </span></span>(16.940)</span>Imaginex Management C<span class=\"_ _0\"></span>o. Ltd.<span class=\"_ _8a\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(2)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>T<span class=\"_ _0\"></span>imes Square L<span class=\"_ _0\"></span>td.<span class=\"_ _dd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(965)<span class=\"_ _ab\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1da\"> </span><span class=\"ws0\">2<span class=\"_ _1d9\"> </span></span>(50)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Harriman P<span class=\"_ _4\"></span>roperty Management Limited<span class=\"_ _65\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(1)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _179\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Harriman L<span class=\"_ _0\"></span>easing Limited<span class=\"_ _218\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span><span class=\"lsc7 ws262\">(<span class=\"_ _1\"></span>3)<span class=\"_ _a9\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d4\"> </span></span>752<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Long Jin C<span class=\"_ _4\"></span>omplex Development (Chengdu) C<span class=\"_ _0\"></span>o. Ltd<span class=\"_ _2a0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(2.399)<span class=\"_ _84\"> </span>(496)<span class=\"_ _ce\"> </span>12.636<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>761<span class=\"_ _1d9\"> </span>(10)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1ae\"> </span></span>(13.199)</span>Dalian T<span class=\"_ _4\"></span>imes Square Commer<span class=\"_ _4\"></span>cial Co.ltd<span class=\"_ _1cf\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(604)<span class=\"_ _1d9\"> </span>(68)<span class=\"_ _1ac\"> </span>1.452<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>193<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _16d\"> </span></span>(1.614)</span>P<span class=\"_ _0\"></span>edder Group L<span class=\"_ _0\"></span>imited<span class=\"_ _161\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _72\"> </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span><span class=\"ws0\">3<span class=\"_ _15d\"> </span></span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>P<span class=\"_ _0\"></span>edder Vision Limited<span class=\"_ _300\"> </span>31<span class=\"_ _299\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _2bb\"> </span></span>10<span class=\"_ _15d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b2\"> </span> - </span>OIS Realty Limited<span class=\"_ _2d4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(477)<span class=\"_ _1d9\"> </span>(17)<span class=\"_ _204\"> </span>543<span class=\"_ _119\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d4\"> </span></span>128<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(546)</span>Shanghai Wheelock squar<span class=\"_ _0\"></span>e Development C<span class=\"_ _0\"></span>o. Ltd.<span class=\"_ _277\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(727)<span class=\"_ _1da\"> </span>(41)<span class=\"_ _204\"> </span>886<span class=\"_ _ea\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>239<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(911)</span>Wharf IFS (Chengdu<span class=\"_ _4\"></span>) Propert<span class=\"_ _0\"></span>y Management Limited C<span class=\"_ _4\"></span>ompany<span class=\"_ _dd\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span><span class=\"ls4f wsdd\">(77)<span class=\"_ _ab\"> </span></span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Shanghai Harriman P<span class=\"_ _4\"></span>roperty Management C<span class=\"_ _0\"></span>o. Ltd.<span class=\"_ _277\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(111)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _84\"> </span></span>30<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Wharf (China) P<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y Management C<span class=\"_ _0\"></span>o. L<span class=\"_ _0\"></span>td - IFS Branch<span class=\"_ _64\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _2fc\"> </span></span>(54)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b4\"> </span> - <span class=\"_ _b2\"> </span> - </span>Chongquing Jiayi Real Estate Dev<span class=\"_ _0\"></span>elopment C<span class=\"_ _0\"></span>o Ltd.<span class=\"_ _2a0\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(343)<span class=\"_ _1d9\"> </span>(13)<span class=\"_ _16a\"> </span>177<span class=\"_ _ea\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1a8\"> </span></span>111<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b5\"> </span> - <span class=\"_ _77\"> </span></span>(195)</span>Chengdu T<span class=\"_ _4\"></span>imes Outlet<span class=\"_ _1\"></span>s C<span class=\"_ _0\"></span>ommerc<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>o., Ltd<span class=\"_ _179\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(233)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">3<span class=\"_ _119\"> </span></span> - <span class=\"_ _1d9\"> </span><span class=\"ws0\">4<span class=\"_ _1fb\"> </span><span class=\"lsc7 ws262\">(3)<span class=\"_ _16f\"> </span></span></span> - <span class=\"_ _25\"> </span><span class=\"lsc7 ws262\">(<span class=\"_ _1\"></span>3)</span></span>Altre parti c<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>elate Massimo Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _243\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span>(127)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _303\"> </span></span>(33)<span class=\"_ _6d\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _b9\"> </span> - </span>Riccar<span class=\"_ _4\"></span>do Ferragamo<span class=\"_ _db\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span><span class=\"ws84\">(30)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1d0\"> </span></span>(2)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - </span></span>Federica Anichini<span class=\"_ _dc\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _a4\"> </span></span>(49)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - </span> - <span class=\"_ _b9\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - Angiolo Anichini<span class=\"_ _2a4\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _101\"> </span></span><span class=\"ws84\">(271)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _208\"> </span></span>(75)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - </span></span>Giuseppe Anichini<span class=\"_ _174\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _79\"> </span></span>(5)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _b5\"> </span> - <span class=\"_ _b9\"> </span> - </span>Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _0\"></span>ategicheAmministratori, Sindaci e Dirigenti c<span class=\"_ _0\"></span>on responsabilit\u00e0 str<span class=\"_ _0\"></span>ategiche<span class=\"_ _1d1\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _ac\"> </span></span><span class=\"ws84\">(7.372)<span class=\"_ _a9\"> </span><span class=\"ls0 ws5b\"> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _1ef\"> </span> - <span class=\"_ _1d9\"> </span> - <span class=\"_ _b2\"> </span> - <span class=\"_ _1f9\"> </span></span>(1.792)<span class=\"_ _ab\"> </span><span class=\"ls0 ws5b\"> - </span></span>T<span class=\"_ _4\"></span>otale<span class=\"_ _150\"> </span>180<span class=\"_ _2bb\"> </span>(27.884)<span class=\"_ _1ed\"> </span>(3.061)<span class=\"_ _c9\"> </span>97.959<span class=\"_ _1e2\"> </span>44<span class=\"_ _1c4\"> </span>5.556<span class=\"_ _7f\"> </span>(260)<span class=\"_ _cc\"> </span>(1.869)<span class=\"_ _1fd\"> </span>(103.990)T<span class=\"_ _4\"></span>otale Gruppo<span class=\"_ _140\"> </span><span class=\"ws84\">1.135.520<span class=\"_ _75\"> </span>(992.040)<span class=\"_ _1f9\"> </span>(50.514)<span class=\"_ _1ab\"> </span>500.047<span class=\"_ _1ed\"> </span>112.670<span class=\"_ _c9\"> </span>48.265<span class=\"_ _1a1\"> </span>(183.792)<span class=\"_ _8\"> </span>(58.929)<span class=\"_ _1fd\"> </span>(597.242)</span>% incidenza<span class=\"_ _2a4\"> </span><span class=\"ws84\">0,0%<span class=\"_ _146\"> </span>2,8%<span class=\"_ _82\"> </span>6,1%<span class=\"_ _cb\"> </span>19,6%<span class=\"_ _1d9\"> </span>0,0%<span class=\"_ _cb\"> </span>11,5%<span class=\"_ _82\"> </span>0,1%<span class=\"_ _209\"> </span>3,2%<span class=\"_ _5d\"> </span>17,4%</span>Le vendite e g<span class=\"_ _1\"></span>li acquis<span class=\"_ _1\"></span>ti tra p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti corr<span class=\"_ _1\"></span>elate so<span class=\"_ _1\"></span>no ef<span class=\"_ _1\"></span>fet<span class=\"_ _1\"></span>tuati al pre<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zo n<span class=\"_ _1\"></span>ormalme<span class=\"_ _1\"></span>nte pratic<span class=\"_ _1\"></span>ato sul me<span class=\"_ _1\"></span>rcato. I s<span class=\"_ _1\"></span>aldi in es<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re a f<span class=\"_ _1\"></span>ine pe<span class=\"_ _1\"></span>rio<span class=\"_ _1\"></span>do non s<span class=\"_ _1\"></span>ono as<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>stit<span class=\"_ _1\"></span>i da garanz<span class=\"_ _1\"></span>ie, no<span class=\"_ _1\"></span>n gene<span class=\"_ _1\"></span>rano inter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>si e s<span class=\"_ _1\"></span>ono rego<span class=\"_ _1\"></span>lati a pronti. Si s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>nalano f<span class=\"_ _1\"></span>ideju<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>oni banc<span class=\"_ _1\"></span>arie rilas<span class=\"_ _1\"></span>ciate a favore di Palaz<span class=\"_ _2\"></span>zo Feroni Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. pe<span class=\"_ _1\"></span>r Euro 1<span class=\"_ _0\"></span>.8<span class=\"_ _1\"></span>45 migliaia, a favore di Lungar<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>no Alb<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span>hi S.<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>l. pe<span class=\"_ _1\"></span>r Euro 48<span class=\"_ _1\"></span>8 migliaia ed a f<span class=\"_ _1\"></span>avore di Fer<span class=\"_ _1\"></span>ragamo Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A per Euro 23 mig<span class=\"_ _1\"></span>liaia, per ut<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>zo in aff<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to di immo<span class=\"_ _1\"></span>bili di loro prop<span class=\"_ _1\"></span>riet<span class=\"_ _1\"></span>\u00e0. No<span class=\"_ _1\"></span>n vi so<span class=\"_ _1\"></span>no ulter<span class=\"_ _1\"></span>iori gar<span class=\"_ _1\"></span>anzie<span class=\"_ _1\"></span>, pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate o rice<span class=\"_ _1\"></span>vute<span class=\"_ _1\"></span>, in rela<span class=\"_ _1\"></span>zione a cr<span class=\"_ _1\"></span>editi e d<span class=\"_ _1\"></span>ebiti con par<span class=\"_ _1\"></span>ti c<span class=\"_ _1\"></span>orrelat<span class=\"_ _1\"></span>e. Il Gr<span class=\"_ _1\"></span>uppo no<span class=\"_ _1\"></span>n ha accanto<span class=\"_ _1\"></span>nato alcun fondo s<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>aluta<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e crediti a f<span class=\"_ _1\"></span>ronte de<span class=\"_ _1\"></span>gli impor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i dovut<span class=\"_ _1\"></span>i dalle par<span class=\"_ _1\"></span>ti cor<span class=\"_ _1\"></span>relate<span class=\"_ _1\"></span>. In det<span class=\"_ _1\"></span>taglio:Societ\u00e0 c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>anteFer<span class=\"_ _4\"></span>ragamo F<span class=\"_ _0\"></span>inanziaria S.p.A<span class=\"_ _1\"></span>.Nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito de<span class=\"_ _1\"></span>l cons<span class=\"_ _1\"></span>olidato f<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>cale na<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e di cui la Capo<span class=\"_ _1\"></span>grupp<span class=\"_ _1\"></span>o Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>errag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. \u00e8 par<span class=\"_ _1\"></span>te c<span class=\"_ _1\"></span>ongiuntam<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>te a Fer<span class=\"_ _1\"></span>ragamo Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. (<span class=\"_ _0\"></span>entit<span class=\"_ _1\"></span>\u00e0 cons<span class=\"_ _1\"></span>olidante) si evid<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>ia tra le A<span class=\"_ _1\"></span>ltre pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 cor<span class=\"_ _1\"></span>renti un ammont<span class=\"_ _1\"></span>are di Euro 1<span class=\"_ _4\"></span>9.<span class=\"_ _4\"></span>106 migliaia, quale de<span class=\"_ _1\"></span>bito p<span class=\"_ _1\"></span>er IRE<span class=\"_ _1\"></span>S de<span class=\"_ _1\"></span>lla Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o S.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>.. Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha inoltre in e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>re un contrat<span class=\"_ _1\"></span>to di lo<span class=\"_ _1\"></span>caz<span class=\"_ _1\"></span>ione co<span class=\"_ _1\"></span>n Ferr<span class=\"_ _1\"></span>agamo Finan<span class=\"_ _1\"></span>ziaria S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., relati<span class=\"_ _1\"></span>vo all<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di un c<span class=\"_ _1\"></span>apannon<span class=\"_ _1\"></span>e adiace<span class=\"_ _1\"></span>nte allo st<span class=\"_ _1\"></span>abilime<span class=\"_ _1\"></span>nto di Osmann<span class=\"_ _1\"></span>oro, che la so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 Cap<span class=\"_ _1\"></span>ogrupp<span class=\"_ _1\"></span>o ha adibit<span class=\"_ _1\"></span>o a mo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>delle<span class=\"_ _1\"></span>ria pe<span class=\"_ _1\"></span>r lo s<span class=\"_ _1\"></span>vilupp<span class=\"_ _1\"></span>o dei p<span class=\"_ _1\"></span>rodot<span class=\"_ _1\"></span>ti in p<span class=\"_ _1\"></span>elle<span class=\"_ _1\"></span>. Rie<span class=\"_ _1\"></span>ntrando n<span class=\"_ _1\"></span>ell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, il contrat<span class=\"_ _1\"></span>to \u00e8 st<span class=\"_ _1\"></span>ato contab<span class=\"_ _1\"></span>iliz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ato con l<span class=\"_ _2\"></span>\u2019iscri<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>Att<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>\u2019uso, ammo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tiz<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ata lungo la v<span class=\"_ _1\"></span>ita d<span class=\"_ _1\"></span>el contr<span class=\"_ _1\"></span>atto, in co<span class=\"_ _1\"></span>ntropar<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>a alla pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>ing</span><span class=\"ls0\">.</span>Societ\u00e0 c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>elate T<span class=\"_ _6\"></span>ali r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti riguardano p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ioni di natura com<span class=\"_ _1\"></span>merciale ch<span class=\"_ _1\"></span>e hanno avuto e<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ui ricav<span class=\"_ _1\"></span>i, sui cos<span class=\"_ _1\"></span>ti ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i, sui cre<span class=\"_ _1\"></span>diti e de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali, sulle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso, sull<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> e sulle altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>contratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne; se rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6 sono co<span class=\"_ _1\"></span>ntabiliz<span class=\"_ _2\"></span>zati co<span class=\"_ _1\"></span>me prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal principi<span class=\"_ _1\"></span>o (<span class=\"_ _4\"></span>quin<span class=\"_ _1\"></span>di con l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span></span>, ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari), altrime<span class=\"_ _1\"></span>nti i can<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ni sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o linearm<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r la durat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>biti so<span class=\"_ _1\"></span>no inclus<span class=\"_ _1\"></span>i nei Deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali<span class=\"_ _0\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azioni di s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi<span class=\"_ _1\"></span>.Si se<span class=\"_ _1\"></span>gnalano in par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olare i se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti:P<span class=\"_ _6\"></span>alazzo Fer<span class=\"_ _4\"></span>oni Finanziaria S.p.A<span class=\"_ _1\"></span>.I ricav<span class=\"_ _1\"></span>i e i relati<span class=\"_ _1\"></span>vi cre<span class=\"_ _1\"></span>diti si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>cono pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte a pres<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni di ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i informatici e amminist<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i. Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>sti o<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari sono in<span class=\"_ _1\"></span>erent<span class=\"_ _1\"></span>i principalme<span class=\"_ _1\"></span>nte ad af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itti p<span class=\"_ _1\"></span>er i l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>ali della s<span class=\"_ _1\"></span>ede c<span class=\"_ _1\"></span>entral<span class=\"_ _1\"></span>e di Firenze e p<span class=\"_ _1\"></span>er al<span class=\"_ _1\"></span>cuni negozi de<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>na italiana, rie<span class=\"_ _1\"></span>ntranti p<span class=\"_ _1\"></span>er la mag<span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>or par<span class=\"_ _1\"></span>te ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. L<span class=\"_ _0\"></span>ungarno A<span class=\"_ _0\"></span>lber<span class=\"_ _0\"></span>ghi <span class=\"_ _1\"></span>S.r<span class=\"_ _6\"></span>.l.I ricav<span class=\"_ _1\"></span>i (<span class=\"_ _0\"></span>e i relativ<span class=\"_ _1\"></span>i sal<span class=\"_ _1\"></span>di a credito) si riferis<span class=\"_ _1\"></span>cono a ve<span class=\"_ _1\"></span>ndite di pro<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>ti; le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritto d<span class=\"_ _2\"></span>\u2019uso, le pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span></span><span class=\"ls0 ws0\">, </span>i cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi e gli inte<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>si pa<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>i si riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o principalm<span class=\"_ _1\"></span>ente ad un co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o pe<span class=\"_ _1\"></span>r l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto di un l<span class=\"_ _1\"></span>oca<span class=\"_ _1\"></span>le adibito a punto vendit<span class=\"_ _1\"></span>a de<span class=\"_ _1\"></span>lla cate<span class=\"_ _1\"></span>na <span class=\"ff79 ws3c\">retail</span> it<span class=\"_ _1\"></span>aliana, rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito di applic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. Fondazione F<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo I cos<span class=\"_ _1\"></span>ti (<span class=\"_ _0\"></span>ed i re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i saldi a d<span class=\"_ _1\"></span>ebito) si riferis<span class=\"_ _1\"></span>cono p<span class=\"_ _1\"></span>er Euro 1<span class=\"_ _0\"></span>01 migliai<span class=\"_ _0\"></span>a ai ser<span class=\"_ _2\"></span>viz<span class=\"_ _1\"></span>i pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la ges<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>archi<span class=\"_ _1\"></span>vio sto<span class=\"_ _1\"></span>rico Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo (Euro 1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>0 migliaia nel 202<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>) e pe<span class=\"_ _1\"></span>r Euro 90 migliaia a e<span class=\"_ _1\"></span>roga<span class=\"_ _1\"></span>zioni libe<span class=\"_ _1\"></span>rali a sup<span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>elle atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 ist<span class=\"_ _1\"></span>ituzio<span class=\"_ _1\"></span>nali della Fo<span class=\"_ _1\"></span>ndazi<span class=\"_ _1\"></span>one (Euro 70 migliaia nel 202<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>). Societ\u00e0 ric<span class=\"_ _0\"></span>onducibili ai membri del C<span class=\"_ _4\"></span>onsiglio di <span class=\"_ _0\"></span>Amministr<span class=\"_ _0\"></span>azioneT<span class=\"_ _6\"></span>ali r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ti riguardano p<span class=\"_ _1\"></span>rincipalme<span class=\"_ _1\"></span>nte tran<span class=\"_ _1\"></span>saz<span class=\"_ _1\"></span>ioni di natura comm<span class=\"_ _1\"></span>erciale ch<span class=\"_ _1\"></span>e hanno avuto ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>tto s<span class=\"_ _1\"></span>ui ricav<span class=\"_ _1\"></span>i, sui cos<span class=\"_ _1\"></span>ti ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i, sui cre<span class=\"_ _1\"></span>diti e de<span class=\"_ _1\"></span>biti comm<span class=\"_ _1\"></span>erciali, sulle at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er dirit<span class=\"_ _1\"></span>to d<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>uso, sull<span class=\"_ _1\"></span>e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 p<span class=\"_ _1\"></span>er <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing</span> e sulle altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 e pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it\u00e0 in p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ticolare:\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>ve<span class=\"_ _1\"></span>ndit<span class=\"_ _1\"></span>a di pro<span class=\"_ _1\"></span>dott<span class=\"_ _1\"></span>i;\u2022 <span class=\"_ _44\"> </span> <span class=\"_ _45\"></span>contratt<span class=\"_ _1\"></span>i di loc<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne; se rie<span class=\"_ _1\"></span>ntranti ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito dell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _0\"></span>6 sono co<span class=\"_ _1\"></span>ntabiliz<span class=\"_ _2\"></span>zati co<span class=\"_ _1\"></span>me prev<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>to dal principi<span class=\"_ _1\"></span>o (<span class=\"_ _4\"></span>quin<span class=\"_ _1\"></span>di con l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>izion<span class=\"_ _1\"></span>e di atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso, pas<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff79 ls5f ws7\">l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span></span>, ammor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ame<span class=\"_ _1\"></span>nti e one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanziari), altrime<span class=\"_ _1\"></span>nti i can<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ni sono c<span class=\"_ _1\"></span>ontabili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>zat<span class=\"_ _1\"></span>i a conto e<span class=\"_ _1\"></span>conomic<span class=\"_ _1\"></span>o linearm<span class=\"_ _1\"></span>ente pe<span class=\"_ _1\"></span>r la durat<span class=\"_ _1\"></span>a del co<span class=\"_ _1\"></span>ntratt<span class=\"_ _1\"></span>o e i relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>biti so<span class=\"_ _1\"></span>no inclus<span class=\"_ _1\"></span>i nei Deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali<span class=\"_ _0\"></span>;\u2022 <span class=\"_ _a1\"> </span> <span class=\"_ _45\"></span>p<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>azioni di s<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vizi<span class=\"_ _1\"></span>. Si se<span class=\"_ _1\"></span>gnalano in par<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>olare i se<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span>nti rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ti:Harbour C<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y Estates L<span class=\"_ _0\"></span>imitedLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vi (<span class=\"_ _0\"></span>al net<span class=\"_ _1\"></span>to della ri<span class=\"_ _1\"></span>duzio<span class=\"_ _1\"></span>ne dei c<span class=\"_ _1\"></span>anoni co<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>a pe<span class=\"_ _1\"></span>r la pande<span class=\"_ _1\"></span>mia da Covid<span class=\"_ _1\"></span>-<span class=\"_ _4\"></span>19<span class=\"_ _4\"></span>) e gli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari so<span class=\"_ _1\"></span>no inere<span class=\"_ _1\"></span>nti princip<span class=\"_ _1\"></span>almente all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to lo<span class=\"_ _1\"></span>cali in Ho<span class=\"_ _1\"></span>ng Kong<span class=\"_ _1\"></span>, che include principalme<span class=\"_ _1\"></span>nte il ne<span class=\"_ _1\"></span>gozio in Canton Roa<span class=\"_ _1\"></span>d (<span class=\"ff79\">flagship st<span class=\"_ _1\"></span>ore</span>)<span class=\"_ _0\"></span>, rientranti p<span class=\"_ _1\"></span>er la mag<span class=\"_ _2\"></span>gior par<span class=\"_ _1\"></span>te n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ambito di applic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>. Le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 si riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o ai relati<span class=\"_ _1\"></span>vi de<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>iti cau<span class=\"_ _1\"></span>zionali. T<span class=\"_ _4\"></span>imes Square L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>. e Har<span class=\"_ _0\"></span>riman Leasing L<span class=\"_ _4\"></span>imited I cos<span class=\"_ _1\"></span>ti op<span class=\"_ _1\"></span>erati<span class=\"_ _1\"></span>vi (ed i relativ<span class=\"_ _1\"></span>i deb<span class=\"_ _1\"></span>iti comme<span class=\"_ _1\"></span>rciali) nei confro<span class=\"_ _1\"></span>nti di Time<span class=\"_ _1\"></span>s Square Ltd<span class=\"_ _1\"></span>. si riferi<span class=\"_ _1\"></span>sco<span class=\"_ _1\"></span>no principalm<span class=\"_ _1\"></span>ente all<span class=\"_ _1\"></span>\u2019af<span class=\"_ _0\"></span><span class=\"ls0 ws0\">-</span>f<span class=\"_ _1\"></span>itto l<span class=\"_ _1\"></span>oca<span class=\"_ _1\"></span>li per un p<span class=\"_ _1\"></span>unto vendit<span class=\"_ _1\"></span>a in Hong Kong<span class=\"_ _1\"></span>, m<span class=\"_ _1\"></span>entre le alt<span class=\"_ _1\"></span>re atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 nei c<span class=\"_ _1\"></span>onfronti di Harriman Le<span class=\"_ _1\"></span>asing Limite<span class=\"_ _1\"></span>d si riferis<span class=\"_ _1\"></span>cono al d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osito c<span class=\"_ _1\"></span>auzi<span class=\"_ _1\"></span>onale relat<span class=\"_ _1\"></span>ivo allo s<span class=\"_ _1\"></span>tes<span class=\"_ _1\"></span>so n<span class=\"_ _1\"></span>egozio in Ho<span class=\"_ _1\"></span>ng Kong. Long Jin C<span class=\"_ _6\"></span>omplex Development (Chengdu<span class=\"_ _4\"></span>) C<span class=\"_ _0\"></span>o. L<span class=\"_ _4\"></span>td Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r un punto vendit<span class=\"_ _1\"></span>a di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Mo<span class=\"_ _1\"></span>da (Shanghai) Limited, rientr<span class=\"_ _1\"></span>ante pe<span class=\"_ _1\"></span>r la mag<span class=\"_ _1\"></span>gior p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>te nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di ap<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>plica<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e dell<span class=\"_ _2\"></span>\u2019IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, me<span class=\"_ _1\"></span>ntre le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>\u00e0 si riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o al relati<span class=\"_ _1\"></span>vo dep<span class=\"_ _1\"></span>osito c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionale<span class=\"_ _1\"></span>.Dalian T<span class=\"_ _6\"></span>imes Square C<span class=\"_ _4\"></span>ommercial C<span class=\"_ _6\"></span>o.ltdLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r un punto vendit<span class=\"_ _1\"></span>a di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Mo<span class=\"_ _1\"></span>da (Shanghai) Limited, rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, mentre l<span class=\"_ _1\"></span>e altre att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>cono al re<span class=\"_ _1\"></span>lativo de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sito cau<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e. OIS Realty L<span class=\"_ _0\"></span>imitedLe atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici di Ferr<span class=\"_ _1\"></span>agamo H<span class=\"_ _1\"></span>ong Kong Limited e Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo Ret<span class=\"_ _1\"></span>ail Hong Kong Ltd. rie<span class=\"_ _1\"></span>ntrante ne<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019ambito di applica<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>zione d<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _0\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, me<span class=\"_ _1\"></span>ntre le altre at<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>it\u00e0 s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o al relati<span class=\"_ _1\"></span>vo dep<span class=\"_ _1\"></span>osito c<span class=\"_ _1\"></span>auzi<span class=\"_ _1\"></span>onale<span class=\"_ _1\"></span>. Shanghai <span class=\"_ _0\"></span>Wheelock squar<span class=\"_ _0\"></span>e Development C<span class=\"_ _4\"></span>o. L<span class=\"_ _4\"></span>td<span class=\"_ _1\"></span>.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i c<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>vi e gli on<span class=\"_ _1\"></span>eri f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ziari si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono ad af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>to lo<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>cali p<span class=\"_ _1\"></span>er uf<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Fashion T<span class=\"_ _4\"></span>ra<span class=\"_ _1\"></span>ding (Shanghai) Co. Limited e Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Moda (Shanghai) Limite<span class=\"_ _1\"></span>d, rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>amb<span class=\"_ _1\"></span>ito di applic<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6<span class=\"_ _1\"></span>, mentre l<span class=\"_ _1\"></span>e altre att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 si r<span class=\"_ _1\"></span>iferis<span class=\"_ _1\"></span>cono ai re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i dep<span class=\"_ _1\"></span>ositi c<span class=\"_ _1\"></span>auz<span class=\"_ _1\"></span>ionali.Chongquing Jiayi R<span class=\"_ _0\"></span>eal Estate Development C<span class=\"_ _4\"></span>o L<span class=\"_ _0\"></span>td.Le atti<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r diritt<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>\u2019uso e le pa<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>vit<span class=\"_ _1\"></span>\u00e0 pe<span class=\"_ _1\"></span>r <span class=\"ff79 ls5f ws7\">le<span class=\"_ _1\"></span>asing<span class=\"_ _1\"></span></span>, i co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>i ope<span class=\"_ _1\"></span>rativ<span class=\"_ _1\"></span>i e gli one<span class=\"_ _1\"></span>ri f<span class=\"_ _1\"></span>inanz<span class=\"_ _1\"></span>iari si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no all<span class=\"_ _1\"></span>\u2019aff<span class=\"_ _1\"></span>itt<span class=\"_ _1\"></span>o di loc<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r un punto vendit<span class=\"_ _1\"></span>a di Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Mo<span class=\"_ _1\"></span>da (<span class=\"_ _0\"></span>Shanghai) Limite<span class=\"_ _1\"></span>d rientr<span class=\"_ _1\"></span>ante nell<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ambito di applic<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>IFRS1<span class=\"_ _4\"></span>6; mentre l<span class=\"_ _1\"></span>e altre att<span class=\"_ _1\"></span>ivit<span class=\"_ _1\"></span>\u00e0 si rife<span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>cono al re<span class=\"_ _1\"></span>lativo de<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sito cau<span class=\"_ _1\"></span>zional<span class=\"_ _1\"></span>e. Altri parti cor<span class=\"_ _4\"></span>relate Relati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte alle altre par<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i corre<span class=\"_ _1\"></span>late, i co<span class=\"_ _1\"></span>sti, e i re<span class=\"_ _1\"></span>lativ<span class=\"_ _1\"></span>i debit<span class=\"_ _1\"></span>i, si rifer<span class=\"_ _1\"></span>isco<span class=\"_ _1\"></span>no al cos<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>ost<span class=\"_ _1\"></span>enuto pr<span class=\"_ _1\"></span>incipalme<span class=\"_ _1\"></span>nte da Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rrag<span class=\"_ _1\"></span>amo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. e da Fer<span class=\"_ _1\"></span>ragamo U<span class=\"_ _1\"></span>sa Inc<span class=\"_ _1\"></span>. in rela<span class=\"_ _1\"></span>zione al r<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>to di collab<span class=\"_ _1\"></span>oraz<span class=\"_ _1\"></span>ione in e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ere n<span class=\"_ _1\"></span>el cor<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o dell<span class=\"_ _2\"></span>\u2019eserci<span class=\"_ _1\"></span>zio. Amministr<span class=\"_ _0\"></span>atori, sindaci e dirigenti c<span class=\"_ _0\"></span>on r<span class=\"_ _0\"></span>esponsabilit\u00e0 str<span class=\"_ _0\"></span>ategicheRelati<span class=\"_ _1\"></span>vame<span class=\"_ _1\"></span>nte agli amminist<span class=\"_ _1\"></span>ratori e s<span class=\"_ _1\"></span>indaci si riman<span class=\"_ _1\"></span>da alla succe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>a nota 4<span class=\"_ _1\"></span>4 Co<span class=\"_ _1\"></span>mpe<span class=\"_ _1\"></span>nsi ad A<span class=\"_ _1\"></span>mminist<span class=\"_ _1\"></span>ratori e Sin<span class=\"_ _1\"></span>daci.I dirigenti co<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pons<span class=\"_ _1\"></span>abilit<span class=\"_ _1\"></span>\u00e0 str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>che nel c<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>ono indic<span class=\"_ _1\"></span>ati ne<span class=\"_ _1\"></span>lla tab<span class=\"_ _1\"></span>ella s<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ante:Nome e cognome<span class=\"_ _2fe\"> </span>F<span class=\"_ _0\"></span>unzioneGiacomo Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo<span class=\"_ _302\"> </span>Chief T<span class=\"_ _4\"></span>ransformation &amp; Sustainability OfficerAlessandro C<span class=\"_ _4\"></span>orsi<span class=\"_ _d2\"> </span><span class=\"ff77\">Chief F<span class=\"_ _0\"></span>inancial Office<span class=\"ff74\">r e Dirigente pr<span class=\"_ _4\"></span>eposto alla redazione dei documenti contabili societari</span></span>I cos<span class=\"_ _1\"></span>ti relati<span class=\"_ _1\"></span>vi ai dirige<span class=\"_ _1\"></span>nti con re<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>abilit\u00e0 s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>giche<span class=\"_ _1\"></span>, si rife<span class=\"_ _1\"></span>risc<span class=\"_ _1\"></span>ono al cos<span class=\"_ _1\"></span>to s<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>tenuto dal G<span class=\"_ _1\"></span>ruppo in r<span class=\"_ _1\"></span>elaz<span class=\"_ _1\"></span>ione al rapp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to di lavoro dipe<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>nte interco<span class=\"_ _1\"></span>rrente<span class=\"_ _1\"></span>, inclusi<span class=\"_ _1\"></span>vo del <span class=\"ff79 ls5f ws7\">b<span class=\"_ _1\"></span>onus<span class=\"_ _1\"></span></span> variabile<span class=\"_ _1\"></span>. Ne<span class=\"_ _1\"></span>l cor<span class=\"_ _1\"></span>so de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019eserci<span class=\"_ _1\"></span>zio 2022 s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tati pari a Euro 1<span class=\"_ _0\"></span>.257 migliaia, (<span class=\"_ _0\"></span>mentre n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizi<span class=\"_ _1\"></span>o 202<span class=\"_ _4\"></span>1 e<span class=\"_ _1\"></span>rano pari a<span class=\"_ _1\"></span>d Euro 1<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>272 migliaia<span class=\"_ _4\"></span>). In ge<span class=\"_ _1\"></span>neral<span class=\"_ _1\"></span>e ai dirigenti co<span class=\"_ _1\"></span>n res<span class=\"_ _1\"></span>pons<span class=\"_ _1\"></span>abilit<span class=\"_ _1\"></span>\u00e0 str<span class=\"_ _1\"></span>ategi<span class=\"_ _1\"></span>ca s<span class=\"_ _1\"></span>ono rico<span class=\"_ _1\"></span>nos<span class=\"_ _1\"></span>ciuti <span class=\"ff79 ls4a ws73\">be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>it<span class=\"_ _2\"></span>s</span> non mo<span class=\"_ _1\"></span>net<span class=\"_ _1\"></span>ari, quali auto, tele<span class=\"_ _1\"></span>fono cellulare e p<span class=\"_ _1\"></span>oliz<span class=\"_ _2\"></span>ze ass<span class=\"_ _1\"></span>icurati<span class=\"_ _1\"></span>ve.44. C<span class=\"_ _6\"></span>ompensi ad Amministr<span class=\"_ _6\"></span>atori e Sind<span class=\"_ _1\"></span>aciAmministr<span class=\"_ _0\"></span>atori(In migliaia di Euro) <span class=\"_ _2de\"> </span>2022 P<span class=\"_ _0\"></span>eriodo C<span class=\"_ _0\"></span>ompensi per cui Retrib., \u00e8 stata Scadenza per Benefici bonus<span class=\"ff76\"> </span>Caric<span class=\"_ _0\"></span>a ricoperta della per la partec.a non e altri Stock Nome e C<span class=\"_ _0\"></span>ognomericopertala caric<span class=\"_ _0\"></span>acaricacaricacomitatimonetariincentiviGrant<span class=\"_ _304\"> </span><span class=\"ff76\">T<span class=\"_ _4\"></span>otale </span>Leonar<span class=\"_ _0\"></span>do Ferr<span class=\"_ _4\"></span>agamo <span class=\"_ _8a\"> </span>Presidente<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _16d\"> </span>400 <span class=\"_ _173\"> </span>- <span class=\"_ _82\"> </span>b)<span class=\"_ _25\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _16b\"> </span>400 Angelica Visc<span class=\"_ _0\"></span>onti<span class=\"_ _2a6\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _0\"></span>esidente<span class=\"_ _1d2\"> </span>1.01-31.12 <span class=\"_ _5e\"> </span>a) <span class=\"_ _1c4\"> </span>200 <span class=\"_ _173\"> </span>- <span class=\"_ _48\"> </span><span class=\"lscc ws247\"> b) c) d) e) <span class=\"_ _16b\"> </span></span>302 <span class=\"_ _208\"> </span>- <span class=\"_ _16b\"> </span>502 </span>Amministrator<span class=\"_ _0\"></span>e Delegato Marc<span class=\"_ _0\"></span>o Gobbettie Direttor<span class=\"_ _0\"></span>e Generale<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a)<span class=\"_ _1ed\"> </span>120 <span class=\"_ _13b\"> </span>- <span class=\"_ _44\"> </span><span class=\"lscc ws247\"> b) c) d) e) <span class=\"_ _1a1\"> </span></span>14.083 <span class=\"_ _268\"> </span>6.586 <span class=\"_ _1cb\"> </span>20.789 Giacomo Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo<span class=\"_ _2a2\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1d2\"> </span>1.01-31.12<span class=\"_ _a7\"> </span>a)<span class=\"_ _204\"> </span>50 <span class=\"_ _173\"> </span>- <span class=\"_ _70\"> </span><span class=\"lscc ws247\">b) c) d) <span class=\"_ _16b\"> </span></span>712 <span class=\"_ _208\"> </span>- <span class=\"_ _16b\"> </span>762 F<span class=\"_ _0\"></span>r\u00e9d\u00e9ric Biousse <span class=\"_ _69\"> </span>Amministr<span class=\"_ _0\"></span>atore <span class=\"_ _1a6\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a)<span class=\"_ _16a\"> </span>50 <span class=\"_ _173\"> </span>- <span class=\"_ _26d\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _208\"> </span>50 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rizia Michela Giangualano<span class=\"_ _2bb\"> </span>Amministrator<span class=\"_ _0\"></span>e <span class=\"_ _1a6\"> </span>1.01-31.12 <span class=\"_ _81\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>30 <span class=\"_ _26d\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _80\"> </span>80 Annalisa Loustau Elia <span class=\"_ _21b\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _4\"></span>e <span class=\"_ _1f2\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>20 <span class=\"_ _26d\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _208\"> </span>70 Umberto T<span class=\"_ _4\"></span>ombari<span class=\"_ _265\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1d2\"> </span>1.01-31.12 <span class=\"_ _5e\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>42 <span class=\"_ _1d9\"> </span> <span class=\"_ _b5\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _80\"> </span>92 P<span class=\"_ _0\"></span>eter W<span class=\"_ _4\"></span>oo Kwong Ching<span class=\"_ _c0\"> </span>Amministrator<span class=\"_ _0\"></span>e<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _1f6\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _26d\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _173\"> </span>- Anna Zanardi C<span class=\"_ _4\"></span>appon<span class=\"_ _239\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _16a\"> </span>50 <span class=\"_ _80\"> </span>47 <span class=\"_ _1d9\"> </span> <span class=\"_ _1fb\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _80\"> </span>97 T<span class=\"_ _4\"></span>otale <span class=\"_ _1eb\"> </span> <span class=\"_ _240\"> </span>1.020 <span class=\"_ _16b\"> </span>139 <span class=\"_ _146\"> </span>15.097 <span class=\"_ _1c7\"> </span>6.586 <span class=\"_ _70\"> </span>22.842 a)  <span class=\"_ _45\"></span>con l\u2019approv<span class=\"_ _0\"></span>azione del bilancio chiuso per l\u2019esercizio 2023. Si segnala che in data 27 febbr<span class=\"_ _4\"></span>aio 2023 la dottoressa Anna Zanar<span class=\"_ _4\"></span>di Cappon ha rassegnato le proprie dimissioni dalla c<span class=\"_ _0\"></span>arica di <span class=\"_ _0\"></span>Amministrator<span class=\"_ _0\"></span>e, con dec<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enza dalla data dell\u2019Assemblea di approv<span class=\"_ _0\"></span>azione del bilancio relati<span class=\"_ _0\"></span>vo all\u2019esercizio 2022.b) auto; c) telefono cellular<span class=\"_ _0\"></span>e; d) polizze assicur<span class=\"_ _0\"></span>ative; e) foresteriaSindaci(In migliaia di Euro) <span class=\"_ _106\"> </span>2022 P<span class=\"_ _0\"></span>eriodo per cui Altri compensi \u00e8 stata Scadenza perc<span class=\"_ _0\"></span>epiti Caric<span class=\"_ _0\"></span>a ricoperta della EmolumentiAltri da societ\u00e0 T<span class=\"_ _4\"></span>otale Nome e C<span class=\"_ _0\"></span>ognomericopertala caric<span class=\"_ _0\"></span>acaricaper la caric<span class=\"_ _0\"></span>acompensi*controll<span class=\"_ _0\"></span>ategener<span class=\"_ _0\"></span>aleAndrea Balelli<span class=\"_ _6a\"> </span>Presidente<span class=\"_ _304\"> </span>01.01-31.12<span class=\"_ _7a\"> </span>a)<span class=\"_ _101\"> </span>64 <span class=\"_ _eb\"> </span>15 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>79 P<span class=\"_ _4\"></span>aola Caramella<span class=\"_ _146\"> </span>Sindaco effetti<span class=\"_ _0\"></span>vo<span class=\"_ _ce\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _146\"> </span>a)<span class=\"_ _cf\"> </span>48 <span class=\"_ _eb\"> </span>12 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>60 </span>Giovanni C<span class=\"_ _4\"></span>rostarosa Guicciar<span class=\"_ _0\"></span>diSindaco effettiv<span class=\"_ _0\"></span>o<span class=\"_ _ce\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _146\"> </span>a)<span class=\"_ _cf\"> </span>48 <span class=\"_ _eb\"> </span>12 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>60 </span>T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>160 <span class=\"_ _62\"> </span>39 <span class=\"_ _7a\"> </span> - <span class=\"_ _c6\"> </span>199 a) con l\u2019appro<span class=\"_ _0\"></span>vazione del bilancio chiuso per l\u2019esercizio 2022 * Gli altri compensi si riferiscono al c<span class=\"_ _4\"></span>ompenso quale Presidente o membr<span class=\"_ _0\"></span>o dell\u2019Organismo di Vigilanza di cui al D.lgs. 231<span class=\"_ _0\"></span>/2001Si precisa che i membri del c<span class=\"_ _0\"></span>ollegio sindacale non hanno perc<span class=\"_ _0\"></span>epito altri compensi er<span class=\"_ _0\"></span>ogati da societ\u00e0 del Gruppo.Si se<span class=\"_ _1\"></span>gnala che p<span class=\"_ _1\"></span>er Amminis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>ori e Sindaci n<span class=\"_ _1\"></span>on so<span class=\"_ _1\"></span>no prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e inde<span class=\"_ _1\"></span>nnit\u00e0 di f<span class=\"_ _1\"></span>ine c<span class=\"_ _1\"></span>aric<span class=\"_ _1\"></span>a<span class=\"ff76 ls0\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__157": {
   "value": "44. C<span class=\"_ _6\"></span>ompensi ad Amministr<span class=\"_ _6\"></span>atori e Sind<span class=\"_ _1\"></span>aciAmministr<span class=\"_ _0\"></span>atori(In migliaia di Euro) <span class=\"_ _2de\"> </span>2022 P<span class=\"_ _0\"></span>eriodo C<span class=\"_ _0\"></span>ompensi per cui Retrib., \u00e8 stata Scadenza per Benefici bonus<span class=\"ff76\"> </span>Caric<span class=\"_ _0\"></span>a ricoperta della per la partec.a non e altri Stock Nome e C<span class=\"_ _0\"></span>ognomericopertala caric<span class=\"_ _0\"></span>acaricacaricacomitatimonetariincentiviGrant<span class=\"_ _304\"> </span><span class=\"ff76\">T<span class=\"_ _4\"></span>otale </span>Leonar<span class=\"_ _0\"></span>do Ferr<span class=\"_ _4\"></span>agamo <span class=\"_ _8a\"> </span>Presidente<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _16d\"> </span>400 <span class=\"_ _173\"> </span>- <span class=\"_ _82\"> </span>b)<span class=\"_ _25\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _16b\"> </span>400 Angelica Visc<span class=\"_ _0\"></span>onti<span class=\"_ _2a6\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _0\"></span>esidente<span class=\"_ _1d2\"> </span>1.01-31.12 <span class=\"_ _5e\"> </span>a) <span class=\"_ _1c4\"> </span>200 <span class=\"_ _173\"> </span>- <span class=\"_ _48\"> </span><span class=\"lscc ws247\"> b) c) d) e) <span class=\"_ _16b\"> </span></span>302 <span class=\"_ _208\"> </span>- <span class=\"_ _16b\"> </span>502 </span>Amministrator<span class=\"_ _0\"></span>e Delegato Marc<span class=\"_ _0\"></span>o Gobbettie Direttor<span class=\"_ _0\"></span>e Generale<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a)<span class=\"_ _1ed\"> </span>120 <span class=\"_ _13b\"> </span>- <span class=\"_ _44\"> </span><span class=\"lscc ws247\"> b) c) d) e) <span class=\"_ _1a1\"> </span></span>14.083 <span class=\"_ _268\"> </span>6.586 <span class=\"_ _1cb\"> </span>20.789 Giacomo Fer<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>agamo<span class=\"_ _2a2\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1d2\"> </span>1.01-31.12<span class=\"_ _a7\"> </span>a)<span class=\"_ _204\"> </span>50 <span class=\"_ _173\"> </span>- <span class=\"_ _70\"> </span><span class=\"lscc ws247\">b) c) d) <span class=\"_ _16b\"> </span></span>712 <span class=\"_ _208\"> </span>- <span class=\"_ _16b\"> </span>762 F<span class=\"_ _0\"></span>r\u00e9d\u00e9ric Biousse <span class=\"_ _69\"> </span>Amministr<span class=\"_ _0\"></span>atore <span class=\"_ _1a6\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a)<span class=\"_ _16a\"> </span>50 <span class=\"_ _173\"> </span>- <span class=\"_ _26d\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _208\"> </span>50 P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rizia Michela Giangualano<span class=\"_ _2bb\"> </span>Amministrator<span class=\"_ _0\"></span>e <span class=\"_ _1a6\"> </span>1.01-31.12 <span class=\"_ _81\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>30 <span class=\"_ _26d\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _80\"> </span>80 Annalisa Loustau Elia <span class=\"_ _21b\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _4\"></span>e <span class=\"_ _1f2\"> </span>1.01-31.12<span class=\"_ _303\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>20 <span class=\"_ _26d\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _208\"> </span>70 Umberto T<span class=\"_ _4\"></span>ombari<span class=\"_ _265\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1d2\"> </span>1.01-31.12 <span class=\"_ _5e\"> </span>a) <span class=\"_ _1a8\"> </span>50 <span class=\"_ _80\"> </span>42 <span class=\"_ _1d9\"> </span> <span class=\"_ _b5\"> </span>- <span class=\"_ _208\"> </span>- <span class=\"_ _80\"> </span>92 P<span class=\"_ _0\"></span>eter W<span class=\"_ _4\"></span>oo Kwong Ching<span class=\"_ _c0\"> </span>Amministrator<span class=\"_ _0\"></span>e<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _1f6\"> </span>- <span class=\"_ _173\"> </span>- <span class=\"_ _26d\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _173\"> </span>- Anna Zanardi C<span class=\"_ _4\"></span>appon<span class=\"_ _239\"> </span>Amminist<span class=\"_ _1\"></span>rator<span class=\"_ _0\"></span>e<span class=\"_ _1ac\"> </span>1.01-31.12<span class=\"_ _1d0\"> </span>a)<span class=\"_ _16a\"> </span>50 <span class=\"_ _80\"> </span>47 <span class=\"_ _1d9\"> </span> <span class=\"_ _1fb\"> </span>- <span class=\"_ _77\"> </span>- <span class=\"_ _80\"> </span>97 T<span class=\"_ _4\"></span>otale <span class=\"_ _1eb\"> </span> <span class=\"_ _240\"> </span>1.020 <span class=\"_ _16b\"> </span>139 <span class=\"_ _146\"> </span>15.097 <span class=\"_ _1c7\"> </span>6.586 <span class=\"_ _70\"> </span>22.842 a)  <span class=\"_ _45\"></span>con l\u2019approv<span class=\"_ _0\"></span>azione del bilancio chiuso per l\u2019esercizio 2023. Si segnala che in data 27 febbr<span class=\"_ _4\"></span>aio 2023 la dottoressa Anna Zanar<span class=\"_ _4\"></span>di Cappon ha rassegnato le proprie dimissioni dalla c<span class=\"_ _0\"></span>arica di <span class=\"_ _0\"></span>Amministrator<span class=\"_ _0\"></span>e, con dec<span class=\"_ _0\"></span>orr<span class=\"_ _0\"></span>enza dalla data dell\u2019Assemblea di approv<span class=\"_ _0\"></span>azione del bilancio relati<span class=\"_ _0\"></span>vo all\u2019esercizio 2022.b) auto; c) telefono cellular<span class=\"_ _0\"></span>e; d) polizze assicur<span class=\"_ _0\"></span>ative; e) foresteriaSindaci(In migliaia di Euro) <span class=\"_ _106\"> </span>2022 P<span class=\"_ _0\"></span>eriodo per cui Altri compensi \u00e8 stata Scadenza perc<span class=\"_ _0\"></span>epiti Caric<span class=\"_ _0\"></span>a ricoperta della EmolumentiAltri da societ\u00e0 T<span class=\"_ _4\"></span>otale Nome e C<span class=\"_ _0\"></span>ognomericopertala caric<span class=\"_ _0\"></span>acaricaper la caric<span class=\"_ _0\"></span>acompensi*controll<span class=\"_ _0\"></span>ategener<span class=\"_ _0\"></span>aleAndrea Balelli<span class=\"_ _6a\"> </span>Presidente<span class=\"_ _304\"> </span>01.01-31.12<span class=\"_ _7a\"> </span>a)<span class=\"_ _101\"> </span>64 <span class=\"_ _eb\"> </span>15 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>79 P<span class=\"_ _4\"></span>aola Caramella<span class=\"_ _146\"> </span>Sindaco effetti<span class=\"_ _0\"></span>vo<span class=\"_ _ce\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _146\"> </span>a)<span class=\"_ _cf\"> </span>48 <span class=\"_ _eb\"> </span>12 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>60 </span>Giovanni C<span class=\"_ _4\"></span>rostarosa Guicciar<span class=\"_ _0\"></span>diSindaco effettiv<span class=\"_ _0\"></span>o<span class=\"_ _ce\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _146\"> </span>a)<span class=\"_ _cf\"> </span>48 <span class=\"_ _eb\"> </span>12 <span class=\"_ _7a\"> </span> - <span class=\"_ _eb\"> </span>60 </span>T<span class=\"_ _4\"></span>otale<span class=\"_ _165\"> </span>160 <span class=\"_ _62\"> </span>39 <span class=\"_ _7a\"> </span> - <span class=\"_ _c6\"> </span>199 a) con l\u2019appro<span class=\"_ _0\"></span>vazione del bilancio chiuso per l\u2019esercizio 2022 * Gli altri compensi si riferiscono al c<span class=\"_ _4\"></span>ompenso quale Presidente o membr<span class=\"_ _0\"></span>o dell\u2019Organismo di Vigilanza di cui al D.lgs. 231<span class=\"_ _0\"></span>/2001Si precisa che i membri del c<span class=\"_ _0\"></span>ollegio sindacale non hanno perc<span class=\"_ _0\"></span>epito altri compensi er<span class=\"_ _0\"></span>ogati da societ\u00e0 del Gruppo.Si se<span class=\"_ _1\"></span>gnala che p<span class=\"_ _1\"></span>er Amminis<span class=\"_ _1\"></span>trat<span class=\"_ _1\"></span>ori e Sindaci n<span class=\"_ _1\"></span>on so<span class=\"_ _1\"></span>no prev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>e inde<span class=\"_ _1\"></span>nnit\u00e0 di f<span class=\"_ _1\"></span>ine c<span class=\"_ _1\"></span>aric<span class=\"_ _1\"></span>a<span class=\"ff76 ls0\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__158": {
   "value": "45. Impegni e rischi Il dett<span class=\"_ _1\"></span>aglio d<span class=\"_ _1\"></span>ei ris<span class=\"_ _1\"></span>chi e deg<span class=\"_ _1\"></span>li impe<span class=\"_ _1\"></span>gni \u00e8 il se<span class=\"_ _1\"></span>guente:(In migliaia di Euro)<span class=\"_ _1df\"> </span>31 dicembre 2022 <span class=\"_ _16d\"> </span>31 dicembr<span class=\"_ _4\"></span>e 2021 Fideiussioni e gar<span class=\"_ _0\"></span>anzie prestate da ter<span class=\"_ _0\"></span>zi a terzi nell'interesse delle societ<span class=\"_ _0\"></span>\u00e0 del Gruppo<span class=\"_ _240\"> </span>28.517<span class=\"_ _299\"> </span>23.804Garanzie pr<span class=\"_ _4\"></span>estate dalle societ\u00e0 del Gruppo a terzi nell'interesse delle societ\u00e0 del Gruppo <span class=\"_ _2b2\"> </span>138.158<span class=\"_ _21a\"> </span>136.176T<span class=\"_ _4\"></span>otale<span class=\"_ _2ab\"> </span>166.675<span class=\"_ _ee\"> </span>159.980Le f<span class=\"_ _1\"></span>ideiu<span class=\"_ _1\"></span>ssi<span class=\"_ _1\"></span>oni e le garan<span class=\"_ _1\"></span>zie pre<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tate da s<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>get<span class=\"_ _1\"></span>ti te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>zi nell<span class=\"_ _2\"></span>\u2019intere<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>se de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del G<span class=\"_ _1\"></span>ruppo s<span class=\"_ _1\"></span>i riferi<span class=\"_ _1\"></span>scon<span class=\"_ _1\"></span>o prev<span class=\"_ _1\"></span>alen<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>teme<span class=\"_ _1\"></span>nte a f<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>ius<span class=\"_ _1\"></span>sioni e gar<span class=\"_ _1\"></span>anzie r<span class=\"_ _1\"></span>ilasciate su c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>ti di loc<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one s<span class=\"_ _1\"></span>tipulati dalle s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o e compre<span class=\"_ _1\"></span>ndo<span class=\"_ _1\"></span>no una garanz<span class=\"_ _1\"></span>ia pe<span class=\"_ _1\"></span>r 6 milioni di Usd (Euro 5.625 migliaia) relativa ad un c<span class=\"_ _1\"></span>ontrat<span class=\"_ _1\"></span>to di af<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>itto d<span class=\"_ _1\"></span>el Grup<span class=\"_ _1\"></span>po Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o Usa<span class=\"_ _1\"></span>. Le garan<span class=\"_ _1\"></span>zie pre<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ate dalle s<span class=\"_ _1\"></span>ociet<span class=\"_ _1\"></span>\u00e0 de<span class=\"_ _1\"></span>l Grupp<span class=\"_ _1\"></span>o son<span class=\"_ _1\"></span>o prev<span class=\"_ _1\"></span>alente<span class=\"_ _1\"></span>mente a f<span class=\"_ _1\"></span>avore di is<span class=\"_ _1\"></span>tituti di cre<span class=\"_ _1\"></span>dito a gar<span class=\"_ _1\"></span>anzia di line<span class=\"_ _1\"></span>e di cre<span class=\"_ _1\"></span>dito utili<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>abili l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>alment<span class=\"_ _1\"></span>e.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__159": {
   "value": "46.  <span class=\"_ _1a2\"></span>Er<span class=\"_ _4\"></span>ogazioni pubbliche Informati<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>a ex art<span class=\"_ _1\"></span>. 1, commi 125-129 della L<span class=\"_ _0\"></span>egge n. 124/2017<span class=\"_ _1\"></span> In relaz<span class=\"_ _1\"></span>ione al dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sto di cui all<span class=\"_ _2\"></span>\u2019<span class=\"_ _4\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>. 1<span class=\"_ _0\"></span>, comma 1<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>5, della le<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ge 1<span class=\"_ _4\"></span>24/201<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>, in m<span class=\"_ _1\"></span>erito all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>obbligo di dare ev<span class=\"_ _1\"></span>ide<span class=\"_ _1\"></span>nz<span class=\"_ _1\"></span>a in nota integr<span class=\"_ _1\"></span>ativa d<span class=\"_ _1\"></span>elle s<span class=\"_ _1\"></span>omme di de<span class=\"_ _1\"></span>naro eventualme<span class=\"_ _1\"></span>nte rice<span class=\"_ _1\"></span>vute n<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio a t<span class=\"_ _1\"></span>itolo di s<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>nzi<span class=\"_ _1\"></span>oni, contribut<span class=\"_ _1\"></span>i, incari<span class=\"_ _1\"></span>chi retribuit<span class=\"_ _1\"></span>i e comunque v<span class=\"_ _1\"></span>antag<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>i eco<span class=\"_ _1\"></span>nomici di qualunque ge<span class=\"_ _1\"></span>nere dalle p<span class=\"_ _1\"></span>ubbliche ammini<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ni e dai sog<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>tti di cui al comma 1<span class=\"_ _4\"></span>25 d<span class=\"_ _1\"></span>el me<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>simo ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>colo, si e<span class=\"_ _1\"></span>vide<span class=\"_ _1\"></span>nzia ch<span class=\"_ _1\"></span>e nel co<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>o del 202<span class=\"_ _1\"></span>2 la so<span class=\"_ _1\"></span>ciet\u00e0 it<span class=\"_ _1\"></span>aliana Sal<span class=\"_ _1\"></span>vator<span class=\"_ _1\"></span>e Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha ricev<span class=\"_ _1\"></span>uto dalla Re<span class=\"_ _1\"></span>gione T<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>ana contributi p<span class=\"_ _1\"></span>er t<span class=\"_ _1\"></span>irocini curricular<span class=\"_ _1\"></span>i retribuit<span class=\"_ _1\"></span>i per un imp<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>to par<span class=\"_ _1\"></span>i a Euro 3<span class=\"_ _0\"></span>2 migliaia. Ai se<span class=\"_ _1\"></span>nsi d<span class=\"_ _1\"></span>elle dis<span class=\"_ _1\"></span>pos<span class=\"_ _1\"></span>izio<span class=\"_ _1\"></span>ni dell<span class=\"_ _1\"></span>\u2019art<span class=\"_ _1\"></span>. 3-<span class=\"_ _1\"></span>quate<span class=\"_ _1\"></span>r del DL 1<span class=\"_ _0\"></span>35/20<span class=\"_ _4\"></span>18, conver<span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>o con mo<span class=\"_ _1\"></span>dif<span class=\"_ _1\"></span>ica<span class=\"_ _1\"></span>zioni dalla Le<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ge 1<span class=\"_ _6\"></span>1 feb<span class=\"_ _1\"></span>braio 20<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9 n.<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>2, p<span class=\"_ _1\"></span>er le e<span class=\"_ _1\"></span>rog<span class=\"_ _1\"></span>azioni r<span class=\"_ _1\"></span>icev<span class=\"_ _1\"></span>ute si rinv<span class=\"_ _1\"></span>ia alle indica<span class=\"_ _1\"></span>zioni c<span class=\"_ _1\"></span>ontenute n<span class=\"_ _1\"></span>el Re<span class=\"_ _1\"></span>gis<span class=\"_ _1\"></span>tro Naz<span class=\"_ _1\"></span>ionale de<span class=\"_ _1\"></span>gli Aiut<span class=\"_ _1\"></span>i di Stato di cui all<span class=\"_ _1\"></span>\u2019artico<span class=\"_ _1\"></span>lo 52 della Leg<span class=\"_ _1\"></span>ge 24 dicembre 201<span class=\"_ _6\"></span>2<span class=\"_ _1\"></span>, n. 235.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__160": {
   "value": "49. Dati di sintesi delle societ\u00e0 c<span class=\"_ _4\"></span>ontrollate Si ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ano di s<span class=\"_ _1\"></span>eguit<span class=\"_ _1\"></span>o i dati di sintes<span class=\"_ _1\"></span>i delle s<span class=\"_ _1\"></span>oci<span class=\"_ _1\"></span>et\u00e0 co<span class=\"_ _1\"></span>ntrollate.2022 <span class=\"_ _dd\"> </span>2021 (In migliaia di Euro)P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio P<span class=\"_ _4\"></span>at<span class=\"_ _1\"></span>rimonio Societ\u00e0<span class=\"_ _90\"> </span>Valuta<span class=\"_ _c5\"> </span>Ricavi Netto<span class=\"_ _ac\"> </span>Ricavi Netto Ferr<span class=\"_ _4\"></span>agamo Australia Pty L<span class=\"_ _0\"></span>td.<span class=\"_ _bd\"> </span><span class=\"ls3e ws91\">AUD<span class=\"_ _173\"> </span></span>26.810 <span class=\"_ _82\"> </span>22.665 <span class=\"_ _16f\"> </span>21.127 <span class=\"_ _1da\"> </span>22.268 Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _1\"></span>.K.<span class=\"_ _e6\"> </span><span class=\"ls75 ws144\">J<span class=\"_ _1\"></span>PY<span class=\"_ _1f2\"> </span></span>13.705.863 <span class=\"_ _cc\"> </span>1.177.142 <span class=\"_ _16e\"> </span>11.615.759 <span class=\"_ _1ae\"> </span>(3.007.093) Ferr<span class=\"_ _4\"></span>agamo Korea L<span class=\"_ _0\"></span>td.<span class=\"_ _305\"> </span><span class=\"ls76 ws145\">KRW<span class=\"_ _1a0\"> </span></span>140.377.040 <span class=\"_ _1c8\"> </span>80.285.051 <span class=\"_ _1f2\"> </span>122.803.691 <span class=\"_ _cb\"> </span>88.194.233 Ferr<span class=\"_ _4\"></span>agamo Espana S.L<span class=\"_ _1\"></span>. <span class=\"_ _2a3\"> </span>EURO <span class=\"_ _1f6\"> </span>14.963 <span class=\"_ _13b\"> </span>4.441 <span class=\"_ _a5\"> </span>8.969 <span class=\"_ _b5\"> </span>3.615 Ferrimag L<span class=\"_ _0\"></span>imited<span class=\"_ _e4\"> </span>HKD<span class=\"_ _2a1\"> </span>- <span class=\"_ _1d4\"> </span>127.507 <span class=\"_ _d4\"> </span>- <span class=\"_ _80\"> </span>126.415 Ferr<span class=\"_ _4\"></span>agamo Retail HK Limited <span class=\"_ _277\"> </span>HKD <span class=\"_ _80\"> </span>127.242 <span class=\"_ _1c4\"> </span>(309.254) <span class=\"_ _97\"> </span>181.652 <span class=\"_ _d0\"> </span>(198.471) Ferr<span class=\"_ _4\"></span>agamo Retail T<span class=\"_ _4\"></span>aiwan Limited<span class=\"_ _17\"> </span><span class=\"ls4f wsdd\">T<span class=\"_ _1\"></span>WD<span class=\"_ _5e\"> </span></span>740.028 <span class=\"_ _1d4\"> </span>435.405 <span class=\"_ _97\"> </span>609.118 <span class=\"_ _80\"> </span>364.732 Ferr<span class=\"_ _4\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _0\"></span>. <span class=\"_ _2e1\"> </span>MXN<span class=\"_ _16b\"> </span>1.365.210 <span class=\"_ _1d4\"> </span>816.688 <span class=\"_ _7f\"> </span>1.295.421 <span class=\"_ _80\"> </span>745.713 Ferr<span class=\"_ _4\"></span>agamo Retail Nederland B.V<span class=\"_ _4\"></span>.<span class=\"_ _176\"> </span>EUR<span class=\"_ _0\"></span>O<span class=\"_ _6d\"> </span>4.836 <span class=\"_ _13b\"> </span>1.401 <span class=\"_ _a5\"> </span>2.852 <span class=\"_ _b5\"> </span>1.246 Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _4\"></span>rading (Shanghai) C<span class=\"_ _4\"></span>o. Ltd.<span class=\"_ _306\"> </span><span class=\"ls77 ws146\">CNY<span class=\"_ _263\"> </span></span>1.090.683 <span class=\"_ _1d4\"> </span>801.592 <span class=\"_ _7f\"> </span>1.487.790 <span class=\"_ _80\"> </span>776.599 Ferr<span class=\"_ _4\"></span>agamo (Singapore) Pte. Ltd.<span class=\"_ _136\"> </span>SGD <span class=\"_ _1da\"> </span>24.900 <span class=\"_ _263\"> </span>(40.079) <span class=\"_ _fe\"> </span>14.520 <span class=\"_ _208\"> </span>(35.579) Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Thailand) Limited<span class=\"_ _221\"> </span><span class=\"ls4f wsdd\">THB<span class=\"_ _5e\"> </span></span>279.863 <span class=\"_ _1c4\"> </span>(127.460) <span class=\"_ _97\"> </span>135.854 <span class=\"_ _d0\"> </span>(152.679) Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _1\"></span>Malaysia) Sdn Bhd <span class=\"_ _307\"> </span><span class=\"ls78 ws80\">MYR <span class=\"_ _1da\"> </span></span>54.214 <span class=\"_ _84\"> </span>17.906 <span class=\"_ _fe\"> </span>28.977 <span class=\"_ _1f6\"> </span>12.897 Ferr<span class=\"_ _4\"></span>agamo Hong Kong Ltd.<span class=\"_ _3e\"> </span>USD<span class=\"_ _5e\"> </span>177.660 <span class=\"_ _1d4\"> </span>119.202 <span class=\"_ _97\"> </span>202.154 <span class=\"_ _80\"> </span>117.947 Gruppo Ferr<span class=\"_ _4\"></span>agamo USA <span class=\"_ _237\"> </span>USD <span class=\"_ _80\"> </span>415.461 <span class=\"_ _1d4\"> </span>100.300 <span class=\"_ _97\"> </span>381.504 <span class=\"_ _1da\"> </span>92.849 Ferr<span class=\"_ _4\"></span>agamo Deut<span class=\"_ _1\"></span>schland GmbH<span class=\"_ _2d9\"> </span>EURO<span class=\"_ _6d\"> </span>9.194 <span class=\"_ _13b\"> </span>2.594 <span class=\"_ _a5\"> </span>6.494 <span class=\"_ _b4\"> </span>4.992 Ferr<span class=\"_ _4\"></span>agamo Belg<span class=\"_ _1\"></span>ique SA <span class=\"_ _23\"> </span>EURO <span class=\"_ _b4\"> </span>1.591 <span class=\"_ _2bb\"> </span>714 <span class=\"_ _ac\"> </span>2.024 <span class=\"_ _ac\"> </span>692 Ferr<span class=\"_ _4\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _269\"> </span>EURO<span class=\"_ _bf\"> </span>830 <span class=\"_ _97\"> </span>(828) <span class=\"_ _118\"> </span>369 <span class=\"_ _e0\"> </span>(465) Ferr<span class=\"_ _4\"></span>agamo (Su<span class=\"_ _1\"></span>isse) SA <span class=\"_ _14f\"> </span><span class=\"ls77 ws146\">CHF<span class=\"_ _16f\"> </span></span>8.553 <span class=\"_ _13b\"> </span>1.653 <span class=\"_ _a5\"> </span>7.132 <span class=\"_ _b5\"> </span>1.546 Ferr<span class=\"_ _4\"></span>agamo U.K<span class=\"_ _1\"></span>. Limited<span class=\"_ _292\"> </span>GBP<span class=\"_ _173\"> </span>17.643 <span class=\"_ _13b\"> </span>5.939 <span class=\"_ _fe\"> </span>13.383 <span class=\"_ _b5\"> </span>5.665 Ferr<span class=\"_ _4\"></span>agamo Fr<span class=\"_ _0\"></span>ance S.A.S.<span class=\"_ _c3\"> </span>EURO<span class=\"_ _173\"> </span>20.238 <span class=\"_ _84\"> </span>10.787 <span class=\"_ _fe\"> </span>13.508 <span class=\"_ _b5\"> </span>9.607 Ferr<span class=\"_ _4\"></span>agamo Chile S.A<span class=\"_ _1\"></span>.<span class=\"_ _e6\"> </span><span class=\"ls79 ws147\">CLP<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span></span>1.193.648 <span class=\"_ _1a8\"> </span>790.193 <span class=\"_ _97\"> </span>780.176 <span class=\"_ _1ae\"> </span>(1.034.716) Ferr<span class=\"_ _4\"></span>agamo Austria <span class=\"_ _1\"></span>GmbH<span class=\"_ _a3\"> </span><span class=\"ws0\">EURO<span class=\"_ _6d\"> </span>4.215 <span class=\"_ _13b\"> </span>4.187 <span class=\"_ _a5\"> </span>2.797 <span class=\"_ _b4\"> </span>4.073 </span>Ferr<span class=\"_ _4\"></span>agamo Retail India Priv<span class=\"_ _0\"></span>ate Limited <span class=\"_ _d7\"> </span>INR <span class=\"_ _be\"> </span>- <span class=\"_ _1f2\"> </span>(468.541) <span class=\"_ _284\"> </span>- <span class=\"_ _d0\"> </span>(441.521) Ferr<span class=\"_ _4\"></span>agamo Retail Macau Limited<span class=\"_ _308\"> </span>MOP<span class=\"_ _173\"> </span>43.611 <span class=\"_ _82\"> </span>25.555 <span class=\"_ _16f\"> </span>82.729 <span class=\"_ _1da\"> </span>59.253 Ferr<span class=\"_ _4\"></span>agamo Moda (Shanghai) Co.L<span class=\"_ _0\"></span>td. <span class=\"_ _12b\"> </span>CNY <span class=\"_ _80\"> </span>207.974 <span class=\"_ _16e\"> </span>(44.921) <span class=\"_ _97\"> </span>320.194 <span class=\"_ _b5\"> </span>7.722 Ferr<span class=\"_ _4\"></span>agamo Brasil Roupas e A<span class=\"_ _0\"></span>cessorios L<span class=\"_ _0\"></span>tda.<span class=\"_ _ad\"> </span>BRL<span class=\"_ _173\"> </span>59.455 <span class=\"_ _84\"> </span>22.538 <span class=\"_ _fe\"> </span>44.743 <span class=\"_ _1f6\"> </span>22.981 Ferr<span class=\"_ _4\"></span>agamo Argentina S.A<span class=\"_ _1\"></span>. <span class=\"_ _c3\"> </span>ARS <span class=\"_ _80\"> </span>418.529 <span class=\"_ _82\"> </span>48.413 <span class=\"_ _97\"> </span>197.463 <span class=\"_ _1da\"> </span>37.295",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__161": {
   "value": "50. F<span class=\"_ _6\"></span>atti di rilievo inter<span class=\"_ _1\"></span>venuti dopo la chiusur<span class=\"_ _6\"></span>a dell<span class=\"_ _1\"></span>\u2019eser<span class=\"_ _0\"></span>cizio In data 28 feb<span class=\"_ _1\"></span>braio 2023, Sa<span class=\"_ _1\"></span>lvato<span class=\"_ _1\"></span>re Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>. ha co<span class=\"_ _1\"></span>municato che la d<span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a Anna Zanardi C<span class=\"_ _1\"></span>appo<span class=\"_ _1\"></span>n, Cons<span class=\"_ _1\"></span>iglier<span class=\"_ _1\"></span>a non<span class=\"_ _1\"></span> es<span class=\"_ _1\"></span>ecuti<span class=\"_ _1\"></span>va indip<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>dente<span class=\"_ _1\"></span>, nonch\u00e9 Pre<span class=\"_ _1\"></span>sid<span class=\"_ _1\"></span>ente de<span class=\"_ _1\"></span>l Comit<span class=\"_ _1\"></span>ato Remun<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zioni e No<span class=\"_ _1\"></span>mine e comp<span class=\"_ _1\"></span>onente d<span class=\"_ _1\"></span>el Co<span class=\"_ _1\"></span>mitato Co<span class=\"_ _1\"></span>ntrollo e<span class=\"_ _1\"></span> Ris<span class=\"_ _1\"></span>chi, ha ras<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gnato, con de<span class=\"_ _1\"></span>cor<span class=\"_ _1\"></span>renz<span class=\"_ _1\"></span>a dalla data de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea di approv<span class=\"_ _1\"></span>azi<span class=\"_ _1\"></span>one de<span class=\"_ _1\"></span>l bilancio re<span class=\"_ _1\"></span>lativo all<span class=\"_ _1\"></span>\u2019ese<span class=\"_ _1\"></span>rcizio 202<span class=\"_ _1\"></span>2, le pro<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>prie dimis<span class=\"_ _1\"></span>sioni dalla c<span class=\"_ _1\"></span>aric<span class=\"_ _1\"></span>a di Consig<span class=\"_ _1\"></span>liere di A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne di Sal<span class=\"_ _1\"></span>vatore F<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>.. T<span class=\"_ _4\"></span>ale d<span class=\"_ _1\"></span>ecis<span class=\"_ _1\"></span>ione<span class=\"_ _1\"></span>, se<span class=\"_ _1\"></span>cond<span class=\"_ _1\"></span>o quanto ripor<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ato ne<span class=\"_ _1\"></span>lla comunic<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ricev<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>a, \u00e8 st<span class=\"_ _1\"></span>ata a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>unta a se<span class=\"_ _1\"></span>guito d<span class=\"_ _1\"></span>ella nomina a pr<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>dente di altr<span class=\"_ _1\"></span>a so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 quotat<span class=\"_ _1\"></span>a in os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>quio ai Principi pe<span class=\"_ _1\"></span>r la se<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>zione d<span class=\"_ _1\"></span>ei c<span class=\"_ _1\"></span>andidati alle c<span class=\"_ _1\"></span>ariche s<span class=\"_ _1\"></span>ociali in so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 quot<span class=\"_ _1\"></span>ate cui la Dot<span class=\"_ _1\"></span>t.<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sa Z<span class=\"_ _1\"></span>anardi Capp<span class=\"_ _1\"></span>on ha ad<span class=\"_ _1\"></span>erito p<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>s<span class=\"ls0 ws0\">-</span>ser<span class=\"_ _1\"></span>e inse<span class=\"_ _1\"></span>rita n<span class=\"_ _1\"></span>ella lis<span class=\"_ _1\"></span>ta pr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>entat<span class=\"_ _1\"></span>a dagli az<span class=\"_ _1\"></span>ionis<span class=\"_ _1\"></span>ti di minoran<span class=\"_ _1\"></span>za<span class=\"_ _1\"></span>. In linea con la p<span class=\"_ _1\"></span>olitic<span class=\"_ _1\"></span>a di remun<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>zione a<span class=\"_ _1\"></span>dot<span class=\"_ _1\"></span>tat<span class=\"_ _1\"></span>a dalla Salv<span class=\"_ _1\"></span>atore<span class=\"_ _1\"></span> Ferr<span class=\"_ _1\"></span>agamo S<span class=\"_ _1\"></span>.p.<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>., no<span class=\"_ _1\"></span>n sono p<span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>i indennit<span class=\"_ _1\"></span>\u00e0 o altri b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>ici a se<span class=\"_ _1\"></span>guito de<span class=\"_ _1\"></span>lla ce<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne dalla cari<span class=\"_ _1\"></span>ca.<span class=\"_ _1\"></span> Nella riunion<span class=\"_ _1\"></span>e del 2 mar<span class=\"_ _1\"></span>zo 2023, il Con<span class=\"_ _1\"></span>siglio di A<span class=\"_ _1\"></span>mministr<span class=\"_ _1\"></span>azio<span class=\"_ _1\"></span>ne ha de<span class=\"_ _1\"></span>liber<span class=\"_ _1\"></span>ato di convoc<span class=\"_ _1\"></span>are l<span class=\"_ _1\"></span>\u2019Ass<span class=\"_ _1\"></span>embl<span class=\"_ _1\"></span>ea ordinaria e str<span class=\"_ _1\"></span>aordinaria de<span class=\"_ _1\"></span>gli az<span class=\"_ _1\"></span>ionis<span class=\"_ _1\"></span>ti della S<span class=\"_ _1\"></span>alv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _1\"></span>ragamo S<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>p.<span class=\"_ _1\"></span>A<span class=\"_ _2\"></span>. per il p<span class=\"_ _1\"></span>ros<span class=\"_ _1\"></span>simo 26 aprile 2023 p<span class=\"_ _1\"></span>er de<span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>rare, tr<span class=\"_ _1\"></span>a gli altri punti all<span class=\"_ _2\"></span>\u2019<span class=\"_ _0\"></span>ordine del g<span class=\"_ _1\"></span>iorno, su: i) l<span class=\"_ _1\"></span>\u2019approvazion<span class=\"_ _1\"></span>e di un piano di ince<span class=\"_ _1\"></span>ntiva<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e, ris<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>vato ad amminis<span class=\"_ _1\"></span>trator<span class=\"_ _1\"></span>i e/o dipen<span class=\"_ _1\"></span>denti e<span class=\"_ _1\"></span>/o collaborato<span class=\"_ _1\"></span>ri della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 e de<span class=\"_ _1\"></span>lle so<span class=\"_ _1\"></span>ciet<span class=\"_ _1\"></span>\u00e0 del g<span class=\"_ _1\"></span>rupp<span class=\"_ _1\"></span>o Salv<span class=\"_ _1\"></span>atore Fe<span class=\"_ _1\"></span>rragam<span class=\"_ _1\"></span>o; ii) la modif<span class=\"_ _1\"></span>ica de<span class=\"_ _1\"></span>l Piano de<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>nominato \u201c<span class=\"ff79 ls4 wse5\">Re<span class=\"_ _1\"></span>stric<span class=\"_ _1\"></span>ted Sh<span class=\"_ _1\"></span>ares<span class=\"_ _2\"></span><span class=\"ff71\">\u201d<span class=\"_ _4\"></span>, ap<span class=\"_ _1\"></span>provato dall<span class=\"_ _1\"></span>\u2019As<span class=\"_ _1\"></span>semb<span class=\"_ _1\"></span>lea de<span class=\"_ _1\"></span>i So<span class=\"_ _1\"></span>ci del 1<span class=\"_ _0\"></span>4 dicembre 2021<span class=\"_ _4\"></span>, a favore de<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>Amminis<span class=\"_ _1\"></span>tratore </span></span>Del<span class=\"_ _1\"></span>egat<span class=\"_ _1\"></span>o e Diret<span class=\"_ _1\"></span>tore G<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>rale (<span class=\"_ _0\"></span>allineand<span class=\"_ _1\"></span>o gli <span class=\"ff79 ls5f ws7\">unde<span class=\"_ _1\"></span>rpins<span class=\"_ _1\"></span></span> ai pi\u00f9 sf<span class=\"_ _1\"></span>idanti o<span class=\"_ _1\"></span>biet<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>i del Piano Str<span class=\"_ _1\"></span>ategic<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>); iii) l<span class=\"_ _1\"></span>\u2019approvaz<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span>ne della Politi<span class=\"_ _1\"></span>ca di Re<span class=\"_ _1\"></span>munera<span class=\"_ _1\"></span>zion<span class=\"_ _1\"></span>e 2023; e iv<span class=\"_ _0\"></span>) la nomina de<span class=\"_ _1\"></span>l Colle<span class=\"_ _1\"></span>gio sinda<span class=\"_ _1\"></span>cale<span class=\"_ _1\"></span>. Si rinvia pe<span class=\"_ _1\"></span>r mag<span class=\"_ _1\"></span>gio<span class=\"_ _1\"></span>ri det<span class=\"_ _1\"></span>tag<span class=\"_ _1\"></span>li alla docume<span class=\"_ _1\"></span>nta<span class=\"_ _1\"></span>zione m<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a a dispo<span class=\"_ _1\"></span>siz<span class=\"_ _1\"></span>ione sul s<span class=\"_ _1\"></span>ito della S<span class=\"_ _1\"></span>ocie<span class=\"_ _1\"></span>t\u00e0 <span class=\"ff79 lsc ws5\">group<span class=\"_ _1\"></span>.ferragamo<span class=\"_ _1\"></span>.com/</span>se<span class=\"_ _1\"></span>zione governanc<span class=\"_ _1\"></span>e/assembl<span class=\"_ _1\"></span>ea de<span class=\"_ _1\"></span>gli azionist<span class=\"_ _1\"></span>i 2023<span class=\"ff71 ls0\">. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__5__162": {
   "value": "I<span class=\"_ _4\"></span>n<span class=\"_ _0\"></span>f<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ma<span class=\"_ _6\"></span>tiv<span class=\"_ _0\"></span>a a<span class=\"_ _4\"></span>i sen<span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>\u2019<span class=\"_ _5\"></span>art. 1<span class=\"_ _3\"></span>49-<span class=\"_ _1\"></span>du<span class=\"_ _4\"></span>odec<span class=\"_ _4\"></span>ies d<span class=\"_ _0\"></span>el Re<span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>lam<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nto<span class=\"_ _2\"></span> Emit<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nti(In migliaia di Euro) Soggetto che ha erogato il servizio<span class=\"_ _21a\"> </span>Destinatario<span class=\"_ _114\"> </span>Note<span class=\"_ _1a8\"> </span>T<span class=\"_ _4\"></span>otale Compensi 2022<span class=\"_ _309\"></span>T<span class=\"_ _0\"></span>ipologia di serviziRevisione C<span class=\"_ _0\"></span>ontabile<span class=\"_ _8c\"> </span>Revisore della C<span class=\"_ _4\"></span>apogruppo<span class=\"_ _76\"> </span>Capogruppo<span class=\"_ _163\"> </span>329 Altri Servizi<span class=\"_ _20c\"> </span>i) Revisor<span class=\"_ _0\"></span>e della C<span class=\"_ _0\"></span>apogruppo<span class=\"_ _284\"> </span>Capogruppo<span class=\"_ _d4\"> </span>1 <span class=\"_ _30a\"> </span>62 ii)Rete del revisor<span class=\"_ _0\"></span>e della C<span class=\"_ _0\"></span>apogruppo<span class=\"_ _284\"> </span>Capogruppo<span class=\"_ _d4\"> </span>2 <span class=\"_ _20e\"> </span>7 Subtotale<span class=\"_ _30b\"> </span>398 Revisione C<span class=\"_ _0\"></span>ontabile<span class=\"_ _88\"> </span>i) Revisore della Capogruppo<span class=\"_ _6d\"> </span>Societ\u00e0 c<span class=\"_ _0\"></span>ontrollate<span class=\"_ _b6\"> </span>92 ii) Rete del revisor<span class=\"_ _0\"></span>e della C<span class=\"_ _0\"></span>apogruppo<span class=\"_ _6d\"> </span>Societ\u00e0 controllate<span class=\"_ _224\"> </span>690 Altri Servizi<span class=\"_ _68\"> </span>Rete del revisore dell<span class=\"_ _0\"></span>a Capogruppo<span class=\"_ _6d\"> </span>Societ\u00e0 contr<span class=\"_ _0\"></span>ollate<span class=\"_ _b6\"> </span>42 Subtotale<span class=\"_ _30b\"> </span>824 T<span class=\"_ _4\"></span>otale<span class=\"_ _30c\"> </span>1.222 1) La voce si riferisc<span class=\"_ _0\"></span>e all\u2019attestazione resa sulla Dichiar<span class=\"_ _4\"></span>azione consolidata di car<span class=\"_ _0\"></span>attere Non Finanziario<span class=\"_ _0\"></span>.2) La voce si riferisc<span class=\"_ _0\"></span>e a servizi di assistenza per la predisposizione di un c<span class=\"_ _0\"></span>orso <span class=\"ff79\">E-lear<span class=\"_ _0\"></span>ning<span class=\"ff71\">.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}